Request (REQ) - a cryptocurrency, issued as part of the blockchain platform of the same name. The mission of the Request Network foundation - to become a global platform for decentralized payments. In addition, this network allows you to perform any kind of transaction (invoice, loan, salary, donation).
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What is a Request (REQ)?
The Request Network system can be created to identify bad payers. This is very useful for traders and businesses as it will be possible to know who is paying their bills and if they are being paid by the hour. It will also be possible to see how many users have already declined payments.
The project may also offer reputable members cost savings or access to custom extensions. The company may also receive a loan or other financing from financial institutions. In addition to all payments, the Request Network can be used for real-time audits and accounting.
Because invoices are registered on the Request network, they are tamper-proof and available to any party with rights. Indeed, they are stored on the blockchain (called the Grand Register), which allows paper invoices to be sent and possible errors. Company accounts will be connected to the registry and will be automatically updated, so there is no account duplication and a drastic reduction in the risk of errors and fraud. In addition to partnering with Civic to manage "identity data" and personal data, Request Network has teamed up with other projects:
| Kyber network | Thanks to the Kyber decentralized exchange, users will be able to send or receive payments in different currencies. Kyber Network will also help to note the REQ token. The request allows its users to pay transaction fees in Ethereum. |
| 0x | The 0x system allows the completion of a decentralized exchange, similar to the Kyber network, but designed to be used offline. This means that the decentralized request protocol cannot work with 0x, but wallets can call 0x just before paying Request.Aragon: allow Aragon network companies to use the accounting system and request a network audit. In this way, companies can focus on their business 100% and shareholders can easily access the company's finances. |
Registry transparency and partnerships with civil society will better manage data privacy as well as increase transparency of government spending, associations.
Project feature
On-demand payments are made by simply sending an invoice through the blockchain. The counterparty can detect the request and pay for it with a single click in a peer-to-peer manner. The fact that payments are generated by push notifications and not generated by pull generators is one of the key benefits of Request. Users do not need to share their account information. The use of blockchain technology also eliminates the need for third-party processors, resulting in lower transaction costs.
In addition, applications that build what people want on top of the Request Network's open source protocol provide a key benefit to their users. Indeed, users can interact with a set of financial instruments that work with each other. This is the opposite of the isolated web2 industry, because the applications work with each other here. For example, a company issues an invoice from an application. The second application receives a request for payment, which allows you to pay for it. The invoice can then use instant funding in a third DeFi application.
Cryptocurrency overview
REQ - an ERC-20 token that can be spent to use the request network. The initial supply of REQ tokens was 1 billion. So far, the offer has been successfully reduced in proportion to adoption to 999,000. Key KPIs can be found on the community-created Req.network website. The Request Network uses decentralized blockchains such as Ethereum and IPFS to increase security, privacy and data ownership for the end user. The platform has transaction fees, which are the cost, required to broadcast changes to the blockchain network. Transaction fees help to incentivize miners to reach consensus on the state of the network.
REQ can be stored on wallets such as:
- Metamask;
- Argent;
- MyEtherWallet;
- Ledger;
- imToken;
- Trezor;
- Atomic Wallet;
- Jaxx Liberty;
- Trust Wallet.
The fee is distributed between REQ token holders (70%) and the extension developer (30%). Costs are expected to be between 0.1% and 0.5% of the transaction cost per extension, and multiple extensions can be accumulated for each request. Since all transactions, using extensions, require REQ tokens, the more the Request platform is used, the more important REQ tokens become. REQ can be bought and sold on several exchanges, including Coinbase, Binance, Bitfinex, Poloniex, Huobi Global, Uniswap, gate.io.