What is Quahl? Welcome to the Future of Payments. The Wonder Payment System that Will Change the World in 2022

What is Quahl?

Should I join Quahl?

Quahl is an attempt by ex-PayPal guys to create a new payment system instead of payment cards that were designed in the 1950s. The system uses its own currency, the quahl, and to get people to start using the system once it’s ready they are allocating quahls 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. There’s nothing to lose but if this payment system becomes a world leading payment method your quahls can be worth a lot.

If you missed getting bitcoin ten years ago, you wouldn’t want to miss this.

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Quahl Economic Model

What is a currency worth?

(Co-authored with Prof. Lawrence H. White, expert in Monetary Theory)

What is Quahl? And how much is it worth?

Every Quahl network member wants to know how valuable quahls can become. If Quahl succeeds in creating a world leading payment network, it is expected that all quahls reserved today for members will eventually be granted at a value of roughly one US dollar per quahl.

The following economic model explains the reasoning behind this estimate and the mechanisms used to maintain the long-term value of quahls along with the growth of the Quahl network.

Value: the Equation of Exchange

The value of a currency is affected by multiple factors. The equation of exchange introduces the “velocity of money”, defined as the total expenditures (or income) in that currency, divided by the money supply (the total amount of currency in circulation). The world’s total economic activity is around 100 trillion US dollars, and the total amount of money in the world is between 40 and 90 trillion dollars (depending on the definition of money). This gives a global average velocity of money of around 2, which indicates that each unit of currency changes hands roughly twice a year. In other words, at any given time people hold money balances equal to around half a year’s worth of income (or purchases).

Therefore, in order to estimate the value of all quahls, we need to estimate the volume of transactions on the network as well as the velocity of money.

Learn about the equation of exchange

• Volume: The global volume of payment card purchases is over 20 trillion dollars annually. Since Quahl’s unique distribution method solves the adoption problem and opens the gates to many new payment technologies (learn more),¹ buyers and sellers will prefer it to payment cards. Quahl retail volume is thus projected at 5-20 trillion dollars, assuming successful worldwide adoption.²
• Velocity of money: In the long term, Quahl’s goal is for quahls to be used as a primary currency, meaning its velocity should be similar to the global average of 2. This goal will be achieved by financially incentivizing the use of quahls for all types of transactions, including wholesale, salaries, and investments. Additionally, Quahl will have a target inflation rate of zero, making it more attractive as a long-term holding compared to standard currencies (which usually lose over 2% a year to inflation).

Nevertheless, it is reasonable to assume that in the early stages, members will hold reserves as low as one month’s worth of expenses, resulting in a velocity of 12.

Dividing the economic activity estimate in the event of successful market adoption (5-20 trillion dollars) by the velocity estimate (2-12) results in a total value of between half a trillion to 10 trillion dollars.

Value: A cryptocurrency comparison

An alternative approach to estimating the value of quahls is by studying the cryptocurrency market, which is another attempt to create a new currency. So far, cryptocurrencies have failed as currencies. Their focus is on ensuring scarcity (i.e. that no one can easily generate new coins), but they neglect stability of value and ease of use. This makes them ill-suited for trade, with nearly all activity fueled by speculation (see more about the shortcomings of cryptocurrencies).Despite these shortcomings, the market value of cryptocurrencies reached nearly 1 trillion USD. It is not far-fetched to assume that a currency that is designed to meet the market’s true needs (stability of value, ease of use, etc.), and is exclusively coupled to a superior payment network, should surpass this number.

Value of one quahl

The quahl rewards reserved today are from a supply of 2 trillion quahl. This means that all of the rewards would be available for use at a rate of one USD when all quahls reach a value of 2 trillion US dollars, a realistic estimate assuming wide scale adoption, as shown above.

Quahl monetary policy

• Every currency needs a sound monetary policy, in order to maintain public trust in its long term stability. A currency whose economic value fluctuates rapidly complicates trades and finance, damages the economy, and eventually pushes people to use other currencies.
• To maintain purchasing-power stability, the total amount of money in the economy (the “money supply”) should grow on pace with economic activity and the corresponding demand to hold money. In most countries money supply is primarily controlled indirectly, through incentives given by central banks to private banks.
• Quahl also needs a monetary policy to maintain the currency’s stability, but as a global electronic currency, it is not bound by these historical limitations, and can use more advanced monetary instruments while relying on accurate real time economic data. These monetary instruments are detailed below.
• It should be noted that Quahl’s monetary policy will eventually be overseen by a monetary committee that is directly accountable to all quahl holders, and independent of the Quahl corporate entity.

Controlling the quahl in circulation

The Quahl payment network’s purpose is to facilitate trade more efficiently than current payment systems and currencies. This requires that the quahl be stable in value, so prices remain fairly constant and predictable.³

To accomplish this goal, the reward quahls reserved for each member will be released for use gradually, at a rate that matches the growth in economic activity on the network, while maintaining a target exchange rate of one US dollar per quahl.

