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 The request can also include an expiration date after which it is no longer valid.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.