Is Inksnation Legit?

The internet has provided us with various opportunities and platforms to earn online, and millions of Nigerians are tapping into these opportunities.

In the past, many platforms have emerged with offers to pay users for rendering services and carrying out various tasks. Whereas some have come as ponzi schemes, convincing users to invest their hard earned money only for them to be scammed.

Many Nigerians are becoming more knowledgeable and cautious about the money-making platforms they choose as a result of the various experiences of others. This is what motivated us to write this article on the Inksnation platform.

Insknation is a website that allows underprivileged Nigerians to work from home and earn money online.

Is this website a legit source of online income, or is it just another fraud scheme posing as a money-making website?

INTRODUCTION

InksNation is financial empowerment programme that operates as a decentralised autonomous organisation (DAO). Amos Sewanu Omotade-Sparks founded InksNation, which has its headquarters in Nigeria at 19 Posukoh Quarters off Joseph Dosu Way, Badagry, Lagos State. According to Inksnation, this project can end poverty in any nation in less than nine months. With the use of its own blockchain, known as InksLedger (formerly iBLedger), it plans to do this.

The platform also asserts that it is trying to establish pinkoin, a cryptocurrency coin that was introduced and registered with CAC on August 15, 2019, as the first blockchain in Nigeria.

WHAT IS INKSLEDGER?

The blockchain of Inksnation’s Pinkoin is called InksLedger. InksLedger does not operate in the same way as traditional blockchain technology, such as Bitcoin, Litecoin, etc. It isn’t even based on or modelled after any existing blockchain, in fact, InksLedger will serve as a groundbreaking charitable blockchain that is supported by human resources.

A BRIEF OVERVIEW OF THE INKSNATION FOUNDER

The Economic and Financial Crime Commission (EFCC) once investigated certain fraudulent transactions involving the platform’s founder, Mr. Amos Sewanu.

Even though the issue may have been resolved and he may have made amends, it is impossible to discount the allegations made against him. This ought to have opened the eyes of Nigrians and provided some insight into the potential pitfalls of using this platform.

HOW INKSNATION WORKS

The platform has a video tutorial embedded on its homepage that explains how it operates, but the video seems not to have any valid information because it doesn’t explicitly explain how the platform works.

The video was just a repetition of some ignorant statements that don’t make sense, like inferring that Inksnation was built to serve humans and also values human lives at $800,000. The video also mentioned nodes and claimed each family in Inksnation has its own node.

The video omitted any mention of the business strategy that has allowed Inksnation to operate profitably for so long while simultaneously supporting its family of nodes. The moral arguments for valuing human life over robots were repeatedly made in the video.

The platform simply promotes the notion that it uses blockchain and cryptocurrencies to conduct business and make users wealthy, but in reality, neither bitcoin nor blockchain are anything like each other.

REQUIREMENTS FOR INKSNATION

The platform doesn’t ask prospective users to sign up for much. They only require these essentials;

• Email
• Username
• Pin
• Password

After opening the account, you will be asked to deposit specific funds into the account after it has been opened in accordance with the strategy you have chosen.

For the bronze package, which includes a 1,000 naira payment plan, the prices for the silver, gold, and diamond packages are, respectively, 10,000 naira, 100,000 naira, and 1,000,000 naira.

Someone with a pink card (an ATM that grants access to the pinkoin) will activate your Inksnation account when you register and pay for any packages.

IS INKSNATION LEGIT?

Based on our findings and all that you have read so far, we believe we can conclude that Inksnation is not legit.

It is another Ponzi scam that uses new members’ investments to pay out existing members. From experience, this kind of platform is short-lived.

The people on the lower radar feed the people on top of the radar because it functions like a pyramid. As soon as new participants cease entering the plan, the money will stop travelling up the pyramid.

Additionally, there is no higher authority checking this platform. It’s simple to manipulate. The only people who will ultimately profit from this programme are the top referrals who have attained a specific level.

REASONS WHY INKSNATION IS NOT LEGIT

• No refund policy: this is a red flag for a platform that claims to value the lives of human beings over robots. A refund policy should be in place for individuals who are not satisfied with the services provided.
• The website is not secured for a crypto project: Every blockchain-based programme needs a very high level of encryption to keep its platform secure.

Another red flag is the absence of a fundamental SSL certificate on a site like Inksnation, which advertises itself as a blockchain-backed application.

• No about us page: an “about us” page is crucial on every website as it covers the story of the company on the website. Google takes this into account when deciding whether to accept a site into its site programme.
• Not certified by the SEC: Our findings reveal that Inksnation is a division of iBSmartify Nigeria, a company registered with the Corporate Affairs Commission (CAC), a body controlled by the Nigerian government.

The CAC is not required to confirm whether a company’s name will be used for legal business dealings; as long as the CAC documents are completed correctly, you are fine to go.

The Stock Exchange Commission (SEC), an organisation that monitors securities transactions and safeguards the market from insider trading abuses, found that the company that provides securities to millions of Nigerians did not meet its requirements.

• Is the SEC aware of Inksnation? Yes, they are, and they warned Nigerians by issuing a warning statement towards the end of June 2020 that the platform was intended to scam Nigerians.
• Failed to complete the SiBAN verification process: InksNation’s SiBAN verification was unsuccessful.

Udi Omotade-Spark Amos Sewanu abandoned the SiBAN verification procedure out of fear for the SiBAN (Stakeholders in Blockchain Technology Association of Nigeria) verification process.

In order to encourage players in the cryptocurrency field, ensure consumer safety, and create safeguards against blockchain and cryptocurrency frauds in Nigeria, stakeholders in the country’s blockchain and cryptocurrency ecosystem formed SiBAN.

As a result of them failing their verification process, a statement headlined “InksNation is not a member of SiBAN’ was published. The stakeholders in the Blockchain Technology Association of Nigeria reminded Nigerians that InksNation is a scam and advised people to avoid it.

• Timing: Ponzi schemes are prevalent during hard times. COVID was the perfect timing for individuals to come up with different things because they knew people were in need of quick cash.
• Act quick fact methodology: One of the gimmicks unique to ponzi schemes is an act-quick statement like “Register now with 1k before it’s too late.”
• Inexplicable monthly payment: Its registration ploys are made to display numbers to potential community members.

How do you sign up with N1K and begin receiving N120,000 in Pinkoin each month?

What do Udi Omotade-Spark, Amos Sewanu, or iBSmartify Nigeria intend to invest the funds in to produce such a significant return in such a short period of time?

IS PINKOIN THE SAME AS PINKCOIN?

No, they aren’t the same. PinkCoin is a real coin, while Pinkoin is a fake coin.

Pinkcoin is a blockchain-based digital asset created to aid nonprofits and charitable causes. It also promotes involvement in the community. Pinkcoin is a genuine coin, and you can learn more about it on its website. Additionally, it has a Crunchbase corporate profile.

The creator of Inksnation created the name pinkoin to make it seem legitimate. It is difficult to obtain the company profile of Inksnation (pinkoin) on a reliable website except for instances of sponsored content on some sites in Nigeria.

CONCLUSION

Inksnation is a Ponzi scheme designed to defraud uninformed people who place faith in its claims. They are hiding behind the terms “blockchain and cryptocurrency,” but they can only persuade individuals who are unaware of how these technologies operate by selling them such narratives.

These people are readily tricked into investing in such dubious scams since they don’t comprehend how they operate.

Do not invest your money or engage in this platform or any others that take the same course because they have nothing to offer.