Monetary instruments

Quahl’s main monetary instruments:

1. Releasing quahls — Members who join Quahl can reserve quahls for free, with the specific number varying based on how early they join. These quahls will be released gradually as economic activity grows, enabling their use on the Quahl network and thus increasing the active current money supply.
2. Activity incentives — Additional quahls can be issued to incentivize activities that promote network growth, such as a cashback reward on purchases, a bonus on conversion from other currencies, etc. This effectively creates a discount on quahl-based purchases, which in turn attracts economic activity, which then requires issuing more quahls and so on. This positive feedback loop could fuel rapid growth of the network until it becomes a payment standard and can grow solely on the merit of its technological advantages.
3. Open market operations — The committee can increase or decrease the amount of quahls in circulation by directly buying or selling quahls in return for other currencies. The committee can also sell future grants of quahls, at a discounted rate, to accredited investors. These quahls will then be released as economic activity grows, similar to the quahls reserved for new members.

In general, these monetary instruments offer much better and more direct control of the money supply than those used by today’s central banks. Central banks are bound by the historical limitations of the fractional reserve system — a system that requires them to operate through private banks. This results in long response cycles and unpredictable inflation.

Money supply

The money supply must match economic activity to keep purchasing power stable. Therefore, since economic activity has no cap, the amount of quahls should also be uncapped.However, it is extremely important that the money supply only grows in proportion to the growth in the demand to hold quahls, and not for other reasons. For example, governments that printed money with abandon to fund their budgets (and in doing so transferred wealth from the citizens to government accounts by devaluing the citizens’ currency) created hyperinflation, and eventually made their currency worthless.

Thus, while theoretically unlimited, the quahl supply is controlled in practice. This is done solely through monetary instruments that may be used only for the goals of maintaining currency stability, and promoting adoption.

Monetary committee

Achieving currency stability requires careful analysis and prediction of economic activity, as well as consideration of mass psychology factors. This is, unfortunately, still beyond the reach of computers, and requires the involvement of human professionals. This is how government currencies are managed, with major currencies today demonstrating far better long-term stability than that of Bitcoin and other cryptocurrencies. However, Quahl could surpass this with more focused and better-incentivized management.To meet this need, Quahl will feature a monetary committee that is independent of the Quahl corporate entity, to be appointed via voting by all stakeholders in the Quahl payment network. This committee will be in charge of setting and running the monetary policy: determining how many quahls to add or remove from circulation, and through which monetary instruments. Members of the monetary committee are financially incentivized to meet their goals by tying remuneration to performance.⁴

Since the Quahl monetary committee has access to real-time economic data, and has direct control of the money supply, their policies can be more scientific and transparent than current systems. Whenever possible, the output of the committee will be expressed as rules and functions that dictate the monetary actions to be taken given various economic parameters (similar to today’s Taylor Rule). These will be gradually updated in accordance with new insights, eventually reaching a steady state where the policy is near automatic, albeit with constant monitoring to detect anomalies.As an additional means of instilling trust in the long-term purchasing power of Quahl, the monetary committee will continuously offer to buy quahls in exchange for USD (and other currencies) at the target rate of 1 quahl per 1 USD. This will assure sellers they can confidently accept Quahl as a payment method.⁵

This requires the monetary committee to hold large reserves of USD. The reserve balance will be publically available, assuring members that they can convert to USD at any time, thus supporting Quahl stability. As Quahl becomes a global standard, and trust in its long-term value increases, the reserve ratio can decrease.

These reserves are financed through two sources:

1. Selling quahl for USD — Buyers looking to benefit from the advantages of the Quahl payment network need to add quahls in their account, which is done by buying them from the monetary committee.
2. Selling future grants of quahl — This option is available to accredited investors who believe in the long-term success of Quahl. They can purchase (at a significant discount) the right to receive quahls in the future, that will be released according to the network growth — similar to the new members rewards.

The Quahl Payment Network

Quahl’s payment model

Quahl is creating a modern payment network that will aggregate the best ideas, innovations, and technologies developed in recent years. The Quahl payment network will allow safe, fast, and low-cost transactions, using a global currency.Many of the ideas that Quahl will include already exist in some form, but thus far they have gained only limited acceptance, and there is no universal system that integrates them all. This is due to a classic chicken and egg barrier: No buyer wants to join a new network with no sellers, and no seller will offer a payment option that no buyer uses. Quahl will overcome this barrier by distributing its currency—quahl—for free to early adopters, creating incentive for its adoption and use.

This paper gives a taste of the innovations and improvements that the Quahl payment network will offer.

Global applicability

Proven solutions

Quahl

Ease of use

The cards and cash in our wallets are antiquated ways to identify us and keep a count of our funds. These functions can be easily integrated into a smartphone. You can just walk into a store without your wallet, and your payment account is quickly identified using digital methods such as a QR code or an audible code. An RFID sticker on the phone can be used as backup when the battery is dead.

Checking out can be even further simplified. With the Quahl app, you can enter a store, scan the barcode of the items you want with the phone camera, and simply walk out. At restaurants you can just leave when you’re done, as your phone settles the bill directly with the restaurant’s server. No flagging down the waiter, no delays.

There’s also no need to fill out forms each time you visit a new online store. Once you authorize your device, you are automatically identified, and you can confirm payment with 1-click.

