The internet has opened doors to numerous money-making opportunities, enabling millions to generate income through various platforms. While some platforms offer legitimate ways to earn, others, like Ponzi schemes, exploit unsuspecting users. In this comprehensive review, we analyze Inksnation to determine if it is a trustworthy platform or another scam. Let’s dive in!
What Is Inksnation?
Inksnation claims to be a poverty eradication scheme founded by Amos Sewanu Omotade-Sparks, also known as “Universal Daddy Ink.” With high-sounding words, the platforms aimed to end poverty in any country within 9 months by “incentivizing goodness, promoting love, unity, oneness, peace and equitable distribution of wealth.”
Starting with Nigeria, the platform aimed to achieve its ambitious claims through its proprietary iBNaira cryptocurrency, also known as Pinkoin. Unlike every other cryptocurrency, Pinkoin is supposedly backed by human assets, a feat deemed achievable only in a child’s play.
Launched on August 15, 2019, and registered with Nigeria’s Corporate Affairs Commission (CAC), Inksnation’s mission includes:
- Financial inclusion for the underprivileged.
- Monthly rewards of up to ₦120,000 ($330) in Pinkoin for registered members as UCBI (Universal Child Basic Income).
- A whopping $847 Billion in iBReserve for the Nigerian Government.
But are these claims backed by a sustainable business model, or are they simply marketing tactics to attract unsuspecting investors? Let’s explore.
Who Started Inksnation?
The mastermind behind Inksnation is Amos Sewanu Omotade-Sparks. His history with the Economic and Financial Crimes Commission (EFCC) over alleged fraudulent activities raises eyebrows about the platform’s legitimacy. Although he may have resolved his legal issues, such a track record should prompt prospective users to approach Inksnation with caution.
Omotade-Sparks’ vision is to create a global blockchain ecosystem that values human life at $800,000. However, the lack of transparency regarding his qualifications and experience in blockchain technology casts doubt on his ability to deliver on these ambitious promises.
How Does Inksnation Work?
Inksnation operates by requiring users to create an account and subscribe to one of its packages:
- Bronze: ₦1,000
- Silver: ₦10,000
- Gold: ₦100,000
- Diamond: ₦1,000,000
Upon registration and payment, members receive a Pinkoin ATM card that grants access to the platform. Inksnation claims to distribute monthly earnings in Pinkoin to its users, emphasizing its use of blockchain technology. However, there are notable discrepancies in its operations:
- Lack of a Defined Business Model: The platform does not explain how it generates revenue to sustain payouts.
- Questionable Blockchain Claims: Despite promoting itself as a blockchain-based initiative, Inksnation lacks critical features such as decentralization and encryption.
When Is Inksnation Payment Starting?
One of the most frequently asked questions by enthusiasts is, “When is Inksnation payment starting?” The platform has a history of making vague promises about payment schedules without fulfilling them consistently. Members have reported delays and inconsistencies, further tarnishing its credibility.
While Inksnation continues to assure users of impending payments, the absence of a transparent and reliable payout mechanism raises serious concerns. And to make matters worse, Inksnation’s official website has been down for months with no hints to the “why” other than it’s a failed Ponzi scheme.
How to Login to Inksnation
To access Inksnation’s features, users must log in through the official website, www.inksnation.io. Here’s a step-by-step guide:
- Visit www.inksnation.io.
- Click on the “Login” button.
- Enter your username and password.
- Click “Submit” to access your account.
For new users, registration requires basic information, including an email address, username, PIN, and password. After creating an account, choose a subscription package to activate your membership.
N.B: Inksnation official website is down and inaccessible.
Is Inksnation Legit?
The burning question remains: Is Inksnation legit? The answer is a resounding NO for the following reasons:
- Flagged by SEC: The Security and Exchange Commission, Nigeria (SEC) has flagged the activities of iBSmartify Nigeria, the promoters of a Blockchain known as iBledger (iBcashcryptocurrency) and InksNation, as illegal.
- Ponzi Scheme Structure: Inksnation operates like a pyramid scheme, relying on new members’ investments to pay existing ones. Such schemes are unsustainable and often collapse when user growth stagnates.
- Unverified Blockchain Claims: Despite branding itself as a blockchain-based platform, Inksnation lacks the fundamental characteristics of a legitimate blockchain project, such as decentralization and cryptographic security.
- No Regulatory Oversight: The platform is not regulated by any financial or governmental authority, leaving users vulnerable to fraud.
