Initiative Q is an attempt by ex-PayPal guys to create a new payment system instead of credit cards that were designed in the 1950s. The system uses its own currency, the Q, and to get people to start using the system once it's ready they are allocating Qs for free to people that sign up now (the amount drops as more people join - so better to join early). Signing up is free and they only ask for your name and an email address.
Initiative Q is the brainchild of Saar Wilf, a serial entrepreneur who started his first payments start-up in 1997, and later founded Fraud Sciences, which redefined the payment security space and was acquired by PayPal in 2008.
Wilf has compiled a team of experts from a variety of disciplines, including mathematics, economics, and other social sciences. The economic and monetary models were developed with Economist Lawrence White, a professor of monetary theory and policy at George Mason University. White has published numerous articles and books on monetary theory and banking, including The Theory of Monetary Institutions, Free Banking in Britain,and The Clash of Economic Ideas.
The idea behind Initiative Q is to first create a critical mass of users, which can then be harnessed to create the world’s best payment network. Therefore, our primary focus is to get millions of Q members registered, after which we will continue recruiting the world’s top professionals in payment systems, macroeconomics, and Internet technologies