Companies like Apple, Google and Amazon have developed such features, but they are still used in a small fraction of transactions. Quahl will make them standard.

Fraud prevention

Sellers spend 8% of their revenue on fraud-related costs.¹ Every instance of fraud takes money from the system, and forces sellers to take costly precautions—costs eventually borne by the buyers through higher prices. However, there is a wealth of information and technology that can dramatically reduce fraud once integrated into the payment network.

We already have access to some amazing technology. Our smartphones include fingerprint sensors, GPS, a camera and microphone that can recognize our face and voice, as well as the most advanced encryption capabilities. These can be used to implement highly secure multi-factor authentication methods, which would make it far more difficult to steal our identity.

Compared to the very crude Address Verification Service (AVS) used by payment cards, which only compares the digits of the billing address, the Quahl payment network will be able to verify more information at higher accuracy, and incorporate more modern information sources, such as social media accounts.Quahl can also employ the latest algorithms to analyze individuals’ digital behavior — technology currently offered by companies such as Forter and Riskified, but only used in only a small fraction of transactions.

The use of a centralized payment page for all Quahl users will help establish patterns of appropriate and inappropriate behavior, leading to a far more reliable fraud assessment than any individual seller could accumulate alone.

The above technologies are already available, and only need to be integrated by Quahl, but there is one capability that is unique to the Quahl payment network. Since every new member must be verified by an existing member, who risks losing their reward in case of fraud, the Quahl payment network will build a network of trust relationships that can be used to verify transactions. For example, the system can require that for large or suspicious purchases, a trusted friend must contact you directly and verify that you authorize the transaction.

Promoting proper business practices

Too much of the contemporary retail economy is based on misleading practices: cases where the seller knows that the value to the buyer is lower than it seems, or that final costs are higher than presented. These practices include free trials that turn into paid commitments without warning, unexpected price changes, and promoting products with false promises or deceitful marketing.

This ultimately hurts everyone involved. It leads to skepticism by potential customers, who must constantly be vigilant, and hurts legitimate businesses, who must compete against deals that are too good to be true, and are eventually forced out of the market—further harming consumers.

Quahl will go further than standard customer protection laws, creating a network where buyers don’t need to constantly worry about whether they are being scammed, and sellers can focus on quality rather than assuaging such concerns.

How do we do that? By making dishonest practices a legitimate reason for transaction reversal, thus motivating sellers to share all information that may reasonably affect purchase decisions, even if the law doesn’t require it. Quahl will also require customer confirmation for any changes in payment arrangements, such as raising fees.

Additionally, buyers will see customer reviews on each seller’s payment page, to ensure better service and to incentivize respect from both sellers and buyers. Quahl has the unique ability to ensure that reviews are only provided by verified buyers who made an actual purchase from that seller, evading the problem of fake reviews praising one business or discrediting the competition.

Through these measures, the quahl payment network will become an environment where buyers no longer need to worry about scams, and sellers can focus on creating value to buyers.

Reversibility and dispute arbitration

No matter how good a system is, if humans are involved, there will be mistakes and misunderstandings. That’s why reversibility (one of the limitations of Bitcoin) is so important. Allowing transactions to be reversed benefits both buyers and sellers in the long-term, as customers are more willing to engage in the market when they have a measure of protection. Moreover, this is already a feature of payment cards, and any system that seeks to overtake them will have to provide similar assurances.

The Quahl payment network can also include an automated dispute resolution process, with an easy to use interface that allows users to submit claims and upload evidence to support those claims.Disputes that cannot be resolved automatically can be assigned to a trained representative, who investigates the claims to determine whether there has been a violation of the Quahl payment network regulations. If the agent finds that the seller was at fault, then the transaction can be reversed, while in cases where both sides acted appropriately (e.g. an unauthorized charge) the buyer can be reimbursed by Quahl.² Such reimbursement can be paid from a global insurance pool financed from transaction fees.

Parental / departmental controls

Sub-accounts can be easily set up to allocate funds, authorize expenses, and provide easy access to the full history of transactions. This is perfect for children or expense accounts that need to be supervised. A similar feature can facilitate bill-sharing for restaurants, utilities, and other shared expenses.

Reporting

Buyers can have instant access to their full transaction history, including precise times and locations for when and where transactions were authorized, what verification method was used, a copy of the invoice, details and images of the products, delivery tracking data, an instant messaging option to communicate with the seller, and a link to the Quahl dispute resolution forum. This would be a major improvement over the vague references and line-items on today’s payment card statements.

Credit allocation

Combining the most advanced technology and analytical methods with information provided by users, can lead to a far more accurate and equitable assignment of credit. More data and more nuanced application of that data lead to better informed decisions. For example, new users can be evaluated on the basis of the reputations of those who have verified them or are connected to them. This would provide significant improvements over the current credit scoring system, which relies only on payment history, retains inaccuracies for long periods of time, and promotes debt.

