What is Request? All You Need to Know About REQ

Request (REQ) is a decentralized network for payment requests, allowing anyone to request and receive payments securely without intermediaries.

In today’s fast-paced digital world, the need for an efficient, transparent system for managing payments and invoices has never been more critical. Traditional methods are often laden with intermediaries, leading to delays, added costs, and a lack of transparency that hampers individual and business transactions. As the Internet of Things (IoT) revolution unfolds, the absence of a streamlined payment process becomes a significant barrier to innovation and efficiency. Request (REQ) is a decentralized network designed to revolutionize how we request and receive payments, aligning perfectly with the demands of the digital age.

What is Request (REQ)?

Request (REQ) stands as a pivotal innovation in the decentralized finance (DeFi) sector, crafted by Christophe Lassuyt and Etienne Tatur, seasoned figures with backgrounds in YCombinator and extensive involvement in the crypto and Web3 arenas. Originating from the challenges identified in their previous venture, Moneytis—a global money transfer platform—Request was conceived to overhaul the traditional methodologies of payment and invoicing, aiming for a system that is more inclusive, transparent, and efficient. The core mission was to leverage blockchain technology to automate financial services while granting users control over their data.

The transition from Moneytis to Request was sparked by the need to address the complexities and security concerns in global transactions, making the system agnostic to currency, legislation, or language barriers. A landmark achievement for Request was the launch of its mainnet in March 2018, establishing a decentralized ledger on Ethereum for managing payment requests, thereby promoting security and transparency. This infrastructure is designed to adapt to the digital and IoT (Internet of Things) advancements, underlining its capacity to facilitate the future dynamics of global trade.

Adopting a community-centric development model, Request underscores the value of open-source collaboration, enabling widespread contributions to the protocol’s evolution. This, coupled with consistent updates and active engagement from the leadership team, fosters a transparent and participatory project environment.

In essence, Request aims to simplify and secure financial transactions, using a universal ledger and smart contracts to minimize traditional system complexities, thereby aligning with the broader DeFi objectives of creating an accessible and transparent financial ecosystem.

How Does Request Work? Structure Layers and Online Payments

The Request Network (REQ) operates on a sophisticated yet elegantly designed three-tiered architecture meticulously constructed to enhance the flexibility and utility of digital payments across various use cases. This structure is built on the robust foundation of the Ethereum network, leveraging its decentralized capabilities to transform how payments and invoices are managed in the digital age.

The Core Layer forms the bedrock of the Request Network. It is where the consensus over the ledger and the state transitions occur, facilitated by fundamental smart contracts. These contracts are crucial for creating payment requests and detecting completed payments. The Core is characterized by immutability, ensuring that no one can alter the stored information. Its open system allows everyone access to pertinent information, and its intelligent design can autonomously verify if an invoice is paid according to its stipulated rules. This layer’s primary focus is ERC20-based invoices, including Oracles, to cover other currencies, ensuring wide applicability. Its free access model encourages widespread adoption, with the only costs being the Ethereum gas fees and data storage.

The Extensions Layer introduces an additional layer of sophistication, catering to more complex payment requests that might include taxes, payment terms, escrows, or advances. It acts as a bridge to innovative features like “continuous bills,” enabling more fluid financial transactions, such as breaking down rent payments or automatically distributing taxes in real time. This layer is where customization thrives, with developers and users able to create and apply extensions to meet specific needs, fostering a dynamic and evolving financial ecosystem. While this layer incurs a small fee for the use of extensions, it is designed to be cost-effective and competitive, ensuring the sustainability of the network.

The Applications Layer transcends the blockchain, allowing external systems to connect with Request for creating or accessing payment requests. This includes various financial services, from accounting and audit to debt recovery and payment systems. It also introduces a reputation system to mitigate risks like phishing and to reward timely payments, enhancing trust and reliability within the network.

As we transition from the foundational layers to the practical applications, it becomes evident how Request seamlessly integrates into online payments. By connecting payment systems directly to invoices, Request enables instant payment capabilities, simplifying the process for both payers and payees. This not only streamlines financial transactions but also opens the door to a more connected and efficient digital economy, setting the stage for the next evolution in online payments.

