Request (REQ) is a cryptocurrency based on the Ethereum network. It is an entirely decentralized platform for making secure global payments on the blockchain. Essentially, Request is meant to replace platforms like PayPal, removing the need to share banking information or intermediaries taking commission fees.
On the Request network, absolutely anyone can generate an invoice that the recipient can then pay securely. Because of the blockchain, all transactions are stored in a decentralized ledger, which is how global payments can be made instantaneously with little to no transaction fees. Also, since the blockchain is decentralized, the ledger cannot be tampered with by hackers or other ill-meaning persons.
The Request Team
- 1 The Request Team
- 2 What Is A Smart Contract?
- 3 Request and DAPPS
- 4 The Many Layers of Request
- 5 Why Use The Request Network?
- 6 Request Token REQ
- 7 How to Store REQ
- 8 How to Buy Request REQ
- 9 Conclusion
- 10 Useful Links
The Request Network has a very capable team behind it, they have previous experience in the payments industry having already created MoneyTis, a money transfer service. The big news of Request is the fact they are backed by YCombinator and the first ICO the company has backed. YCombinator is a famous VC firm which has funded over 1,400 startups and those companies have a combined valuation of over $80 billion. YCombinator have also backed Coinbase, Air Bnb, Dropbox, Stripe and Reddit so Request are among very good company.
What Is A Smart Contract?
Request is built on the Ethereum network, meaning it can take advantage of smart contracts. A smart contract is similar to an “if-then” statement. Say that Sarah needs to complete an assignment by January 10th. Her boss, John, will implement a smart contract that says she will receive x payment once she turns it in. Once applied, this will happen immediately due to the automated nature of smart contracts. Also, smart contracts cannot be hacked into or duplicated due to the security of the underlying blockchain technology. Of course, this is a simple example – these systems can be incredibly complex. Most of the time, however, they are used to specify and define the conditions of a transaction.
Request and DAPPS
Because Request runs on the Ethereum network, it also gains access to decentralized applications (DAPPS.) A decentralized application is an app developed with the Request network in mind. When developers choose to run their app on Request, half of the work is already done. The framework is already provided for them, and developers can incorporate the Request cryptocurrency right into their applications. For a small fee to stay on the network, developers are saving a bunch of time and money, and users on the front-end won’t even know the difference between a DAPP and a traditionally designed application.
The Many Layers of Request
To understand the Request platform, you study the different layers that make it tick.
The Core Layer
This is the lowermost layer of Request. The Core handles the ledger and the smart contracts that rely on it. Here, both the development and the actual requesting of payments are done. This layer is entirely immutable, meaning that no one person can hack into or change the information once it is input. It is entirely open so anyone can look into the information relevant to them. Currencies are automatically converted here through the use of something called Oracles.
The Extensions Layer
The second layer. The Extensions layer handles more complex payments than a simple one-on-one invoice. For example, if a corporation requests an invoice that requires multiple calculations like texts, advance payments, or escrow payments. It’s also the layer for planned features, like one called “continuous bills.” This means that for rent, a tenant can set up automatic payments through one bank account to their landlord. These payments will always be exact, and the tenant only has to worry about having enough money in that account each month. This system will automatically handle any taxes or extraneous payments involved with the transaction.
The Applications Layer
The third and final layer of Request. The Applications layer exists outside of the blockchain technology. This is the section where external applications (third-parties) can utilize Request as an intermediary for invoices, taxes, and more. These payments will be made immediately with little to no transaction fees. This is also the layer where application development takes place, with a traditional API and interface for developers to take advantage of.
Also included in this layer is the Reputation Application. This is a section designed to prevent phishing attempts or fake payments. All entities in the Request network have a reputation system. If they attempt something like phishing, fraud payments, or failure to pay an invoice, their reputation will take a big hit. Not only will this prevent future affiliates from associating with this entity, but the Request network provides incentives for high reputation including cost reductions or access to custom add-ons within the network.
Why Use The Request Network?
The Request network is attempting to change the entire online payment industry. Invoicing, job automation, and auditing are only a few systems that would see incredible change.
With millions of invoices sent between companies each year, there are tons of errors to report for – especially when taxes or advanced forms of payment get involved. Request allows these functions to become automated by sharing them directly with the blockchain ledger. There can be no duplication, and delays become almost nonexistent.
There are thousands of companies that go bankrupt every year because their invoices take too long to get paid. This is where the reputation system comes in and encourages instant payments.
Online shopping is becoming more and more prevalent. Websites like Amazon or eBay require personal information such as debit cards or addresses which can be revealed to hackers. Request keeps this information secure because it is never shared with the company in the first place. On top of this, there is a less than 1% transaction fee for these payments.
Accounting, Expense, and Audit Automation
Because of smart contracts, any required accounting is done instantaneously and automatically. Any necessary payments or refunds no longer need to be worried about. Also, any digitization of paperwork like checks or essential documents is no longer required, as it has already been done by the system.
Audits are now based on an algorithmic check. Manual checking of false invoicing or evasion will no longer be necessary, as all of that information has already been input into the Request system. The white paper nicknames these as “Smart-Audits,” which are cheaper and much more reliable than current manual techniques.
Like all other documents, expense reports are also stored in the Request network. A dedicated expense management system allows employees to send any expenses to their manager who can immediately accept them.
Request Token REQ
REQ tokens are Ethereum ERC-20 tokens which are used to participate in the network, create requests and reward parties who help build the Request ecosystem. A very attractive part of owning REQ tokens is that people using the network have to use them to pay the network fee, the tokens will then be “burned”. The fees will be adjusted by the Request Network operators depending on the decreasing supply of REQ and the exchange rate with the different currencies authorized by the network
How to Store REQ
How to Buy Request REQ
You are not able to purchase REQ with “Fiat” currency so you will need to first purchase another currency – the easiest to buy are Bitcoin or Ethereum which you can do at Coinbase using a bank transfer or debit / credit card purchase and then trade that for REQ at an exchange such as Binance.
Register at Coinbase
For first time buyers of crypto currency, we recommend that you use Coinbase to make your first purchase – its easy to use, fully regulated by the US government so you know it is one of the safest and most reputable places to purchase cryptocurrency from. Coinbase offers the ability to purchase Bitcoin, Litecoin and Ethereum with a credit or debit card or by sending a bank transfer. The fees are higher for cards but you will receive your currency instantly.
You will have to carry out some identity verification when signing up as they have to adhere to strict financial guidelines. Make sure you use our link to signup you will be credited with $10 in free bitcoin when you make your first purchase of $100.
To get started, click the “Sign up” button where you will be taken to a registration form where you will need to enter your name, email and choose a password.
For this guide, we will be purchasing Ethereum to swap for our target cryptocurrency. The reason for this is that it has far cheaper fees than bitcoin for sending and the transaction also happens a lot faster. So in Coinbase, visit the “Buy / Sell” tab at the top, select “Ethereum”, choose your payment method and enter the amount you wish to purchase – you can either enter a US Dollar amount or a number of Ether.
You will then be asked to confirm your transaction, if paying with a card you might have to complete a verification with your card provider. Once that’s complete, your Ethererum will be added to your account.
Purchase REQ at Binance
The online payment system is filled with scamming and inconsistent payments. Among other things, Request proposes a viable solution to these problems.
While it still has a while to go before the vision is fully realized, this is a platform with a ton of potential, a solid team and the ability to become huge if it can take a small part of the global payments industry.
The REQ token seems very advantageous to holders, with the supply shrinking the more the network is used and a proposed proof-of-stake protocol down the road it looks like a solid project to add to your portfolio.