Request Network

Request (REQ) is a utility token that powers the Request Network, an Ethereum-based decentralized payment system. The network allows anyone, anywhere, to request a payment, removing the need for third parties and providing a cheaper, more secure payment solution that works with all global currencies. The REQ token is used for anti-spam, governance, staking, discounts, and ensuring the independence and stability of the network. It also facilitates the documentation and storage of payment requests and invoices for accounting purposes and is compliant with international trade laws.

• Token Type:

• REQ is a utility token built on the Ethereum blockchain, facilitating operations within the Request Network ecosystem.

• Total Supply:

• The maximum number of REQ tokens that are coded to exist is 1,000,000,000 REQ.

• Circulating Supply:

• As of the latest data, the circulating supply is approximately 999,681,755.638 REQ, which accounts for nearly the entire total supply.

• Token Sale Price:

• During its ICO, which took place from October 12 to October 16, 2017, the price of Request Network was $0.0672 per REQ.

• Usage:

• REQ tokens are used for various purposes within the Request Network ecosystem, including but not limited to payment requests, invoicing, and accessing a multitude of invoice-related services.

• Burn Mechanism:

• Part of the REQ token’s utility includes a burn mechanism, where tokens are burned as part of the transaction process, reducing the total supply over time. This is implied by the difference between the total and circulating supply.

• Utility and Ecosystem:

• REQ tokens facilitate operations such as secure, fast, and easy invoice issuance, integration with Web3 accounting platforms, and access to blockchain-based automated audits and tax reports. The token also enables users to selectively share their financial data with third parties for purposes like risk assessment, lending, and insurance.

As of today #{today’s date}, the price of Request Network is ₹10.14 INR or 0.1096 USD, with a 24-hour trading volume of 765676.84 USD. The market capitalization for Request Network is 109138317.31USD. The circulating supply is 999653403.29 Request Network, with the total supply also being 999653404.13 Request Network.

Pros:

• Decentralized Payments:

• REQ enables decentralized invoicing and payment processing, reducing reliance on traditional financial institutions.

• Compliance:

• The network is designed to comply with international trade laws, which may facilitate wider adoption.

• Versatility:

• It supports a variety of use cases, including invoicing, payroll, and lending, making it a versatile tool for businesses.

• Integration:

• Request Network can be integrated with other payment systems and Web3 accounting platforms, enhancing its utility.

• Transparency:

• Every transaction is documented, providing a clear audit trail for accounting and compliance purposes.

Cons:

• Market Volatility:

• As with all cryptocurrencies, REQ is subject to market volatility, which can affect its value.

• Adoption Rates:

• The success of REQ depends on widespread adoption within the payment and invoicing industry.

• Regulatory Risks:

• Changes in regulatory landscapes could impact the use and acceptance of REQ tokens.

• Technical Complexity:

• The technical nature of blockchain and cryptocurrencies may be a barrier to entry for some potential users.

• Competition:

• REQ faces competition from other payment and invoicing solutions, both traditional and blockchain-based.

• Innovative Payment Solution:

• REQ offers a novel approach to payment requests and invoicing, which could disrupt traditional financial systems.

• Growing Ecosystem:

• The Request Network is continuously evolving, with new templates and support for non-EVM chains planned for the future.

• Processed Volume:

• The network has already processed over $600 million, indicating a level of market trust and utility.

• Strategic Partnerships:

• Integration with major payment systems and Web3 platforms could drive further adoption.

• Community and Governance:

• Holding REQ tokens allows participation in the governance of the network, giving investors a say in its future development.

• Financial Data Ownership:

• Request Network emphasizes default financial data ownership and selective sharing, which is a unique approach compared to traditional financial systems.

• Web3 Integration:

• The network’s seamless integration with Web3 accounting platforms and services positions it at the forefront of the decentralized finance movement.

• Automated Compliance:

• The ability to tap into blockchain-based automated audits and tax reports offers a significant advantage for businesses looking to streamline their financial operations.

