Name: Request Network
Brand: Request Network
SKU: REQ
Price: 6.470117500000001 USD
Availability: InStock
Rating: 4.5 (36 reviews)

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Request Network

Mudrex

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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.

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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.

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.

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 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 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.

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.

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

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.

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.