When Crypto Currency first hit the market it was, well, cryptic.
The naysayers were convinced it was a scam and the risk takers were eager to get a slice of the pie. In hindsight, there were many people who wish they would have jumped on the band wagon when they had the chance and invested in Bitcoin.
While some companies sure look legit, Initiative Q still remains a mystery to this day.
Initiative Q which later changed to Quahl was an attempt to create a new payment network and digital currency. It was created by Israeli entrepreneur Saar Wilf, who previously founded Fraud Sciences, a payment security company acquired by PayPal and started circulating in late 2018.
In just four months, the 'payment system of the future' had 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 sceptics who dubbed the ambitious global currency a pyramid scheme.
"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."
The jury is still out on whether in fact the ‘early investors’ will ever see any money, but for millions signing up was the obvious step.
Which makes me question, what did Initiative Q want with this data?
Interestingly this data collection coincided with the introduction of the new GDPR laws. More interestingly no one has heard from or about Initiative Q since 2018.
What is GDPR and how does it affect your business?
GDPR (General Data Protection Regulation) compliance is a continual process, not a one-off activity. GDPR marked a huge shift for most businesses, changing data-processing mind-set from opt-out to opt-in.
Back in 2018 when the new GDPR rules were introduced, your business / organisation had to change the way it handled data. Part of that was carrying out regular risk assessments to determine if your circumstances had changed, in which case you would need to update your data processing processes and documentation accordingly.
One such change of circumstances is Brexit, as a result of which, there are now two versions of the Regulation: the EU GDPR and UK GDPR.
With GDPR, the level of any personal data processing must be proportional to the purpose for collecting it. That means collecting as little data as possible and keeping it no longer than necessary to serve the customer.
You must keep the data accurate and up to date. And you must protect its confidentiality and integrity.
As if small business owners didn’t have enough to get on with, this is now an additional worry. Data protection supervisory authority may impose high fines and penalties if these rules are flouted.
So before you go to check whether your Initiative Q investment has increased to a degree that finds you dreaming about early retirement, here is a toolkit to help you get started.
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