Initiative Q is not, in any way, a cryptocurrency. But it might just be the new Bitcoin.
In just four months, the 'payment system of the future' has built a network of nearly three million adopters by offering ever-decreasing sums of their future currency in exchange for an e-mail address.
Despite attracting over 100,000 new users each day, the invite-only registration process triggered instant retaliation from skeptics who dubbed the ambitious global currency a pyramid scheme.
Of course, Initiative Q is asking for no more than a few pieces of digital information most digital natives share with companies on impulse. And with companies touting far inferior privacy policies.
While it is imperative for people to question all financial decisions they're presented with, a company simply cannot exist as a pyramid scheme if there is no information - let alone money - to float up the pyramid.
The reality of the enterprise is far less controversial than cynics would have you believe. The jury has been out on the intrinsic value of currencies since the fall of the gold standard. It is the case with dollars, pounds and every currency in between. Similarly opportunistic companies, like Dogecoin, have gone on to create immense value against all odds and it is not impossible for Initiative Q to follow suit.
"It is not a get rich quick scheme and I think that's where people get confused," said Initiative Q founder Saar Wilf. "You have to reach critical mass if you want to create a currency and that is what we're trying to do."
Wilf, who successfully built the integrated systems for online transaction verification and fraud prevention that were later acquired by PayPal, believes Q is possible but not inevitable.
He explained: "The world needs a better payment system. We are glued to its existing infrastru...