Universal access to payments and micro-finance for the underserved

Worldwide, 38% of the adult population doesn’t have a bank account. In some areas it’s far higher; in Colombia and Peru it’s over 60% and in the Middle East it’s over 80%. Likewise, access to basic financial tools and micro-financing is very limited in many poorer parts of the world. Quahl will allow people all over the world to make deposits, purchases, sales, money transfers, and investments without ever needing access to a bank. This includes efficient micro-lending operations that can help change the lives of people. Quahl reduces prices for all with lower fees and no hidden costs, including costs of remittance and other money transfers. Unlike cryptocurrency, operating Quahl does not require energy waste along with its environmental damage.

Transaction costs

Cash remains the most common retail payment instrument, used in 32% of all transactions in the US and 79% in the EU. In a survey of payment methods in Asia, 57% said they use cash most often. But this reliance on paper has a cost: printing, storing, transporting, and sorting paper takes time and money. It is estimated that the use of cash costs around $100 billion per year in the US alone. Checks are not much better, costing US companies tens of billions of dollars a year to process. Clearly, moving to a digital system can save enormous costs.³ While credit and debit cards circumvent these problems, they introduce other high costs, resulting from their use of outdated technology.Because the Quahl payment network will use a unified system and currency, and operate digitally using the most advanced technology, transaction fees can be much lower. Furthermore, by reducing fraud and scam attempts, Quahl can also greatly reduce the hidden fees that manifest in higher product prices.

Universality

We live in a global economy. Everything should be connected. With Quahl, it finally will be.

The Quahl payment network offers a unified system for payments, sales, and transfers that works everywhere instantly. The same currency (quahl) is used in all territories, avoiding the need to exchange currencies at hefty fees.

AML – Anti-Money Laundering

One of the main causes for complexity in payments is the need to comply with regulation for prevention of money laundering. This is why international wires can take days and cost $20-100 each.

The quahl currency resides solely on the Quahl network, and therefore each quahl can be tracked to its source, eliminating the need for AML procedures, and paving the way for instantaneous cross-border money transfers.

Efficient market

Today, a large portion of purchases occur as a result of the seller’s marketing efforts, even though nearly all of those efforts are unsuccessful. This means consumers are constantly bombarded with useless messages, draining their time and attention, and increasing product prices.

Through advanced analysis of buyer profiles and transaction history, Quahl can transform market dynamics: instead of sellers aggressively convincing consumers they need their products, the focus will shift to identifying real customer needs, and finding the products that best fulfill those needs.

Content Monetization

The complexities and costs of current payment systems make small immediate payments for content impossible, requiring content creators to rely on advertising revenue. A universal, low-cost, digital payment system can finally enable users to consume content ad-free, by charging a negligible amount, similar to what an ad would generate (typically a fraction of a cent per page or video).

Architecture

Quahl aims to become the world’s primary payment network. That requires establishing locations all over the world, complying with local regulations, and providing quality customer service.

To reach this goal quickly, Quahl will focus only on technology, standards and regulation, while delegating the financial operation to hundreds of local agents. These local agents will be responsible for customer service, safeguarding members’ funds, connecting local stores, legal compliance, and settling with other agents.

Agents compete with each other to manage member accounts (buyers or sellers), and receive a small fee for transactions they process. A typical transaction on the Quahl payment network is processed as follows:

Buyer goes to a seller’s store or website.

If online, the buyer chooses the Quahl payment option, and is identified by the Quahl payment network.

If in a physical store, the buyer’s Quahl smartphone app connects to the seller’s Point of Sale system, which sends the transaction details to the Quahl payment network.

The app requests the buyer’s approval. Depending on the size and risk of the purchase, additional security measures may be invoked (as detailed above).

The buyer’s agent is notified of the transaction by the Quahl payment network.

The buyer’s agent’s server verifies that the buyer has sufficient quahls (or credit) to cover the purchase, and if so, notifies the seller’s agent.

The seller is notified that the transaction was successful and provides the product or service to the buyer.

Periodically, all agents settle their outstanding balance over the Quahl internal network. This settlement may utilize a blockchain ledger, enjoying the advantages of cryptocurrency while protecting customers from its many shortcomings (read more about Quahl and cryptocurrencies).

Current payment networks rely on outdated technologies. They are decades behind in security, ease of use, and reporting and credit management, resulting in high fees and overhead costs. By distributing its currency to early adopters, Quahl overcomes the barriers that prevented adoption of the many payment innovations made over the years.

Once an easy to use, faster, more secure, globalized system is widely available, it will quickly become buyers’ and sellers’ preferred method of payment.

FAQs

What is Quahl about?

Quahl is building the payment system of the future. The Quahl payment network will integrate the best technological improvements that have been made in the payment industry over the last few decades to create a flexible, easy-to-use and inexpensive payment network.

These technologies have been available for years, but have not been adopted due to a classic chicken and egg barrier: No buyer wants to join a new network with no sellers, and no seller will offer a payment option that no buyer uses.

Quahl solves the adoption problem by associating the payment network with a new global currency, and distributing this currency to early adopters for free.

Read more about the payment innovations of Quahl.

How is Quahl related to Initiative Q?

Quahl is the new name for the former Initiative Q. Initiative Q was often confused with other projects named Q as well as QAnon. We’ve rebranded as Quahl, pronounced like “quality” and “qualification”.

Why should I join Quahl?

