What is Request Network (REQ)?
Request Network (REQ) is a new decentralized network for internet payment services built on top of the Ethereum blockchain. Request Network uses blockchain technology to make the payment process faster, easier, cheaper, and safer by that every time there is a transaction request, the payment is automatically detected by the network. Through e-wallets, if the payment request is correct, users only need one click to complete the transaction.
The core purpose of Request Network is to simplify, standardize, and secure financial instruments for the blockchain ecosystem by creating standards for payments, invoicing, accounting, and auditing cryptocurrencies and fiat currencies like USD, EUR. It is considered the future of e-commerce when it comes to solving the most difficult problem of which is payments.
Advantages of Request Network
Request Network was created with many outstanding advantages, such as:
- Replacing existing payment platforms such as Paypal by using blockchain technology to process and encrypt transactions, this means records of all transactions are secure and cannot be Simultaneous forgery can help the transaction be processed quickly with the most cost savings.
- Some of the most appealing features of REQ are its security, as you won’t have to share your banking information with anyone once the transaction is completed, unlike through conventional means. The system is also designed to be very simple to use, you will receive a payment request, and only one click will be accepted.
- Request Network always ensures fast online payment support, issues invoices, and supports quick audits. Because all financial data will not be lost or lost because it will all be kept secure in the blockchain, and readily accessible when needed for payments or tax purposes. Request Network is designed to support every transaction across the globe regardless of location, currency, law, or language.
- Allows real-time accounting support.
What is REQ token used for?
When creating a new request or bill with Request, there is a small fee charged before it goes live. This fee discourages people from using the network in a malicious way, keeping it clean from spam and efficient for our users.
Since the Request network is a decentralized protocol, they plan to implement a governance structure that allows network participants to vote on decisions critical to the long-term success of the network.
In this governance structure, the REQ utility token will be leveraged for voting.
They intend to implement the staking mechanism is a requirement to deploy and operate a node. By locking down an amount of REQ tokens, node operators can deploy a node to provide their end-users with a valuable service, reducing the complexity of IPFS and Ethereum.
These fees are collected in a smart contract on Ethereum and burned periodically, reducing the total number of REQ tokens in existence. The code of this contract is publicly accessible here.
REQ token holders will benefit from product discounts as long as they are available in their respective products. The discounts offered will vary for each product.
Users who are currently making requests will be charged a small fee in ETH, Ethereum’s native currency, which is then converted to REQ.
The REQ token allows the network to move, run concurrently on multiple blockchains, or even run on its own dedicated blockchain without damaging the network’s core mechanisms. This makes the network independent of both the currency and the technical infrastructure provided by others.
Etienne Tatur – CTO
Etienne is a “blockchain enthusiast” who graduated from French engineering school, INSA Lyon. He hosted Christophe at Amaris in April 2011 in Geneva (Switzerland), where he is the lead developer and manager of IT projects. There, he shared his passion for blockchain before becoming CTO.
Christophe Lassuyt – CFO
Christophe Lassuyt has experience in international financial management across North America, Europe, and Asia. After graduating from business school (NEOMA Business School), he started working as a computer manager controller, before becoming an international CFO at Amaris and Virtua. He is a current member of the Mangrove movement. He believes that working and traveling at the same time will be highly effective.
Vincent Rolland – Lead Engineer
Vincent graduated from the prestigious INSA Lyon School of France with a background in research and worked for CNRS affiliated with Stanford University. He has also worked on scientific projects in collaboration Paris Museum of Natural History. Then he joined Moneytis on the Blockchain for an international money transfer network project and also improved the neomy.io project from a research and development perspective by making it autonomous.
Request Network is a decentralized network that allows anyone requesting payment for which the recipient can securely pay. All information is stored in a decentralized authentication ledger. This results in cheaper, easier, and more secure payments, and allows for more automation possibilities.
Requests can be thought of as a layer on top of Ethereum, allowing payment requests to meet a legal framework. A currency can also be viewed as an instrument to complete Requested transactions. In this sense, Request is more global than any currency.
You can check the REQ price here.