Request (REQ) is addressing the need for a more transparent, secure, and efficient way to handle payment requests and invoicing without the need for intermediaries. It aims to simplify financial operations for businesses and individuals by leveraging blockchain technology to provide a decentralized payment solution.

Christophe Lassuyt, serving as the Chief Financial Officer, and Etienne Tatur, who holds the position of Chief Technology Officer, co-founded Request.

• Token Sale Dates:

• 13th Oct - 16th Oct 2017

• Ticker:

• REQ

• Token Type:

• ERC20

• ICO Token Price:

• 5000 REQ = 1 ETH

• Fundraising Goal:

• Denominated in ETH

• Total Tokens:

• 1,000,000,000

• Available for Token Sale:

• 70%

• Amount Raised:

• $33.60M

• Token Price at Sale:

• $0.0672

• Regulatory Uncertainty:

• The evolving regulatory environment for cryptocurrencies could threaten REQ’s operation and value.

• Market Competition:

• REQ operates in a competitive space with numerous other payment solutions vying for market share.

• Technology Risk:

• As a technology-dependent platform, any failures or bugs could negatively impact the network and token value.

• Adoption Risk:

• The potential for widespread adoption is uncertain and could affect the long-term viability of REQ.

• Economic Factors:

• Broader economic factors and shifts in the cryptocurrency market could adversely affect REQ’s price and demand.

The Request Network whitepaper, titled “The Future of Commerce: A Decentralized Network for Payment Requests,” outlines the foundation and aspirations of the Request Network as a decentralized platform that aims to revolutionize the way payments and invoices are processed. Dated March 16, 2018, the document provides a comprehensive overview of the platform, its ecosystem, use cases, tokenomics, and the technical architecture that underpins it.

Executive Summary

Request Network is introduced as a decentralized system enabling anyone to request a payment (Request Invoice) in a secure manner, with all information stored on a decentralized authentic ledger. This innovation promises cheaper, easier, and more secure payments alongside a broad spectrum of automation possibilities. The network aspires to be the backbone of world trade by integrating a universal, smart general ledger that supports 100% of global transactions, irrespective of currency, legislation, or language. It is built on Ethereum, offering a layer that facilitates payment requests within a legal framework, aiming to surpass the globality of any single currency.

The Platform

The platform allows anyone to create a Request for Payment on the Request Ledger, which can then be detected and paid by the recipient with a single click, updating the network. This process considers applicable trade laws and taxes for each request. The system emphasizes security by eliminating the need to share banking information, simplicity through easy payment processing, and cost savings by removing third-party intermediaries like PayPal.

The Ecosystem

The ecosystem is structured into three layers: the Core layer, the Extensions layer, and the Applications layer. The Core layer manages consensus over the ledger and state transitions, including creating payment requests and detecting completed payments. It operates on the Ethereum blockchain, benefiting from its security and the automatic detection of ERC20-labeled invoices. The Extensions layer adds functionality for complex payment requests, including tax calculation, payment terms, and escrows. The Applications layer encompasses user-facing applications that interact with the Request Network.

Use Cases

The whitepaper outlines several use cases for the Request Network, including B2B invoicing, online payments, and the automation of accounting, auditing, and expense reporting. It also discusses the simplification of commercial tools like factoring and escrow, the potential for increased transparency in institutions, and the integration with IoT and smart contracts for machine-to-machine transactions.

Token

The REQ token incentivizes a secure ecosystem of applications, facilitates governance, ensures independence from other currencies, provides technical independence, and simplifies cross-currency exchanges.

Roadmap and Team

While specific details of the roadmap and core team are not summarized here, the whitepaper indicates a commitment to developing the Request Network and nurturing its ecosystem through community engagement and decentralization.

Technical Architecture

The whitepaper delves into technical considerations and the smart contract architecture that supports the Request Network, emphasizing security, scalability, and interoperability.

In summary, the Request Network whitepaper presents a vision for a decentralized payment request platform that aims to streamline and secure the process of requesting and making payments globally. By leveraging blockchain technology, the network seeks to address inefficiencies in the current financial system, offering a more transparent, efficient, and user-friendly alternative.