Request Network (REQ) is project that seeks to make payments between two parties easy, secure, fast and cost efficient. Using blockchain technology, Request is looking to go up against the likes of Paypal with their decentralised payment system.
This project is one of a number of emerging initiatives that are seeking to solve industry problems and pain points by using blockchain technology. The scope of Request’s vision is so large that it’s actually a little difficult to grasp at a glance.
What is Request Network (Req)
In its most simple form, Request is a decentralized network that allows anyone to request a payment (a Request Invoice) for which the recipient can pay in a fast, secure and cost efficient way.
It uses blockchain technology (if you’re not up to speed on blockchain, have a look at our guide) to process and encrypt the transactions, meaning that the record of all transactions is secure and cannot be tampered with.
Request is designed to support global transactions regardless of location, currency, legislation or language.
Some of the most attractive features for the network are its security, as you will not have to share banking information with anyone when completing your transaction unlike through conventional means. The system is also very simple to use, as you will get a request for payment and a single tap will accept it.
Since the information moves through the blockchain, which is decentralized and trustless service, there is no need for a third party (Paypal). This means no 1.5% to 7% transaction fees from a middleman.
This system will also offer great benefit to companies who would use Request for business. All financial data is able to pass through the network, meaning that information will not be lost or misplaced – it will all be secured in the blockchain, ready to access when needed for audits or tax purposes.
Request is seeking to become the future of commerce but making the way we pay simpler, more secure, and more cost efficient – regardless of location, currency and language.
This is certainly one of the blockchain projects to keep an eye on in the future.
What is the point of REQ, the Request Network cryptocurrency?
A central part to the Request Network system is REQ token, which is a cryptocurrency related to the system.
REQ will operate on the Ethereum Blockchain and so will be an ERC20 token.
The token will be used as a method of payment for using the Request Network. Once the transaction has taken place, the token used to pay for the transaction will be ‘burned’. These fees will be adjusted depending on a number of factors, including exchange rates and supply of REQ tokens.
The fees will be somewhere in the region of 0.05% to 0.5% of transactions, which will decrease as more and more people use the system.
There are several blockchain projects that aim to disrupt the commerce world with similar projets, but REQ is certainly one of the more promising ones. This is a project to watch in 2018 without a doubt.
For more information on Request Network, have a look at their website and whitepaper.