What is Initiative Q?
Initiative Q is building the payment system of the future. 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.
These technologies have been available for years, but have not been adopted 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 solves the adoption problem by associating the payment network with a new global currency, and distributing this currency to early adopters for free.
Why should I join Initiative Q?
- The earlier you join, the higher your reward. We believe that Initiative Q will overcome the main barrier to a better payment system, and has a good chance of becoming the global standard. But even if you give it just a 0.1% chance of success, think of it as a free lottery ticket.
- Why not? It’s free and safe. All you need to do is provide your name and email. We will never spam you or sell your data. If Initiative Q doesn’t succeed, we will erase all user data.
- By joining, you increase the chances of success, and accelerate the transformation of the payment industry —
- A popular modern payment system will be inclusive of currently underserved populations all over the world. It will finally provide them easy access to payments, micro-financing tools and inexpensive transactions.
- You will help
How is this different from Bitcoin and cryptocurrency?
Cryptocurrency is a brilliant solution to a problem that doesn’t exist.
Cryptocurrency is digital money that is hard to counterfeit. While the mathematical foundation is ingenious, an “immutable money ledger” is far from being a major need today. Our money is already digital, in the form of bank computer records, and no one is worried that these records will suddenly disappear. This is due to a robust system of trust and governance that protects individuals from such risks.
While many dislike this complex system, it works reasonably well and there is still no better alternative. In fact, the anti-counterfeiting measures that cryptocurrencies offer create an array of much worse problems:
- Transferring security risk to the currency owners: Removing banks from the system also removes the protection that banks provide in security, fraud prevention, and dispute resolution, leaving individuals vulnerable to theft, scams, and human errors.
To protect themselves, cryptocurrency users are expected to undertake complicated security procedures such as generating cryptographic keys using dice, entering them into an unused laptop that is later destroyed, storing the keys using special hardware from multiple manufacturers, and keeping paper backups in bank safes.
Comparing that to payment cards, which allow consumers to make payments using just a few unencrypted numbers while being fully protected from losses, underlines how far cryptocurrencies are from becoming the currency of the future.
- Unstable value: A basic requirement for a currency is
- Legal controls: Whether we like it or not, governments still hold ultimate power and they insist on regulating currency transfers, financial transactions, investments, and their underlying mechanisms. Any currency that attempts to circumvent such regulations, including most cryptocurrencies, will face an uphill battle to wide scale adoption.
- Reversibility: No matter how good a system is, if humans are involved there will be mistakes and misunderstandings. Allowing transactions to be reversed benefits both buyers and sellers in the long-term, as customers can engage in the market more confidently. Of course, reversing a transaction should be allowed only for certain reasons — something that can only be determined by human beings following procedures. This goes against the decentralized nature of cryptocurrencies, making
- Waste: Bitcoin’s
However, some of the concepts behind cryptocurrency are valuable, and may be deployed in Initiative Q’s backend, for settlement between Q agents — where these disadvantages become negligible.
Read our full payment vision
Is this an ICO?
No. ICO, Initial Coin Offering, is a term used in the cryptocurrency world to describe the public sale of newly issued coins. Initiative Q’s goal is to become the standard in payments and to create a global currency. That requires adoption by hundreds of millions of members, which will not happen if they are required to pay. Qs will therefore be distributed for free.