Have you heard of Initiative Q, the new non-crypto digital currency?
Around five months ago, Initiative Q launched to a select group of people, utilising an invite-only campaign that seemed to go viral. The project was designed Saar Wilf, a former employee of PayPal, who sold a transaction verification firm to the payment giant almost ten years ago.
“The hook is simple”. The earlier on users register, the more free currency they receive known as Q’s. there are over two million people worldwide have signed up for the virtual currency and reports have emerged saying that there are over 100,000 users signing up on a daily basis. Wilf says that the referral campaign didn’t take much to find its feet.
“We invited 200 people we knew, and they invited their friends. In the past few weeks, it’s started to get out to a pretty wide audience. There’s been a gradual process of growth and virality.”
The ex PayPal employee teamed up with the economist Lawrence Wright and hopes that the people will start to welcome the currency with open arms and that it will soon have some real monetary value. The new payment platform isn’t based on blockchain or cryptocurrency and the firm’s website slightly mentions that it will use the best technological improvements that have been made in the payment industry over the previous decades to create something that is easy to use, flexible and not too expensive as a payment network.
As reported by the Daily Hodl, the team at Initiative Q is a small one, in fact, it is only a team of eight people and with no actual currency in circulation or working product available to use at this time, the project has been called everything under the sun. There have been several different types of reactions to IQ, some have even classed as nothing less than a pyramid scheme.
The President and CEO of Global Blockchain, Shidan Gouran explained:
“The comparisons of Initiative Q to a pyramid scheme are spot-on, because that is exactly the way Initiative Q looks. They promise some kind of irresistibly lucrative payout, in exchange for what seems to be nominal consideration, with the first step being to recruit people who you know.”
What are your thoughts? Let us know what you think down below in the comments!