1. The earlier you join, the higher your reward. We believe that Quahl will overcome the main barrier to a better payment system, and has a good chance of becoming the global standard. But even if you give it just a 0.1% chance of success, think of it as a free lottery ticket.
2. Why not? It’s free and safe. All you need to do is provide your name and email. We will never spam you or sell your data. If Quahl doesn’t succeed, we will erase all user data.
3. By joining, you increase the chances of success, and accelerate the transformation of the payment industry — a change that will benefit everyone, eliminating the need to carry cash and/or plastic and leading to lower costs, less fraud, and fewer scams.
4. A popular modern payment system will be inclusive of currently underserved populations all over the world. It will finally provide them easy access to payments, micro-financing tools and inexpensive transactions.
5. You will help reduce the enormous waste and pollution caused by Bitcoin and cryptocurrencies, currently consuming as much energy as 6,000,000 households!

What are the risks in signing up? What will you do with the data I provide?

There are no risks. It’s safe and free to join; you just provide your name and email address. We store your personal data securely and we don’t share it with anyone else. We will only email you regarding the project and your account (read our privacy policy). If Quahl does not succeed we will delete all data we have collected.

Why do I need to confirm my email? What happens if I don’t?

Email confirmation helps ensure that accounts are created by real people and not bots. If you don’t confirm your email, it will eventually be deleted from the system and your account will not be activated or eligible for rewards.

Why does an existing member need to verify me?

A secure payment network requires that accounts be associated with real people. This is especially important when potentially highly valuable rewards are at stake. Therefore, we require that all new members be verified by existing users who actually know them. There are incentives for verifying new members, as well as disincentives that discourage verification of contacts you don’t know well or trust.

In addition to preventing false registrations, this process builds a “trust network”, which can later be used to improve security. For example, if a buyer is purchasing a high-value item, it is important to verify that their account was not taken over. In that case, another member who has a trust relationship with the buyer can be asked to check that the buyer is aware of the transaction.

Is this a pyramid or MLM scheme?

Pyramid schemes collect money from new members and distribute it to earlier members. In contrast, joining Quahl is completely free. So, clearly, there is no money to hand up the “pyramid” to earlier members.

Quahl does reserve quahls for members who join, and more quahls are reserved for early members and to those who invite their friends. However, the value of these quahls will come from them being gradually accepted as a better currency, in accordance with the “equation of exchange” in economics. Read more.

Quahl’s marketing approach is not different than that used by many companies, such as Dropbox, Uber, AirBNB, Zoho and others, that compensate users who invite their friends. In Quahl’s case new registrants may sometimes see more value in the reward, resulting in more invitations being sent.

The requirement that new members be invited by existing users has an additional benefit, detailed in the previous question.

How can I get invited? What if my invite link doesn’t work?

If you were invited by someone who has used up all their invites, you may ask them to connect you to a mutual friend who may still have open invites. Otherwise, the two easiest ways to get invited are:

1. Submit a post on social media asking your friends whether any of them have already registered and could invite you.
2. Go to the Quahl page on Facebook or Twitter and see which of your friends follow or like Quahl — they may already be registered.

What is an “Quahl Evangelist” and how do I become one?

Every new member can invite and verify a limited number of friends. This helps ensure a diverse community of Quahl members and avoids concentrating the rewards among a small clique. However, people who successfully complete all of their initial invites are upgraded to “Quahl Evangelists”. Evangelists get additional time and invites to invite others and reserve new quahls.

Can I register multiple times and get more quahls?

You may only open one Quahl account, using your true details. Providing fake details, details of another person, or opening multiple accounts will result in the removal of all accounts and their quahl balances.

Note that this also applies to accounts of the same person using different signup methods, e.g. opening one Quahl account using Facebook, and another using Twitter.

Signup and Verification

Why didn’t I get a confirmation email?

Not receiving emails is often due to misspelling your email or your spam filter settings. Sometimes our emails are delayed by your email service provider.

We suggest:

1. Checking spam/junk folders.
2. Signing up again using the same email spelled correctly (if you misspelled your email address). Unconfirmed emails are automatically removed from the system within a few hours.
3. Signing up via Google, Facebook, or Twitter.
4. Using a different email address.

Why can’t I log in?

There are a few reasons that could lead to login problems.

1. You did not complete the signup process.
2. The person who invited you rejected your request, or you deleted your own account.
3. You are using the wrong email address or you misspelled your email address (even periods make a difference: john.smith@mail.com is not the same as johnsmith@mail.com).
4. You signed up via Twitter, Facebook, or Google so you don’t have a password (you can continue to log in via Twitter, Facebook, or Google or you can click “forgot password” to set up a new password).

Where is my invite link?

To invite friends and reserve more quahls, log into quahl.com/login and share your unique invite link.

Note: You will only be able to verify your friends and reserve quahls after the person who invited you has verified your registration request.

Why can’t I approve the people I invited?

After you sign up, your account is still pending until the person who invited you verifies your registration. At this state, you can’t verify your own invitees yet. We suggest you contact the person who invited you and make sure that they verify you.

Once you’re approved, you can verify your friends at quahl.com/login by clicking “Review” next to their name and choosing the “Approve“ option.

I am not verified and I cannot contact the person who has invited me. What do I do?