- Unrealistic Promises: Claims of valuing human life at $800,000 and providing consistent monthly payouts are not supported by a viable business model.
Inksnation Red Flags
Aside from its ambitious claims, which defile the realities of the blockchain world, the President of Stakeholders in Blockchain Association of Nigeria (SiBAN), Paul Ezeafulukwe in an interview with BusinessDay described Inksnation’s red flags as fundamental. They include:
1. Questionable Claims of Blockchain Backing
According to Paul, Inksnation claimed to be a blockchain project with no proof of its existence other than that it’s “backed by human assets.” Blockchain refers to digital information (the block) stored in public databases (the chain).
While Blocks store transactional information such as date, time, and currency amount of the most recent purchase from an entity like Jumia Nigeria, a basic characteristic of a public blockchain is its accessibility and transparency from any part of the world.
“Even if theirs is private like Monero, they should show us. What are they offering and what particularly are they talking about?” Paul retorted. “For us in SIBAN, we are not against people exploring any particular option or anything concerning the blockchain. But what we are against is whereby your exploration is at the expense of gullible investors who do not understand what you are talking about.”
2. Baseless lifetime salary payment
Inksnation’s claim to pay every Nigerian a minimum of ₦120,000 ($330) as UCBI (Universal Child Basic Income) from its coin reserve (PinKoin) is another red flag for SiBAN.
Inknation’s investment plan of a thousand naira for lifetime salary access suggests the platform would have to determine the value of its minted tokens against all market forces. This is highly impractical and misleading.
There are over 2500 cryptocurrencies with limited or predetermined coin supply listed on several digital exchange platforms. However, their values are determined by demand and supply.
“In the blockchain, you do not determine the price of your minted tokens even if you predetermine it, the market forces are supposed to control. It is like coming out with a bank and I say buy my shares N10 and I tell you that every month the money you spend will give you N1000 for life. It is not possible. I do not control like itself and I do not control the economics of the business to give you a predetermined salary structure for life. That is what he has been able to do,” Paul added.
3. Ambiguous Business Model
Inksnation’s lack of a clear revenue generation strategy makes it highly unsustainable. In other words, users of the platform do not pay for anything of visible value. Its reliance on new memberships resembles a classic Ponzi scheme.
Notable scams such as MMM attracted several Nigerians with similar mouthwatering promises in the past and had them invest in nothing of visible value only to crash with the life savings of the unsuspecting users.
Paul Ezeafulukwe spoke of his meeting and interrogation with Amos Sewanu Omotade-Sparks, the founder of Inksnation, whose response raised an alarm.
“We had a meeting and I asked him three questions and he failed them woefully. I asked him when people come in do you pay them and he said ‘Yes’. I asked ‘How do you get to pay them?’ He couldn’t answer. So I said ‘You pay old subscribers with the money that new subscribers enrolled with?” He said “Yes.” I said that is a practical example of a ‘Ponzi’ and the moment you begin to do that you are in trouble,” Paul recalled.
Other red flags include:
4. Lack of Refund Policy
A platform that genuinely values human lives should have a refund policy for dissatisfied users. Inksnation’s absence of such a policy is a glaring red flag.
5. No SSL Certification
A secure website is crucial for any platform handling financial transactions. The absence of an SSL certificate on inksnation.oi undermines its credibility and exposes users to cybersecurity risks.
6. Missing “About Us” Page
Legitimate platforms provide an “About Us” page to share their mission, vision, and team information. Inksnation’s failure to include this essential page raises questions about its transparency and intentions.
7. Founder’s Fraud History
The founder’s past legal troubles with the EFCC cast a long shadow over Inksnation’s credibility.
FAQs about Inksnation
1. What is Inksnation?
Inksnation is a self-proclaimed poverty alleviation platform that claims to use blockchain technology to empower its users financially.
2. Is Inksnation legit?
No, Inksnation is not a legitimate platform. It operates like a Ponzi scheme and lacks the hallmarks of a credible blockchain project.
3. When is Inksnation payment starting?
The platform has made unfulfilled promises about payment schedules, with no consistent payout system in place.
4. How can I login to Inksnation?
You can log in to Inksnation through its official website, www.inksnation.io, by entering your username and password.
5. What are the subscription packages?
Inksnation offers four packages: Bronze (₦1,000), Silver (₦10,000), Gold (₦100,000), and Diamond (₦1,000,000).
Conclusion
Inksnation is a dubious platform disguised as a blockchain initiative. While some users may have earned from it initially, its Ponzi-like structure is unsustainable and risky.
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