Initiative Q vs Bitcoin: What’s the Difference Between BTC and Q Tokens Idea?
An interesting start up cryptocurrency is making round on different social media platforms. Initiative Q is marketing itself as a cryptocurrency that is being given free.
The platform claims (like all others) that it is the next Bitcoin challenger. Is Q really the one? Let’s dive in a bit deeper.
Airdrop, Scam Or Pyramid Scheme?
The first thing that critics of the project point out is that the coins are being given for free. This is not an airdrop that other token distributors use as a way to attract people. They tokens, all of them, are being given away for free.
This obviously sounds like a scam or a pyramid scheme. Yet, the project makes it perfectly clear: the tokens are FREE. They are not asking for money to sign up or buy the tokens.
What is it then? The platform is more of a payment processing system than a true cryptocurrency.
The cryptocurrency claims it is what Bitcoin should have been, but then takes a completely different approach and does not have any of the decentralized aspects. Q will not rely on a decentralized blockchain ledger, but deploy a centrally controlled one. Blockchain and crypto enthusiasts are angered by this, claiming centralization violates the basic principle of cryptos and therefor, Q is not one.
Yet, Initiative Q claims it solves a lot of issues through centralization of ledger. Q’s ecosystem will not require consensus such as Proof of Work to validate transactions. This means it will have no need of power hungry PoW method used by Bitcoin and will be energy efficient.
Another claims, through the centralization, is that with the platform in control of the ledger, it can allow a reversal of transaction. This is not possible with current blockchain systems, since the technology ensures all transactions and records are immutable. This, according to Initiative Q, means that there will be no need of expensive hard forks and fraudulent transactions can be reversed.
Perhaps the strangest claim is that the Q currency will be a stable coin. There has been a rising trend of stable coins in the market lately. Designed to be used for payments, rather than holding on to it in hopes of price rising, the Q will be in regular use like fiat, with large holdings by the company that will sell or buy in the market to stabilize the price.
An Interesting Concept
With the Initiative Q claiming and acting on things that do sound suspicious, a closer look reveals that the platform just might have something very interesting going on.
It may not dethrone Bitcoin, it may not even kick off. However, if it does, it will not make token holders rich, but encourage them to spend them, creating perhaps the most practical, everyday cryptocurrency ever.