Initiative Q has created a lot of buzz recently and has become viral of late. claims that its currency will be worth over 20 trillion US Dollars.
That has led to a mad rush of signups totalling upto over 2 million, aided by the fact that it’s giving away its currency, Q, for free to the early adopters.
2,000,000 people from 180+ countries have signed up! With enough support a modern payment system could become popular globally. Still, millions more need to join to launch. We adhere to our privacy policy and will not sell personal data, even if this effort does not succeed. pic.twitter.com/dhXz0rpUSv
— Initiative Q (@InitiativeQ) October 30, 2018
Is it really worth 20 trillion US Dollars?
Initiative Q’s valuation of itself at 20 trillion USD is predicated upon a scenario where it replaces traditional currency and payments and worldwide everyone uses Q’s payment technology.
So technically, Q can be worth 20 trillion, but it’s also possible that it will be worthless.
There is no product
Whether Initiative Q success or not, the reality is that at the moment, it doesn’t even actually exist. That is not to say that its a scam, but there is nothing physical or virtual version of the Q Payment Network in existence. Just a concept that outlines how a theoretical system might work.
So it it real?
Initiative Q lists Saar Wilf, a serial entrepreneur who founded Fraud Sciences, which was acquired by PayPal in 2008, as the brainchild and founder. And Lawrence White, a professor of monetary theory and policy at George Mason University. Both of them seem legitimate people.
With the backers real, the first thought that crosses mind is are they cheating people and harvesting their emails, but seems unlikely as it may not be worth going through all the legal trouble for a few hundred thousand dollars. They even promised to destroy the database if the project does not succeed.
A few clarifications by @InitiativeQ following @davidgerard ‘s reviews. Most importantly, collected data will not be shared or sold. if Q does not succeed we will destroy this database. https://t.co/kbO8Z7Lvvk
— Initiative Q (@InitiativeQ) October 31, 2018
Comparison with Cryptocurrency
While Q, sounds like a crypto, conceptually works like a crypto and promises to do things that usually is associated with crypto, the Initiative assures that in fact, Q is neither a crypto nor an ICO.
While Q is supposed to solve some of the problems that crypto does, like, a global system to address all financial needs, cutting-edge technology measures to ensure security, ease of use and low transaction costs, but it is just a vision at the moment with no tangible system in existence.
Final word
As with most ambitious project, lot of promises made by the Initiative Q seems outlandish or surreal, but, as a concept it’s not impossible.
Most alternative currencies never take off due to the catch 22 of early adoption, where no one wants to transact using a currency which no one has. A normal user will not buy the currency because no seller accepts it, a seller will not accept the currency since no user has it.
Initiative Q supposedly solves the problem by giving away Qs to early adopters to kick start the system.
Whether it will succeed, is probably too early to tell, but, the rush to sign up for it doesn’t seem to be slowing down anytime.
