Request Network review! REQ offers payments solutions on the blockchain as a decentralized network for payment requests to revolutionize commerce & ecommerce.
Be sure to subscribe to our channel here:
And feel free to also watch it on YouTube here:
Disclaimer: This is not financial advice. I absolve myself of all responsibility (directly or indirectly) for any damage, loss caused, alleged to be caused by, or in connection with the use of or reliance on any content, goods or services mentioned in this article. As usual, DYOR.
Hey guys I'm Angelo & welcome back to Crypto Coin Consultants. Request Network has been dubbed PayPal 2.0. But can it live up to its expectations, and how does it plan on competing with the likes of Elon Musk? Here are 7 things you didn't know about Request.
Number 7: What Is Request?
Request is a decentralized network that enables blockchain payments on a global scale. Anyone can use Request to generate an invoice, which the recipient can then pay in a fast and secure manner, with all data being stored on a decentralized authentic ledger. “Global” is the word Request emphasizes most, as its ledger is built to support any transaction regardless of language, legislation, or currency. Developers regard currencies as tools that facilitate Request transactions and, from this perspective, they see it as being more global than any other currency. Since Request is developed as an extra layer on the Ethereum network, it uses smart contracts that allow users to manage a variety of payment terms with implicit security and legal compliance. Furthermore, as development progresses on Ethereum to tend to issues such as scalability and others, Request will also benefit from it.
Number 6: Why was Request Network Created?
Request developers have attached a bold description to their project, calling it the “future of commerce.” It’s an ambitious title to live up to, but not one necessarily beyond reach, provided the team keeps advancing on the roadmap at a steady pace. The team has underlined that there’s an ongoing revolution both digitally and in the Internet of Things (or IoT). If you’re unfamiliar with IoT, all you need to know is that it refers to the network of physical devices, home appliances, vehicles, and other items that have the necessary technological features to connect and exchange data within the current Internet infrastructure. Request was created to be on the forefront of this revolution by offering features that current payment systems don't have. It aims to use smart contracts and the blockchain’s transparency and immutability to become a new standard for payments, auditing, accounting, and invoices.
Number 5: How Does It Work?
There are three operational pillars supporting the network’s technical process. These are: Security (you don’t have to share banking information), Simplicity (you only have to press a button), and Savings (a third party such as PayPal isn’t required). Let’s look at a practical example, which should provide a simple overview of the entire process. Jack creates an invoice and sends it on the blockchain because he wants a payment from Jill. Jill’s wallet will then detect the payment and process it accordingly. No payment information is exchanged, no common third party is used, and both the request and the payment are recorded as a single ledger entry on the blockchain, which ensures transparency and immutability. Now let’s say that Jill’s making a purchase from Jack on a platform like Amazon. The platform creates a Request on the blockchain, which is automatically detected by Jill’s phone, laptop, or whatever device she’s connected to the network with. Jill will then receive a notification and agree to pay. I’ve mentioned earlier that Request plans on taking part in the ongoing IoT revolution, which is set to grow in the coming years. To this end, its developers have highlighted how Request can offer a financial framework for interaction between machines and the IoT. An example is in Request Network's whitepaper of how—in the future—an autonomous car may connect to a smart garage contract to purchase a new part. An algorithm enables them to negotiate automatically, after which a payment system with deposit and escrow is established, meaning that funds are blocked until delivery. Further understanding how Request works will now require us to examine the layers that make up the network.
Number 4: What are Request Network’s Layers?
The Core Layer is tasked with handling the ledger and the most fundamental smart contracts that rely on it. Payment request and payment completion take place at this level. Anyone can access the information on the ledger, but no one can change it. The second layer is the Extensions Layer, which handles payments that are more complex and invoices requiring multiple calculations. This layer features rules for calculating escrows, advances, payment terms, and others. These terms and conditions come in the shape of extensions, which can be attached to requests. The Extensions Layer will enable the development of unique features such as “continuous billing.” Let’s say Jack wants to use Request to pay his rent. An automatic payment system is set up between him and his landlord, which also takes care of taxes and any other extra payments concerning the transaction. All Jack needs to worry about is having enough money in his bank account at the end of each month, while everything else is handled automatically. The Extensions Layer is chargeable and involves a fee for each extension, a portion of which will be burned and another that will be transferred to the extension developers. It’s worth mentioning here that this layer is completely open, and anyone can use it to create their own extensions, with fees being adjusted accordingly. Costs will be reduced as the system grows and will be used to support the development of secure applications. Request’s outermost layer is the Application Layer, which exists outside the blockchain. It enables third-party systems from different companies to access information. Audit, tax, accounting, debt collection and recovery, and various payment and factoring systems can all connect to this layer. At this level, Request becomes an intermediary for banks and other payment systems, that can use it to access user invoices. The Application Layer has an added “Reputation Application,” protecting it against bad payers or phishing. Individuals and companies can view one another’s reputation and act accordingly, while users with the best reputations may eventually benefit from cost reduction or access to custom extensions.
Number 3: What Does the REQ Token Do?
As Ethereum ERC-20 tokens, REQ will be used to access the network, create more complex requests, and as rewards for those various parties contributing to the network’s development. The interesting aspect is that those who use the network will need to pay a fee in REQ, which will eventually be burned. Request Network operators plan on adjusting fees in accordance with the REQ supply and its exchange rate with the various currencies supported by the network. As of the creation of this video, you can’t buy REQ with fiat currency, so you’ll first need to purchase another cryptocurrency such as Bitcoin or Ether (at Coinbase, for example) then trade that for REQ at an exchange (such as Binance). You can find links to both Coinbase and Binance in the description below this video.
Number 2: What are Its Use Cases?
The Request Network's potential use cases can be quite broad, so I'll only focus on a few examples here. Business-to-Business invoicing is one of the first services that may benefit from integration with Request. Bills can be shared directly via the blockchain, with immediate updates to accounting systems & no duplication errors. Online payments can potentially be transformed by Request. No sensitive personal information will be shared, and the transaction will feature a reduced cost and won’t require the intervention of a third party. Accounting, audit, and expense may all become automated. Since accounting is supported by smart contracts, it’s done automatically and in realtime, thus offering faster financial management at a reduced cost. The traditional digitalization of paperwork is replaced by a streamlined system with a high degree of autonomy. Request boasts the creation of Smart-Audits, which they see as a cheaper improvement on the manual techniques that are currently still in wide-use. There will be no need for manual checking to detect evasion or false invoicing, since all the information is already in the Request system. The days of lost or altered expense reports may also be coming to an end, since they'll easily be exchanged in realtime through a Request expense management system. With Request, governments handling taxation and other institutions may become more transparent since financial information concerning every entity is immutable and updated in realtime.
Number 1: Who is Behind Request?
The team currently developing Request has also created Moneytis, a money transfer service that won the ING startup pitch in 2015. It consists of members with extensive experience in the payment and blockchain industries. Etienne Tatur (Request co-founder and CTO) is a blockchain enthusiast who has experience in building companies from the ground up. He's also served as CTO for Amaris, an international technology management and consulting company. Tatur created his first blockchain project “Snapsoko” in 2014, which was later called “The Blockchain Network” and was integrated into the Moneytis project. Request CFO Christophe Lassuyt worked alongside Tatur at Amaris, where he became an International Financial Manager. He has extensive financial experience and is credited with the automation of several financial processes in the companies he's worked with. Request boasts a long list of partnerships that testify to the project’s worth. These include the very popular Bee Token, Kyber Network, and Quantstamp.
My video is at DLive