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Request

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About Request

Request Network is an emerging platform built on top of the Ethereum blockchain that aims to provide a decentralized network for payment requests. Much like how email revolutionized communication via the internet, Request aims to bring invoices and payments into the modern digital era.

The project was founded in 2017 by the Request Foundation and had a successful ICO where they raised $33 million. Since then, the team has been steadily building out the platform and expanding its capabilities.

REQ Token

The Request Network has its own ERC20 token called REQ. This token is required to participate in the network and make payment requests. When a user makes a request, a small amount of REQ is burned to validate the transaction.

REQ tokens are also used to reward participants who help keep the network running smoothly. This includes nodes that confirm transactions and whitehat hackers who identify bugs. The burn/reward system creates scarcity and provides incentives.

In the long run, the Request team aims to make REQ an integral part of the decentralized finance (DeFi) ecosystem. The token has the potential for wider adoption as more payment flows move to blockchain-based systems.

How Request Network Works

At its core, Request allows people and companies to request payments from others, streamlining invoices and accounting. The requester creates an invoice via the platform which contains payment details including amount and recipient address.

The request is then broadcast to the network of nodes for confirmation. Once confirmed, it becomes a permanent record on the blockchain. The request can also include an expiration date after which it is no longer valid.

The recipient of the request can easily pay by sending the specified amount to the provided address. All transactions are done in a secure and transparent manner without third-party intermediaries.

Request also offers additional features like tipping, recurring payments, and detection of fraudulent requests. Overall, it aims to build a comprehensive framework for various financial interactions.

Key Features of Request Network

Here are some of the key features that make Request Network useful:

Decentralized Invoicing – Request allows decentralized apps and services to easily invoice customers without relying on centralized providers.
Payments as a Service – The network enables any app to integrate secure payment features including escrow and tipping.
Auditing – All financial interactions on Request are immutable, transparent, and auditable.
Cross-Currency Support – Request aims to support all global currencies for seamless transactions across borders.
Data Privacy – While transparent, all personal data like invoices and payments remain private on Request.
Reputation System – Users develop a reputation score over time which determines access to advanced features.
Governance and Voting – REQ token holders can shape future development through on-chain votes.

Use Cases for Request Network

Request aims to be a platform for various financial applications across industries and services. Here are some potential use cases:

Online Commerce – Online stores can integrate Request for invoicing, tips, and vendor payments.
Accounting – It streamlines accounting by providing an auditable record of invoices and payments.
IoT Payments – Connected devices can autonomously transact with each other using Request.
Cross-Border Payments – Request enables fast and cheap international invoice settlements.
Salaries – It can be used for automated payroll distribution and employee expense management.
Taxes – Invoice data on Request can be used for automated tax filings and audits.

As more industries discover Request, the range of applications could expand even further.

Adoption and Integration of Request Network

While still early stage, Request Network is seeing growing traction. The Request Foundation has partnered with several organizations to drive adoption.

In 2018, Request integrated with Wikimedia France to accept financial contributions on Wikipedia. In 2019, Request teamed up with Deloitte France to develop an accounting application prototype.

On the decentralized finance side, Request has integrated with Compound, Aave and Kyber Network. This allows access to lending markets and automatic currency conversions.

For ease of use, Request has launched mobile apps and browser extensions. The network is also now deployed on the Ethereum mainnet after extensive testing.

As Request matures, we can expect more partnerships especially from the accounting and auditing fields. With a clear use case and systematic approach, the project continues to hit important milestones.

Future Roadmap and Developments

According to Request’s roadmap, the next focus areas are:

Continued expansion of the Request ecosystem with more app integrations.
Launch of Granular, a new standard for representing accounting data on Ethereum.
Extensions for privacy and scaling like zkSNARKs and side-chains.
Tools for identity and credential management within Request.
Decentralized governance allowing the community to guide development.
Research into machine learning and AI to enhance the request process.

Request also aims to offer a white-label platform allowing anyone to launch customized payment solutions.

Overall, as Request Network matures, we can expect it to become a crucial backbone for finance across industries. Its transparent and decentralized nature aligns perfectly with the ethos of blockchain technology.

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FAQ

Request (REQ) is a decentralized network that allows anyone to request, validate, and execute payments. It’s built on Ethereum, enabling it to leverage blockchain technology for secure and transparent transactions. The Request Network aims to simplify and optimize payment processes, making them more efficient and less prone to errors compared to traditional methods. It’s designed to work with various currencies, including fiat and cryptocurrencies.

Request was founded by Christophe Lassuyt and Etienne Tatur. Their vision was to create an open network for transaction requests, aiming to revolutionize the way financial transactions are conducted. Both founders have backgrounds in finance and technology, and they are also known for their involvement in Moneytis, a platform designed to optimize money transfers.

Request operates by allowing a user to create a payment request, which is then recorded on the Request blockchain. This decentralized ledger ensures security and transparency. The request can include all necessary information such as amount, recipient, and conditions. Once the request is created, the recipient can detect and fulfill it using the network. This system eliminates the need for intermediaries, reduces costs, and speeds up the transaction process.

Request is used primarily for financial transactions, including invoicing, online payments, and fund monitoring. It is especially advantageous for businesses and individuals who seek a more streamlined, secure, and transparent method of handling transactions. The platform is also used in auditing, as the immutable ledger provides a reliable record of transactions.

REQ token can be purchased on various cryptocurrency exchanges. Some of the popular exchanges include Binance, Huobi, and Kucoin. The availability of REQ on these platforms may vary depending on the user’s location and the exchange’s regulations. It’s essential to research and choose a reputable exchange, ensuring safety and compliance with local laws.

REQ token can be stored in several types of wallets. For maximum security, a hardware wallet like Ledger Nano S or Trezor is recommended. These physical devices provide offline storage, protecting against online threats. For convenience, software wallets like MetaMask or Trust Wallet are good options, though they are less secure than hardware wallets. Additionally, IronWallet is a notable non-custodial cryptocurrency mobile wallet that offers robust security features and user control over private keys.

Request distinguishes itself through its focus on creating a standard for transactions across various payment systems. Its decentralized nature ensures that no single entity controls the network, offering enhanced security and resistance to censorship. The integration with Ethereum allows for smart contract capabilities, enabling automated and conditional transactions. Moreover, its transparency and immutability make it an attractive option for auditing and compliance purposes.

REQ tokens cannot be mined in the traditional sense like Bitcoin. It is a utility token built on the Ethereum network, and its supply is predetermined and released through various means determined by the Request Network’s development and governance protocols. Mining, in this case, is not applicable as REQ is not rewarded through a proof-of-work or proof-of-stake process.