There are two ways to make something go viral; either you speak about it or let others speak about it. Initiative Q (https://initiativeq.com/) did the second thing when they launched their project with no route map and tangible make-up of the plan. Thought, it made the other people debate about their plan, a lot unwrapped about the whole strategy and the sham that was going behind the scenes.
I came to know about Initiative Q when one of the people in my network shared the screenshots of the founder’s posts on Facebook. It was an instant click-bait for me. I surfed through their website and a couple of Quora answers to find the truth and here is all that you might be interested in knowing about the company.
Initiative Q, founded by Saar Wilf, is a non-crypto private payment network company which recently got highlighted for its debatable yet cutting-edge idea of launching “one global currency.” The website flashed with the achievements of the founder as the former founder of Fraud Sciences, which he sold to PayPal which was a part of eBay then.
The whole concept revolves around reaching more and more users for using currency Q so that a centralized system of payments can be crafted to solve the problems of an already digitized finance ecosystem of the world economies.
How Does It works?
You need to get an invitation in order to signup for Initiative Q. Once you get an invitation and click on it, you get a message saying, “Initiative Q is building a social payment system. Join now for free and secure an estimated future value of $142,239.”
Once you get this message, the person whose affiliate link it was, has to verify you. As soon as your profile is verified, you are given 10% of share of the Q grant. Next you have to invite 5 friends in 96 hours (generating your affiliate link) to get the next 40% of the Q grant and then get 10 more people signup in the next step.
You know what this structure is called? A Pyramid Marketing Scheme
Is It Secure?
Well, who cares about security of data when one has a Facebook account. Coming to the point, the company does not seem to be a fraud that data which is being registered at Initiative Q is important. It has a list of people who can signup anywhere (like seriously) to get $142,239. Selling this data can surely pay a lot of bills of the company though!
User Case And The Big Problem
- Initiative Q is solving a problem which is not actually visible and in the worst case, is not even there. The fact is that nobody is signing up with them to use Q as a payment processor — they are signing up because Q is free money for now.
- Q still needs to build something which people would want to use as a superior payment network. The Q-based payment network won’t work until consumers and merchants accept Q tokens as the dollar-substitutes.
- Also, there is no mention about the exchange mechanism.
For now, it is a toxic bump of data and a set of inefficiencies which are left open for the public to solve.Initiative Q is just a plan and has a long way to go before things actually materialize.