What Is Request (REQ)?
REQ is listed on Coinbase, Binance, crypto.com, KuCoin and many other exchanges.
The REQ token powers the Request Network open-source protocol via a few mechanisms: anti-spam; governance; staking; discounts; independency.
The Request (REQ) utility token, launched in 2017, ensures the performance and stability of the Request Network. The Request Network itself is an Ethereum-based decentralized payment system where anyone can request a payment and receive money through secure means. It removes the requirement for third parties in order to provide a cheaper, more secure payment solution that works with all global currencies.
The original whitepaper is available here.
When a user creates a request for payment, they define to which address the payment needs to be allocated and what the amount is. The user can also define the terms and conditions of the payment, upgrading a simple request into an invoice. Once this is completed, the user can share their request to be paid by their counterparty.
Every step is documented and stored on the Request Network, allowing everyone involved to easily keep track of all the invoices and payments for accounting purposes.
Request is also integrated with legislation across the world to remain compliant with the trade laws of each individual country.
Who Are the Founders of Request?
Request Network is a decentralized protocol. Anyone can contribute to the protocol's development and submit pull requests on Github. The founders of Request are Christophe Lassuyt and Etienne Tatur.
Christophe Lassuyt is currently president of the board at the Request Network Foundation. Etienne Tatur is currently the vice-president of the board at the Request Network Foundation. Both are YCombinator alumnis. You can find out more about the current team here.
What Makes Request Network Unique?
The payments on Request Network are performed by simply sending an invoice through the blockchain; the counterparty can then detect the request and pay it with one click in a peer-to-peer manner. The fact that the payments are push-generated instead of pull-generated is one of Request Network's key advantages. There is no need for users to share their account information. The use of blockchain technology also eliminates the need for third-party processors, resulting in a reduction in transaction costs.
Additionally, apps building stuff people want on top of Request Network open-source protocol provide a key benefit to their users. Indeed, users can interact with a suite of financial tools which work with each other. It's the opposite of the capitalistic and siloed web2 industry because here, apps work with each other. For example, a company originates an invoice from an app. A 2nd app receives the payment request, allowing it to be paid. Then the invoice can draw on instant financing on a third DeFi app
Request Network leverages decentralized blockchains such as Ethereum and IPFS for an increased level of security, privacy and data ownership for the end-user. The platform does have transaction fees, which is a cost that is required to broadcast a change to the blockchain network. The transaction fees are used to incentivize miners to reach consensus on the state of the network.
REQ can be stored on wallets such as Metamask, Argent, MyEtherWallet, Ledger, imToken, Trezor, Atomic Wallet, Jaxx Liberty and Trust Wallet.
How Many Request (REQ) Coins Are There in Circulation?
REQ is an ERC-20 token that can be spent to use the Request Network.
The REQ tokens’ initial supply was 1,000,000,000. You can check the current supply on the community dashboard.
The REQ tokens are available to exchange on open markets through mainstream cryptocurrency exchanges. Decentralized alternatives also support REQ, allowing you to seamlessly exchange REQ directly from your own wallet. Always verify that the REQ address is this one: 0x8f8221afbb33998d8584a2b05749ba73c37a938a. On Polygon, its address is 0xb25e20de2f2ebb4cffd4d16a55c7b395e8a94762.
How Is Request Network Secured?
REQ is an ERC-20 token based on the Ethereum platform. The requests made with REQ are stored on an immutable digital ledger. This ledger also serves as proof for all auditing purposes.
Where Can You Buy Request (REQ)?
Request (REQ) can be bought and sold on multiple exchanges, including: Binance, Coinbase, KuCoin and more.