Source: request whitepaper

Online Payments

In the world of online payments, the Request Network introduces an approach that simplifies transactions while enhancing security and privacy through blockchain technology. At its core, Request facilitates payments by allowing invoices to be sent and paid with unprecedented ease. Unlike traditional systems that rely on pull-generated payments, where sensitive account information must be shared, Request employs a push-generated method. This means payments are initiated by the sender, not requested by the recipient, significantly reducing the risk of personal data exposure. Furthermore, the elimination of third-party processors not only reduces transaction costs but also streamlines the entire payment process.

A notable feature of the Request Network is its open-source protocol, which encourages the development of applications that cater to diverse financial needs. This ecosystem fosters collaboration rather than competition, with applications designed to interact seamlessly with each other. From creating an invoice in one app to its payment and potential financing in others, Request enables a cohesive financial experience. This interoperability represents a departure from the isolated and proprietary systems of the past, heralding a new era of financial inclusivity and innovation.

Request leverages Ethereum and IPFS for enhanced security and data ownership, allowing users to maintain control over their financial information. The platform’s ability to append extra data to blockchain transactions facilitates compliance, reconciliation, and data traceability. This infrastructure empowers users and developers to build solutions prioritizing financial data ownership and selective sharing.

In conclusion, the Request Network not only revolutionizes how payments are made online but also establishes a foundation for a wide array of financial interactions, including business-to-business invoices and potential IoT payments. By leveraging blockchain technology, Request offers a secure, efficient, and user-centric platform for online payments, setting the stage for further innovations in the digital payment landscape.

Source: request whitepaper

Request Use Cases

The Request Network stands at the forefront of transforming how we manage financial transactions in the digital age, showcasing a variety of use cases that leverage blockchain technology for enhanced security, efficiency, and transparency. Here are key applications of the Request Network protocol:

• Invoicing and Payments: Streamline the creation, sending, and settlement of invoices with options for public or private visibility. Users benefit from secure, fast, and easy processes, along with the ability to access proofs of payment and selectively share financial data with third parties for purposes like risk assessment and insurance.
• Payroll and Expense Management: Automate and simplify payroll systems and expense reimbursements. The protocol supports recurring payments, mobile invoicing, and streamlined invoice payments, enhancing the efficiency of financial management in businesses.
• Income-backed Lending: Facilitate undercollateralized loans and revenue projection-based lending for companies, tapping into real user data for risk assessment. This opens new markets in the Web3 space, providing access to innovative financing options.
• Reputation Management: Utilize real user data for credit scoring and risk assessment, offering a low-cost alternative to traditional systems. This fosters a trustworthy environment for lending and borrowing within the Request Network ecosystem.

In conclusion, the Request Network protocol offers a comprehensive service suite that revolutionizes traditional financial transactions. From enhancing invoicing and payment processes to enabling new forms of lending based on real user data, it paves the way for a more secure, transparent, and efficient digital economy. The synergy within its ecosystem not only facilitates seamless financial operations but also encourages innovation, making it a vital component of the evolving Web3 landscape.

What is the REQ Coin?

REQ is the native cryptocurrency used for transactions within the Request Network. Its maximum supply is currently capped at 999,877,117 units, of which 99.98% are already in circulation (March 2024).

REQ is an ERC-20 token that stands at the heart of the Request Network, as it facilitates a wide array of functionalities within the network, supporting its decentralized nature and broad vision for a transparent and streamlined financial ecosystem.

Tokenomics

REQ’s tokenomics reveal a carefully structured distribution aimed at fostering widespread adoption and ensuring robust network governance. Specifically, 22.4% of the supply is allocated to the Request Foundation, tasked with the decentralized management and maintenance of the protocol. Meanwhile, 21.4% of the tokens circulate on various exchanges, enabling active trading and liquidity. The remaining 56.2% are held in private wallets, a distribution strategy that mitigates the risk of market manipulation and ensures a healthy, decentralized ownership structure. This balanced distribution underscores the project’s commitment to long-term sustainability and community involvement.

