Many cryptocurrency enthusiasts in Nigeria may have heard of pinkcoin or Inknation. Many people are interested in this platform, which promises holders a lifetime of income. In this Pinkcoin review, we will do a comprehensive analysis of this platform and see if it is legitimate or a scam.
What Is Pinkcoin?
Amos Sewanu Omotade Sparks founded Inksnation. It is based on a blockchain called Inksledger; it is an economic empowerment system that promises to abolish poverty in any country within a year. Its organization is a Decentralized Autonomous Organization (DAO) with headquarters in Nigeria’s Lagos state. Pinkoin is the name of the cryptocurrency issued by inksnation.
Is Inksledger A Real Blockchain?
Because this blockchain is not based on any other blockchain technology, the answer is no. Instead of the well-known proof of work mechanism, the blockchain intends to use a consensus process known as proof of love.
Is Pinkcoin A Scam?
Pinkcoin is, without a doubt, a scam. It does not fit the profile of a traditional cryptocurrency project. It isn’t decentralized, trustworthy, unchangeable, or transparent. People should avoid investing in Pinkcoin because it is not licensed or regulated by the Securities and Exchange Commission.
The Red Flags That Make Pinkcoin A Scam
- The value of a cryptocurrency is determined by demand and supply. Pinkoin isn’t listed on any major cryptocurrency exchange, which means it can’t be traded. It is why it’s puzzling how one PKN (Pinkoin) can be valued at more than $500, as they claim.
- The platform set an August 2020 target to start their alleviate poverty project. Since then, they’ve been delaying the date from August to December and now until 2022 for no apparent reason.
- The Pinkcoin platform claim that it will alleviate poverty in Nigeria within 9 months. They also said that every citizen of Nigeria would get a monthly salary of N120,000 after depositing N1000 in the Pinkcoin account. The biggest red flag is how someone will get a monthly salary without doing anything.
Pinkcoin has made money because of thousands of people’s lack of understanding of cryptocurrency. It’s a scam with no resemblance to major cryptocurrencies like Bitcoin and Ethereum.