REQ is available on platforms like Coinbase, Binance, crypto.com, KuCoin, among numerous other exchanges.
The REQ token supports the open-source Request Network protocol through several mechanisms: anti-spam, governance, staking, discounts, and independence.
Introduced in 2017, the Request (REQ) utility token plays a crucial role in maintaining the performance and steadiness of the Request Network. This network, built on Ethereum, is a decentralized payment system allowing anyone to request payments and securely receive funds. It eliminates the need for third parties, offering a safer and more cost-effective payment solution compatible with all global currencies.
The original whitepaper is available here.
When a user creates a payment request, they specify the address for the funds and the amount. They can also set the terms and conditions, turning a simple request into an invoice. After completing these steps, the user can send their payment request to the intended payer.
Every action is logged and preserved on the Request Network, enabling all parties to easily track invoices and payments for accounting purposes.
Request is also aligned with worldwide legislation to ensure compliance with trade regulations in various countries.
Who Started Request Network?
Request Network is a decentralized protocol open for anyone to contribute to its development, with the ability to submit pull requests on Github. The founders are Christophe Lassuyt and Etienne Tatur.
Christophe Lassuyt is the current president of the board at the Request Network Foundation, while Etienne Tatur serves as the vice-president. Both are alumni of Y Combinator. More information about the current team is available here.
What Sets Request Network Apart?
On the Request Network, payments occur by sending an invoice over the blockchain; the recipient can detect and pay the request with a single click in a peer-to-peer manner. A significant advantage of the Request Network is that payments are initiated by the sender rather than the receiver. This means users don’t have to disclose their account details. Moreover, using blockchain technology removes the need for third-party processors, thus reducing transaction costs.
Additionally, applications built on the Request Network open-source protocol offer significant benefits to users, allowing them to access a suite of financial tools that work seamlessly together. Unlike the fragmented web2 industry, these apps are interconnected. For example, a business can create an invoice in one app, have it processed by another, and then secure instant financing through a third DeFi application.
Request Network employs decentralized blockchains like Ethereum and IPFS to enhance security, privacy, and data ownership for users. Even though transaction fees are required to update the blockchain network, these fees incentivize miners to maintain consensus on network status.
REQ can be stored in wallets like Metamask, Argent, MyEtherWallet, Ledger, imToken, Trezor, Atomic Wallet, Jaxx Liberty, and Trust Wallet.
How Many REQ Tokens Are Currently Available?
REQ is an ERC-20 token used to access the Request Network services.
Initially, there were 1,000,000,000 REQ tokens issued. You can view the current supply on the community dashboard.
REQ tokens are tradable on major cryptocurrency exchanges, as well as on decentralized platforms, allowing for direct exchanges from personal wallets. Always confirm the correct REQ contract addresses: 0x8f8221afbb33998d8584a2b05749ba73c37a938a on Ethereum and 0xb25e20de2f2ebb4cffd4d16a55c7b395e8a94762 on Polygon.
How Is Request Network Protected?
As an ERC-20 token on the Ethereum blockchain, REQ supports requests stored on a tamper-proof digital ledger. This ledger acts as proof for all auditing needs.
Where Can You Purchase Request (REQ)?
Request (REQ) is available for trading on numerous exchanges, including Binance, Coinbase, KuCoin, and others.