Source: req.network

Use Cases

• Anti-spam: REQ tokens combat network spam by imposing transaction fees, which preserve the network’s performance and user experience.
• Governance: Token holders wield influence over the network’s direction and policy decisions through a participatory governance model, promoting a decentralized decision-making process.
• Deflationary Mechanism: The network employs a deflationary strategy by burning transaction fee-based REQ tokens, gradually decreasing the total supply and potentially enhancing the token’s value over time.
• Staking and Incentives: Staking REQ tokens enables users to operate nodes or secure discounts on network services, fostering deeper engagement and utility within the Request ecosystem.

REQ Coin is more than a currency within the Request Network; it embodies the principles of independence, transparency, and user empowerment. Its strategic tokenomics and diverse use cases illustrate a commitment to building a secure, scalable, and user-centric platform, paving the way for a decentralized financial future.

Request Main Features

Request has developed two pivotal features that are reshaping the landscape of digital and traditional finance: Request Finance and the technical duo of SDK and Request Node. These innovations offer a comprehensive solution for managing financial transactions, streamlining the integration of crypto and fiat currencies into everyday business operations.

Request Finance

Request Finance stands as a groundbreaking platform, tailor-made to address the complexities of modern financial management. Since its inception in 2020 by a team of visionary finance leaders, it has significantly eased the way businesses handle transactions in both crypto and fiat currencies. This all-encompassing platform not only facilitates the secure sending, receiving, and conversion of payments but also integrates seamlessly with daily financial tools, connecting to wallets, accounting software, and banks. With a processing volume of over $700M, Request Finance has solidified its reliability and efficiency, offering a diverse range of services, including accounts payable and receivable, payroll, and comprehensive accounting solutions. It supports over 140 cryptocurrencies and several fiat currencies, making it a versatile tool for businesses aiming for streamlined and compliant financial workflows.

SDK and Request Node

SDK and Request Node provide the technical infrastructure that underpins Request Finance, enhancing the platform’s utility and accessibility. The Request Network SDK offers developers an array of software packages to create, manage, and fulfill payment requests with ease. This framework allows for the seamless integration of financial functionalities into applications, broadening the scope of what businesses can achieve with Request. Complementing this, the Request Node serves as a vital link to the blockchain, managing the transmission and indexing of transactions. This synergy between the SDK and Node ensures that users experience reduced transaction costs and increased efficiency, making the Request platform an attractive choice for developers and businesses alike.

In essence, Request’s introduction of Request Finance, alongside the SDK and Request Node, marks a significant advancement in financial technology. These features collectively forge a path towards a more integrated, efficient, and secure financial ecosystem, catering to the evolving needs of businesses in the digital age.

Is REQ a Good Investment?

Request has introduced significant innovations to enhance B2B transactions, making it noteworthy in the blockchain space. The platform’s unique approach to facilitating seamless and transparent financial interactions between businesses, especially focusing on integrating crypto and fiat transactions, showcases the team’s visionary concept. While these functionalities add to the utility of REQ, it’s essential to acknowledge that broader protocols like Bitcoin also support versatile applications beyond a singular focus, offering robust solutions without being limited to specific transaction types. This perspective highlights the competitive landscape in which REQ operates.

How to Own REQ?

To own REQ, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then, you are ready to go through the steps to buy REQ.

News on Request

According to what was reported on the official Request blog, dated February 15, 2024, the Request Network has achieved a new milestone with a record 12,683 batched transactions in January alone, totaling 16,429 individual transactions. This surge underscores the growing adoption of their decentralized payment request ecosystem, collaboratively developed with partners like TalentLayer and Huma Finance. Additionally, a token burn of 17,000 REQ was conducted, reflecting the platform’s commitment to value sustainability. These developments mark significant progress in Request’s mission to facilitate efficient, blockchain-based financial transactions.

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