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Q is a new digital currency introduced in order to replace the hassles and shortfalls of existing payment systems like credit cards, cash, wire transfers, etc. which are getting old and outdated, leading us to bear unnecessary costs. As we all know, new payment systems with superior functionality are struggling to succeed because of the reluctance to accept new standards by a buyer or seller. Unless this issue is not sorted, no buyer will join a new payment network with no sellers, and no seller will offer a new payment option that no buyer uses.
Initiative Q aims to bridge this barrier by introducing this concept to individuals by giving away new digital currency, which can be obtained by simply registering as a user with your name and email id. The currency will be reserved for users who join now, the earlier you join the more Q you can reserve.
As more people join, advanced payment technologies are deployed and as the payment system becomes even more popular, the Q currency becomes valuable, and rewards given to early users reach their potential value. It’s more or less like getting a few free bitcoins years ago. No hidden charges are involved though.
Initiative Q is the brainchild of Saar Wilf, a serial entrepreneur who started his first payments start-up in 1997 and later founded Fraud Sciences, which redefined the payment security space and was acquired by PayPal in 2008. It’s actually an economic initiative trying to create a much cheaper payment system and the founder aims to challenge VISA standard. According to Wilf, though the earlier introduced digital currencies like Bitcoin, Ethereum, and others were not able to make a real impact as a payment method, they were able to expose the deficiencies of existing payment methods. Trying to link the monetary system to the payment system using Q, as the letter is pronounced-queue-hinting at the possibility of people lining up to receive the coin.
Q network aims to release the coins at a rate of around one Q per US$1. Even though the critics are stating it’s just another pyramid scheme, the founder emphasizes that those joining do not have to commit any funds unlike in pyramid schemes.
Q will be managed by an independent monetary committee of people with a background in monetary economics, the network’s associated members and stakeholders will appoint them through a voting process in a democratic manner. The monetary committee will be responsible for issuing new coins for the purpose of maintaining stability and increasing adoption.
At present, joining Initiative Q is by invite only. Either you can obtain your invite from your friends who are already registered in Initiative Q or try to seek an invite from a fellow follower on the social media page(initiativeq) of this extraordinary initiative.
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