Early in the month, Platincoin provided information on the possibility of passive investments based on blockchain technology as well as on an annual return of up to 30%. We took a close look at the offer and the token itself and analyzed whether it was a legitimate investment. Let’s try to find out!
A Few Words About Platincoin
First of all, let’s dwell on how Platincoin developers are promoting the project. To do this, we visited their website and obtained the first information there. At first, you will find a kind of news feed with the newest members. However, you can see only the first names, while the surnames aren’t given.
What about their investment offer? Well, how was mentioned before, the offer provides investors with an opportunity to invest and benefit from a return of up to 30%. This opportunity extends over a period of 10 years. There is also a promotional video for the offer on YouTube.
The numerous advantages of Platincoin are presented in the promotional video. According to the team, Platincoin is the world’s first cryptocurrency designed to generate passive income and cash flow from multiple sources. It can be used on a large scale and also can be found on many international exchanges.
Getting started should be very easy — simply connect your smartphone to the blockchain and the cryptocurrency will be ‘marked’ as passive income. The provider’s website is also advertised with more than 600,000 users in 120 different countries.
Fortunately, you can also find further details about cryptocurrency on the website. The team provides facts on the technical aspects, which we want to summarize:
- Codebase: Litecoin 0.14.2
- Hash algorithm: CryptoNight
- Consensus procedure: proof-of-work
- Frequency of new blocks: ~ 90 seconds
- Block size: 4 MB
- Pre-produced coins: 600 million
You can also find a project’s white paper on the provider’s website. This consists of 22 pages and provides detailed information on Platincoin. The whitepaper itself also provides information on the technical fundamentals of the system, but these are comparatively short and general.
Rather, the focus is primarily on promoting the benefits of the project. Furthermore, at the end of the whitepaper, the team comes to the conclusion that Platincoin is a groundbreaking platform that is based on the trendiest ideas and technologies. Unfortunately, as a user, you only have access to further information if you actually create an account.
Criticism & Final Conclusions
Well, it’s still not clear how users can achieve a return of up to 30%. The project may provide further information after you’ve registered and paid in money.
In the course of our research, we found numerous critical voices regarding the provider. This includes, for example, an assessment by Stiftung Warentest, which describes Platincoin as a high-risk investment.
Overall, the offer seems at least questionable in view of the aspects already presented. In our opinion, the promise of a return of up to 30% could not be proven. Moreover, the provider’s whitepaper was also more of an advertisement for the project than an explanation of the technical aspects and functionality.
In conclusion, it’s necessary to say that you should invest at your own risk. However, given the current situation, there are numerous other options for crypto investors that are less risky and still can generate a good profit. An example of this is staking, which is now enjoying enormous popularity.