Close your account and accept a new invitation from someone you know and whom you can contact.

An account can be closed by logging into quahl.com/login, clicking the “Profile” option at the bottom of the page, and choosing the “Close Account” option. All data will be erased, and we will not be able to restore it under any circumstances. Please note that once you close your account you will lose any quahls associated with that account, and you will no longer be able to invite or verify friends from that account.

Why isn’t my invite link working?

There are a few possible reasons:

1. Only a limited number of friends can use your link at a time. After you verify their registration, you may unlock additional invitation spots.
2. Each member has a limited number of invites. If you’ve run out of invites, you can refer them to a mutual friend that you’ve already approved.
3. Make sure that you shared your own unique referral link, not the one you used to sign up. The link you used to sign up belongs to your inviter, so if you share that link, your inviter will receive verification requests from your friends instead of you.

Why can’t I see the people I invited?

There are a few reasons you might be experiencing issues with inviting others to join Quahl.

1. Make sure that you shared your own unique referral link, not the one you initially used to sign up. The link you used to sign up belongs to your inviter, so if you share that link, your inviter will receive verification requests from your friends instead of you.
2. Make sure that your friends actually signed up with a valid email address. Unconfirmed emails are automatically removed from the system within a few hours.

How do I close my account?

An account can be closed by logging into quahl.com/login, clicking the “Profile” option at the bottom of the page, and choosing the “Close Account” option. All data will be erased, and we will not be able to restore it under any circumstances. Please note that once you close your account you will lose any quahls associated with that account, and you will no longer be able to invite or verify friends from that account.

Obtaining quahls

What do I receive for signing up?

When you register, a certain number of quahls are allocated for you. These reward quahls serve as incentive to join, and they will gradually be released to you after the Quahl payment network becomes active.

Why would you give away quahls for free?

The greatest challenge in creating a new payment system is how to convince everyone—buyers and sellers—to join when the network is still small. Reserving high quahl rewards for those signing up early overcomes this concern, and will allow us to build a payment network that is decades ahead of anything available today.

How much quahl do I get for joining?

The maximum amount of quahl you can receive depends on when you sign up. At each stage of engagement with Quahl (initial signup, verification, using the system once it’s ready, etc.) you can claim more quahl. It’s important to complete each stage as soon as it’s available, as some tasks have a deadline.

Why is the signup reward constantly decreasing?

Joining after the Quahl payment network has been widely adopted requires little external motivation, since once the adoption challenge is solved people will value the better technology, convenience and cost. Signing up after millions have joined is also an easy decision, since you already know there’s a good chance the project will succeed, and the reward will become valuable.

But joining at the very early stages requires real vision and foresight. We want to compensate our members accordingly.

Why am I required to complete tasks to reserve my full quahl reward?

Quahl’s unique rewards model is what allows it to overcome the adoption barrier that has impeded previous payment technologies. It encourages fast adoption of advanced payment technologies, while others struggle to attract new users.

Quahl will be giving free currency to incentivize actions that help the system grow. That includes tasks such as: registration and verification of friends, installing the Quahl application, adding information, making purchases, etc. These tasks are in everyone’s interests, as they will help Quahl grow, and reach the target of releasing all quahls to members at a value of around one USD per quahl.

I want more quahls. Can I buy them?

Quahls are not currently for sale. We plan to allow buying and selling quahls against other currencies once the payment network is live.

The Quahl Payment Network

What advantages does the Quahl payment network offer?

Over the last few decades many advances in payment systems have been devised, but they have not been made available, since they are only valuable once they are widely adopted — a chicken and egg problem.

Quahl’s distribution incentives solve the adoption problem, thereby offering one global network that integrates many of these breakthroughs, such as:

• Low transaction costs: A streamlined, digital process with better fraud protection means fewer costs.
• A universal currency and one global system: one address for all financial needs.
• Cutting edge measures to ensure secure transactions: fingerprint, voice and face recognition; multi-factor authentication; and advanced artificial intelligence models.
• Simplicity and user-friendliness: 1-click payments; no need to carry cash or cards.
• Customer protection: Using internal regulations and buyer feedback to prevent sellers from misrepresenting their products and pricing.
• Reversibility and efficient dispute resolution: easy online claims process to ensure user confidence.
• Optimal credit allocation: Using richer information and more advanced models to correctly assign credit to lenders.
• Parental control: Sub-accounts that allow parents to control children’s expenses.
• Helping the unbanked: Connecting to the world economy the billions who don’t have access to financial services.

See a more complete description in our Vision paper.

How can the Quahl mobile app be used?

The Quahl app that is currently available is part of Quahl’s future payment system infrastructure. Once the payment system is launched, users will be able to use the app to make payments, track past transactions, communicate with sellers, etc.

Therefore, reaching a large installed base for the app increases the likelihood that Quahl will succeed, which is why users who install the app today reserve additional quahls.

Until the payment system is launched, the app provides an easy way to manage and track invitations, as well as instant updates on new opportunities to reserve additional quahls.

How can I reserve additional quahls when installing the app?

Verified users can reserve additional quahls after they install and log in to the mobile app (please make sure the app notifications are on). A user can reserve an app install bonus only once. Likewise, only one user can reserve an app install bonus per device.

