Request (REQ)
Request (REQ) is a utility token launched in 2017 to ensure the performance and stability of the Request Network. The Request Network is a decentralized payment system based on the Ethereum blockchain, enabling users to request payments and receive money securely. By eliminating the need for third-party intermediaries, Request offers a cheaper and more secure payment solution that supports all global currencies.
History of Request
The Request Network was founded by Christophe Lassuyt and Etienne Tatur. Christophe Lassuyt serves as the chief financial officer and has a background in co-founding MONEYTIS. Etienne Tatur is the chief technical officer, with prior experience as a lead developer at QOBUZ, a music streaming service, and also co-founding MONEYTIS.
| Ticker | REQ |
| Category | Business Services |
| Website | https://request.network |
| @requestnetwork | |
| https://www.reddit.com/r/RequestNetwork | |
| Contract Addresses | |
|---|---|
| ethereum | 0x8f...8a Copied! |
| polygon-pos | 0xb2...62Copied! |
How Request works
Decentralized payment requests
The core functionality of the Request Network allows users to create payment requests by specifying the receiving address and the amount. Users can also define terms and conditions, transforming a simple payment request into a detailed invoice. Once finalized, the request can be shared with a counterparty for payment.
Blockchain documentation and compliance
Every transaction and invoice is documented and stored on the Request Network, providing a transparent record for all parties involved. This feature simplifies accounting and auditing processes. The network also integrates with global legislation to ensure compliance with trade laws in various countries.
Unique features of Request
One of the distinguishing features of Request is its push-generated payment system. Users send invoices through the blockchain, enabling the counterparty to detect and fulfill the payment with a single click in a peer-to-peer manner. This approach enhances privacy as it does not require users to share account information. Additionally, the absence of third-party intermediaries reduces transaction costs.
Security and technology
Request leverages decentralized blockchains such as Ethereum and IPFS to enhance security, privacy, and data ownership. While there are transaction fees for broadcasting changes to the blockchain, these fees incentivize miners to reach consensus on the network's state. REQ tokens can be stored in various wallets, including Metamask, MyEtherWallet, Ledger, imToken, Trezor, Atomic Wallet, Jaxx Liberty, and Trust Wallet.
Request tokenomics
Circulating supply
REQ is an ERC-20 token that facilitates the use of the Request Network. As of February 2021, the circulating supply of REQ is 999,912,165 tokens, with a maximum supply capped at 999,983,984 tokens. A portion of the REQ fee is burned, which is determined by the current supply and exchange rate with other currencies.
Network security
The Request Network is secured through the Ethereum platform, with REQ tokens functioning as ERC-20 tokens. Payment requests made on the network are stored on an immutable digital ledger, providing a reliable record for auditing purposes.