So while the world has been already battling a disruptive transformation in the financial world through the arrival of the cryptocurrency, the guys from their estranged company Paypal went ahead and announced a new arrival called the Initiative Q.
So what is it that’s making this new venture from the Ex Paypal guys a treat to watch?
To entice people to join what has been dubbed the next bitcoin – even though it is not a cryptocurrency – the developers are claiming they are giving away significant sums of the currency.
In turn, they state it could be worth $2trillion in the future too early users.
Sign-up is free, but you’d need an invite from an existing user to do so. You’re also required to submit your name and email address.
It may be, but more than two million people have already registered to the initiative, it revealed yesterday – and that figure is increasing. Certainly.
However, a quick caveat to those who are in a hurry to sign up. Q, in its the present form is virtually worthless. Even it’s promoters have said that it would take years before it can become a worthwhile venture. And hence the urgency to sign up more people. The marketing moot point is earlier the registration, higher the number of allocations. The company website to has created a built-in ticker to showcase the decreasing number of allocations.
So what is Q?
It is not a cryptocurrency.
It is a private currency which the developers hope will become the standard in payments and the go-to global currency.
So, instead of using pounds, dollars or euros, there is Q
Initiative Q says it will use a professional monetary policy (like governments do) rather than a predetermined one (like bitcoin does).
According to Initiative Q’s website hype, it is the payment system of the future.
It says: ‘The Q payment network will integrate the best technological improvements that have been made in the payment industry over the last few decades to create a flexible, easy-to-use and inexpensive payment network.’
Now, this may seem far fetched in the current moment, but a few years back even cryptocurrencies were a mirage in the distant financial horizon. With the arrival of Bitcoin and the successive tsunami of Alt Coins, that scenario has changed.
Initiative Q and developers/promoters are currently keeping their fingers crossed. Their premise is, if Bitcoin can, Q can too.