How can I reserve additional quahls when referring others to install the app?

You will reserve additional quahls whenever you refer another user who installs and logs in to the app, even if you did not originally invite that user to Quahl. There is no limit to the number of users you can invite to install the app.

Note that this bonus applies under the following conditions:

1. For a Quahl user that you invited after the app was launched (1-Mar-2019): Once that user installs the app, provided that no other user sent them an invite link after they have registered and before they install the app.
2. For all other users (i.e. Quahl users who registered with an invite from someone else, or those registered before the app was launched): If they install the app by clicking an invite link you have sent.

The exact amount you will reserve is shown on your dashboard after you log in to your account.

Why will Quahl succeed where others haven’t?

Since payment systems involve a network of buyers and sellers, a new technology only brings value once it is widely adopted — buyers first want to see many sellers offering it, and vice versa. There have been many great payment technologies developed over the years, but they failed to gain universal acceptance due to this barrier. Quahl’s innovation is in leveraging the future value of Quahl itself to incentivize its widespread adoption. Our unique reward system encourages users to become early adopters, and opens the door to adoption of major breakthroughs in the payment industry.

What can I do with my reward quahls?

Once the system is functional, the quahls reserved for you will be released gradually, and you will then be able to use them for any kind of payment or exchange: purchases, sales, rentals, investments, etc.

When will I be able to use my reward quahls?

The reward quahls reserved for you will be released gradually. Distributing all the quahls at the same time would flood the market and devalue the currency. Therefore, once the system goes live and begins to grow, only a set proportion of one’s reserved quahls will be available for spending. The rate at which quahls are released will be regulated to maintain a stable exchange rate of around one quahl per one US Dollar, while also incentivizing economic growth. Quahls may be granted sooner to members in some locations to accelerate the creation of local quahl-based economies.

Economic models show that if Quahl succeeds and the Quahl payment network becomes a leading payment method, then eventually all of the quahls reserved for members will be released while still maintaining this 1:1 exchange with USD.

See Quahl’s Timeline.

Are my Quahl transactions private? Can anyone see them?

Quahl is designed to succeed as a mainstream payment network, which means fully complying with all laws and regulations. Transaction information on the Quahl payment network will be handled similarly to how current payment and banking networks operate, wherein the bank maintains all transaction records, but must safeguard the data and cannot share it with outside parties unless required to do so by law.

How much is one quahl worth in USD?

At this stage, quahls are only being reserved, and cannot be used. If Quahl becomes a leading payment network, quahls are expected to be worth approximately 1 US dollar per quahl. This estimate is detailed in our economic model.

What is your estimate of the quahl value based on?

The reasoning behind the estimated future value of the Quahl payment network can be summarized as follows:

1. The payment world is stuck with decades old technologies, since it is very difficult to get buyers to adopt a new technology that sellers don’t yet support and vice versa.
2. Quahl solves this problem by compensating early adopters with future currency.
3. This enables the building of a payment network that is far superior to current ones.
4. A payment network that is both superior technologically, and widely adopted, would be preferred by both buyers and sellers.
5. It is realistic to expect that such a network would eventually overtake payment cards, which account for $20 trillion in annual transactions.
6. The total amount of money in the world is roughly half the world’s annual economic activity. The value of all quahl currency could thus reach half of Quahl’s annual volume (i.e. $10 trillion). Our models use an estimate of $2 trillion.
7. An alternative data point is the value of cryptocurrencies which peaked at nearly $1 trillion, despite hardly being used for real payments (nearly all activity is speculation).
8. Since there are currently 2 trillion quahls, the goal of one US dollar per quahl is achievable.

For more details see Quahl’s economic model.

What happens if not enough people sign up?

Quahl needs many committed users to ensure a meaningful network of buyers and sellers. If a critical mass is not reached, the project may not go forward. Because the rewards are only valuable once the system is functional, it is in everyone’s interest to get others to join.

Behind Quahl

Who is behind Quahl?

Quahl was founded by 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.

The Quahl team comprises top experts in payment systems, macroeconomics, and Internet technologies. The idea behind Quahl is to first create a critical mass of users, which can then be harnessed to create the world’s best payment network. Therefore, currently our primary focus is to get millions of Quahl members registered, after which we will recruit the world’s top professionals in the space.

What is the monetary committee?

A global currency should not be controlled by one private company. Therefore an independent monetary committee will be appointed via voting by all members and stakeholders in the Quahl payment network. The committee will only issue new coins for the purpose of maintaining stability, and increasing adoption — similar to how the world’s largest currencies are managed.

The alternative—having a fixed supply of quahls (like Bitcoin) or a similarly simplistic monetary policy—will not work in the real world. Stability of purchasing power is crucial to success, and it can only happen through intelligent analysis of economic activity and customer behavior.

Read more about our monetary policy.

Who are Quahl agents?

Quahl will focus on the technology, standards and regulation of the payment system, while delegating the financial operation to hundreds of local agents. These local agents will be responsible for customer service, safeguarding members’ funds, connecting local stores, legal compliance, and settling with other agents. Agents compete with each other to manage member accounts (buyers or sellers), and receive a small fee for transactions they process. Together they enable the Quahl payment network to be a truly global system, with local branches providing individualized support and access.

