Initiative Q: Where has all the buzz (and spam) come from?
What is Initiative Q?
Recently my social media feed has been overwhelmed with people trying to get me to sign up to the ‘the payment system of the future…’ Or in other words; Initiative Q, a tech start-up with the goal of creating ‘one global currency.’
Background:
Initiative Q was thought up by Saar Wilf, a serial entrepreneur with a history of founding and selling companies. Saar Wilf started his first payments start-up in 1997 and later founded Fraud Sciences, a fraud detection provider which was acquired by PayPal in 2008 for $169 million.
For this project, Wilf has recruited a team of experts from various disciplines. This includes Economist Lawrence White, who has published numerous articles and books on monetary theory and banking, including The Theory of Monetary Institutions, Free Banking in Britain, and The Clash of Economic Ideas. White was a key figure in developing the economic and monetary models for Initiative Q.
The Current Vision:
Initiative Q’s ultimate vision is to create a payment network. To do this, Q must overcome their first obstacle, developing a critical mass of users. They explain below:
‘The idea behind Initiative Q is to first create a critical mass of users, which can then be harnessed to create the world’s best payment network. Therefore, our primary focus is to get millions of Q members registered, after which we will continue recruiting the world’s top professionals in payment systems, macroeconomics, and Internet technologies.’
It is important to note that on their site they mention that:
‘If a critical mass is not reached, the project may not go forward. Because the rewards are only valuable once the system is functional, it is in everyone’s interest to get others to join.’
Therefore, I would define their current vision as trying to recruit as many people as possible through the use or abuse of social media platforms. Especially when they comment how if the ‘critical mass’ is not reached then they may not go forward with the project.
The Payment System in a Nutshell:
Initiative Q claims to be creating a new payment network that will feature the best technologies, innovations and ideas developed in the past years. This will allow them to create a global currency allowing for safe, fast, and low-cost global transactions. I do want to point out that what Initiative Q aim to offer seems great, they do not offer any technical details or explanation on how they aim to achieve these goals. (Somebody correct me If I am wrong).
‘Many of the ideas that Initiative Q will include already exist in some form, but thus far they have gained only limited acceptance, and there is no universal system that integrates them all. This is due to a classic chicken and egg barrier: No buyer wants to join a new network with no sellers, and no seller will offer a payment option that no buyer uses. Initiative Q will overcome this barrier by distributing its currency—Q—for free to early adopters, creating incentive for its adoption and use.’
Initiative Q argue that current payment networks are reliant on old technology. As a result, these are less effective when it comes to; ‘security, ease of use, reporting, and credit management, as such resulting in high fees and overhead costs.’ Q believe that once a faster and more secure system is widely available, it will become a preferred platform for payments to be made and received.
I would normally offer more detail, but this post is more aimed at the marketing side of this platform. If you are interested in the project and want to read the full list of features Q intends to include look here.
The Giving away of Tokens:
Q are giving away free tokens to create a new payment system. These tokens work as an incentive to grow a new network of buyers and sellers.
Initiative Q’s unique rewards model is what allows it to overcome the adoption barrier that has impeded previous payment technologies. It encourages the fast adoption of advanced payment technologies, while others struggle to attract new users.
Basically, Q will offer you a portion of their currency/token as an incentive for completing tasks. The team at Initiative Q implore that ‘these tasks are in everyone’s interests’… The reason for this? It will help Initiative Q grow, therefore helping the team reach their “realistic” target of $1 per Q. According to Q you’re in luck though, as:
’Joining at the very early stages requires real vision and foresight. We want to compensate our members accordingly’.
Basically, as a reward for joining before widespread adoption you are entitled to a higher portion of tokens than the people who came after you. – The early adopters who fulfilled the tasks the quickest will therefore hold the highest % of Q’s.
My Gripe - Marketing via Spam – (this may not have been the intent):
Initiative Q was launched earlier this year, and apparently, I must have been living under a rock as it completely went over my head. Whether I was the odd one out or not, Q seems to have adopted a more aggressive recruitment strategy this time around. Said strategy involves hordes of people taking to Facebook, Twitter and Instagram to share (‘spam’) their invite links everywhere to recruit people, and as a result, earn more Q’s (At this point in time roughly 7800 Q’s per referral, with the promise of 1$ per Q they are generously giving away up to roughly 78000$ per user – this was considerably more a few days ago.)
Q have further tapped into the social hive mind circulating social media platforms today as each ‘spot’ within their ecosystem is worth less than the one that went before it. This paired with the façade of exclusivity that goes with an ‘invite only’ token semi-marketed as a cryptocurrency (although it isn’t, and they do explain this on their website.) As is evident as of late, you see people go crazy to try and invite as many people as possible (or look for an invite) to claim as many of these free tokens as possible. Most with the hope of getting rich quick.
I think at this point it’s obvious – I don’t like how Initiative Q have gone about their marketing strategy. As sincere and legitimate as a project seems to be, I do not like how they have gone about growing their market platform. I am not sure if this was originally their intent, but the way I see people posting their sign-up links everywhere just makes me take a negative view on the platform.
In my opinion it gives it a shady undertone, though I do want to point out there is no evidence to suggest that anything bad is going on here. I personally feel the time limit Initiative Q have placed on people to generate sign-ups also fuels the spam, as people do not want to miss out on what they view as potential earnings.
Is It Worth it and Should I get Involved?
Do I think this project will amount to anything? Probably not.
Yet overall despite all the comments I have made, there isn’t really any reason to not get involved – as such - you just have to be ok handing over your personal information and data. Something I would be hesitant about. Then there is no real downside. Just please don’t spam your sign-up link in every message box you find. If you do sign-up I have my fingers crossed that all works out/
Thanks for reading
(All quotes taken from: https://initiativeq.com/
Image from: https://bitcoinexchangeguide.com/initiative-q/)