Earn 4000 Naira every day on Inksnation: SCAM or LEGIT? (REVIEW)
TheZone
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Overview⁷
If you're a Nigerian, you must have heard about InksNation, the so-called first charitable trust existing as a Decentralized Autonomous Organization. Borne out of Nigeria, its website is operated by iBSmartify; the entity claims to have bought the website in November 2018. Its CEO is Amos Sewanu Omotage-Sparks who calls himself the UDI (Universal Daddy Ink). Its headquarters is located in Badagry, Lagos State.
On the company site, there are some mailing addresses in the USA, UK, and Canada. It runs on its blockchain, the InksLedger, and its native utility coin is Pinkoin (PKN) - just as Ethereum functions on Ether (ETH). According to InksNation, the InksLedger functions on human assets, so every human being that registers becomes a living node on its blockchain. It seeks to make this 'human asset investment' the biggest and best by 2025.
Pinkoin
Pinkoin has a total supply of 144 million Pinkoins, and is still in its ICO stage, which ends on August 12, 2020. InksNation claims that its value is over 4 million dollars per 1 coin, with an average net worth of 600 thousand dollars. Pinkoin can only be gotten on the Inksnation site.
When we're speaking of investments, we will be referring to the 'Bronze' plan which costs $3 or 1000 Naira. The image below reveals the payment scheme. To get Pinkoin, you become a member by joining and activating this by paying the amount to a user who has received a Pinkard, a QR Debit card used to register new members.
Note that there is only one way to earn in InksNation aside from the daily earnings: referring new users and registering them. Before you can make any withdrawals to Naira or your native currency, you must have completed KYC verification, which is done to ensure no one uses more than one account.
Verdict
After we've seen much of what Inksnation is about; what do I think of the platform and its Pinkoin?
It is a certified SCAM. I can only commend it for being one of the most organized scams to be created during this COVID-19 Lockdown. There are only three indicators that this might remotely be legit:
The owner is known an identified with his name.
It is registered with the CAC
Some YouTube users claim to have earned from the platform and also claim that the Pinkards are working. This is arguable since the earnings are said to commence after August 12. Moreover, anyone can say anything just to get people to register under them.
Proof of my verdict
Here, I'll tell you why I believe this is a scam. I've performed enough research to back my claims.
#1 First of all, the Inksnation website at inksnation.io is quite mediocre for such a scheme. The site lacks an expert finish for a platform worth hundreds of thousands of dollars, as compared to other sites. Also, I saw links to the Whitepaper, which is a document that describes the details, mission, vision, and goals of the entire platform. Unfortunately, that link does not lead anywhere, and neither does the link to Inks Node paper.
So why didn't they put links? Because they knew gullible Nigerians would never bother to investigate. They would go on, bragging about how InksNation has a whitepaper, because it sounds like 'Big Grammar' they've seen associated with other cryptocurrencies.
#2 I noticed that the names of the team members: CEO Amos Omotade-Sparks and Elohim Jah Gah. Yeah, these two people (what's with Jah Gah's name?) created this whole thing - hmm. I ignored that and decided to check their social media pages, whose links were provided under the pictures. But alas, the links didn't head anywhere. So in essence, all we have on the team is their names. No means of verifying that they are real people.
#3 According to the site in its Terms and Conditions, iBSmartify began operation of the website on November 12, 2018. However, on the website whois.com, the registration date is May 30, 2019. What's up with that?
#4 As of July 28, 2020, the price of Pinkoin was over $4,977, as the InksNation twitter page claimed. But no exchange in the world at all has listed the coin on their platform. None have even mentioned or acknowledged the existence of this coin which, as it claims, is worth more than Ethereum, Litecoin, and others. So anyone can just create a coin and affix it such an amount?
#5 With what InksNation claim to be worth, you would think a lot of infrastructure and design would go into the Pinkards, coupled with partnerships with MasterCard, Visa, and so on. But not so. To get the card, you'd fill in your details, take a screenshot, and go print it at a cybercafe. How ethical, reasonable, or safe is this process?
#6 The Securities and Exchange Commission (SEC) as well as the Stakeholders in Blockchain Association of Nigeria (SIBAN) have all denounced Pinkoin and InksNation as scams. SEC has revealed that although InksNation claims to be registered with the commission, the reverse is the case. If the regulatory bodies have all denounced InksNation, is it wise to continue believing in it?
#Finally, the KYC Verification requires only the National Identification Number (NIN) for verification - not the actual ID card containing your picture and other vital details. Moreover, it will cost you about 200 Naira for registration. I know many of you will say they have an advanced method of using only the NIN. Perhaps. But get this - If you don't have an NIN, you can still get verified by paying an extra 500 Naira. I think this is just a system to make sure that they don't lose any money at all due to 'obeying the regulations'.
These are just seven points that prove that this platform barely has any legitimate features. I doubt it will pay all it claims it will, but due to the massive number of gullible Nigerians who have chosen to believe and fight for this lie, I leave it to August 12.
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*****
I wrote this last year for one of my platforms in response to acommenter asking me to review a trending investment platform. I later turned out to be right - it was a scam cryptocurrency investment that never took off.
Adiós!