How many quahls are there? Who holds them?

Two trillion quahls will be issued, to be distributed as follows:

• 80% are expected to be distributed as incentives — to encourage user activity and promote network growth. Around half of the incentives are reserved for buyers, and the rest for sellers, agents, contributors, and to incentivize growth-supporting activities within the Quahl network.
• 10% are assigned to the Quahl payment company, for the purpose of funding development of the world’s most advanced payment network.
• 10% are assigned to the Quahl monetary committee monetary reserves. These will be gradually converted to other currencies and financial assets, allowing any Quahl member to easily convert to other currencies if needed. Monetary committee members will be compensated according to industry standards.

Once the initial 2 trillion quahls are fully distributed, the monetary committee may create and distribute new quahls in order to keep the money supply in line with economic activity and to maintain stability, as outlined in the economic model.

Quahls vs Crypto

How is this different from Bitcoin and cryptocurrency?

Cryptocurrency is a brilliant solution to a problem that doesn’t exist.

Cryptocurrency is digital money that is hard to counterfeit. While the mathematical foundation is ingenious, an “immutable money ledger” is far from being a major need today. Our money is already digital, in the form of bank computer records, and no one is worried that these records will suddenly disappear. This is due to a robust system of trust and governance that protects individuals from such risks.

While many dislike this complex system, it works reasonably well and there is still no better alternative. In fact, the anti-counterfeiting measures that cryptocurrencies offer create an array of much worse problems:

1. Transferring security risk to the currency owners: Removing banks from the system also removes the protection that banks provide in security, fraud prevention, and dispute resolution, leaving individuals vulnerable to theft, scams, and human errors.To protect themselves, cryptocurrency users are expected to undertake complicated security procedures such as generating cryptographic keys using dice, entering them into an unused laptop that is later destroyed, storing the keys using special hardware from multiple manufacturers, and keeping paper backups in bank safes.Comparing that to payment cards, which allow consumers to make payments using just a few unencrypted numbers while being fully protected from losses, underlines how far cryptocurrencies are from becoming the currency of the future.
2. Unstable value: A basic requirement for a currency is stability and predictability in purchasing power. This requires a carefully managed monetary policy that matches the money supply to current economic activity. Cryptocurrencies have either no monetary policy or an overly simplistic one. As a result their value fluctuates rapidly, rendering them unhelpful for purchases and trade, with all activity driven instead by speculation.
3. Legal controls: Whether we like it or not, governments still hold ultimate power and they insist on regulating currency transfers, financial transactions, investments, and their underlying mechanisms. Any currency that attempts to circumvent such regulations, including most cryptocurrencies, will face an uphill battle to wide scale adoption.
4. Reversibility: No matter how good a system is, if humans are involved there will be mistakes and misunderstandings. Allowing transactions to be reversed benefits both buyers and sellers in the long-term, as customers can engage in the market more confidently. Of course, reversing a transaction should be allowed only for certain reasons — something that can only be determined by human beings following procedures. This goes against the decentralized nature of cryptocurrencies, making wide-scale adoption difficult.
5. Waste: Bitcoin’s energy consumption is equivalent to that of 6,000,000 households and emits 90,000,000 kg of CO2 (200,000,000 lb) every day. Worse, all that energy is spent to support about 3 transactions per second—a far cry from the thousands of transactions per second on the credit card network.

Quahl’s main goal is to achieve global adoption, and Quahl therefore prioritizes ease of use, stability, security, efficiency, and legality, over abstract goals like decentralization. This is a real world solution for real world problems. It is based on a network of Quahl agents, who employ thousands of people, conform to local regulations, and ensure that members receive quality customer service and are fully protected from thefts and scams, without requiring them to become security experts.

However, some of the concepts behind cryptocurrency are valuable, and may be deployed in Quahl’s backend, for settlement between Quahl agents — where these disadvantages become negligible.

Read our full payment vision here.

Is this an ICO?

No. ICO, Initial Coin Offering, is a term used in the cryptocurrency world to describe the public sale of newly issued coins. Quahl’s goal is to become the standard in payments and to create a global currency. That requires adoption by hundreds of millions of members, which will not happen if they are required to pay. Quahls will therefore be distributed for free.

How is this different from an “air drop”?

“Air drop” is a term used in the cryptocurrency world to describe free distribution of coins. While Quahl will distribute free currency, that by itself is not enough to revolutionize payments. It can only succeed in synergy with two other actions:

1. Requiring members to undertake simple tasks to qualify for the rewards. These are tasks that promote wide scale adoption of Quahl, for the benefit of all members (read more about the reasoning behind these tasks above).
2. Development of a state of the art payment system. The eventual success of Quahl is based on it being the safest, easiest and cheapest way to trade. The free distribution of coins is only interesting insomuch as it promotes the adoption of advanced payment technologies (See our payment system vision).

Additionally, Quahl is not a cryptocurrency, which allows it to avoid the risks of cryptocurrencies.

Before We End…

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Welcome to Quahl. And happy investing too.

Regards,

Aps