Request Network (REQ): A protocol for creating and requesting payments

The Request Network (REQ) crypto is a utility token of the request network that operates on the Ethereum protocol. It serves as a decentralized payment system that allows different users to receive or send money securely and seamlessly. 

The Request Network (REQ) is listed on different exchanges like Binance, coin base, crypto, bancor, etc. The Request Network (REQ) tokens to power the request network open-source protocol with a few mechanisms such as governance, anti-spam, discounts, staking, independency, and much more. 

History of Request Network (REQ) Crypto

The Request Network (REQ) utility token was launched in 2017 and ensured the stability and performance of the request network. This network is an Ethereum based decentralized payment system, where any person can request payment and receive money with secure means. It removes the requirement for third parties to provide a more secure and cheaper payment solution focusing on all the global currencies. 

When a user creates a payment request, the address to which the price needs to be allocated and its amount are defined. Furthermore, the user can also specify the terms and conditions of the payment, upgrading a simple request in an invoice. After completing this process, the user can share their request to be paid by their counterparty. Every step is documented and stored on this network, allowing everyone involved to easily keep track of all the invoices and payments for the accounting proposes. Furthermore, this network is integrated with the legislations across the globe to remain compliant with the trade laws of every single country. 

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Who are the founders of Request Network (REQ) Crypto?

The Request Network (REQ) is a decentralized protocol, and anyone can contribute to the development of this protocol and submit the pull requests on Github. The Request Network (REQ) founders are Etienne Tatur and Christophe Lassuyt. 

Christophe Lassuyt is the primary community manager at the Request Network (REQ) and a Ycombinator Alumni who has been an entrepreneur in the world of crypto and web industries for more than eight years. Etienne Tatur, on the other hand, is the chief technical officer at the Request Network (REQ), who participated in Ycombinator Winter 2017 and has also created different projects in the web industry since 2014.

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What makes the Request Network (REQ) Crypto Unique?

The Request Network (REQ), founded by Etienne Tatur and Christophe Lassuyt, allows its users to keep their account information private and, therefore, controls all the transactions. Additionally, in the absence of third-party oversight, the Request Network (REQ) capitalizes on ethereum as well as IPFS for better privacy and security of the end-user. A transaction fee is also implemented to incentivize miners to reach a consensus on the state of the network. This network is managed to settle over the US $400 mn crypto payments alone in May.

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  • The payments made on the Request Network (REQ) are performed by sending an invoice via the blockchain; the counterparty can also detect the request and pay it with one click in a peer-to-peer manner. Furthermore, the fact that these payments are push generated rather than pull caused is one of the critical advantages of the Request Network (REQ).
  • There is also no need for the users to share the information of their accounts.
  • The use of this blockchain technology also eliminates the need for third-party processors, which will result in a reduction in transaction costs. 
  • The apps building stuff that the people want on the top of the Request Network (REQ) open-source protocol provides the main benefit to the users. Indeed, its users can interact with a suite of different financial tools that work smoothly with each other. It is the opposite of the siloed and capitalistic web2 industry because apps here work together. For instance, a company originates an invoice from an app, and another app receives the payment requests and allows them to be paid. The invoice can then draw on the instant financing on a third Defi app. 

Conclusion

The Request Network (REQ) focuses on completing with the likes of PayPal as the top global payment system. It also seeks to be involved in the services of the payment lifecycle like B2B, IoT, government, and much more. Therefore, this network seems to be a viable investment option. The network leverages decentralized blockchains like ethereum and IPFS for an increased level of privacy, security, and data ownership for the end-user. The transaction fee is used to incentivize the miners to reach a consensus on the state of that network.

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