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Request Network

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Description

What does Request Network do?

Request Network is a decentralized payment system hoping to compete with the major point of sale systems such as PayPal. Another goal of the project is to improve upon other services such as accounting and invoice management by taking advantage of immutable ledgers, made possible by blockchain technology.

With Request Network, anyone can make a direct request for payment and then receive payment in a reliable, secure manner. The project removes the need for trusted third parties, such as PayPal, which provides for a cheap, more secure alternative. By providing a reliable point of sale solution for business, Request Network hopes to integrate with as many online merchants as possible, further promoting the acceptance and use of cryptocurrencies around the world.

In addition to its point of sale solution, the project intends to offer other services and benefits such as: invoice management (so no duplicate invoices can be sent or replicated), automated accounting, and automated auditing. Given that Request Network can digitize an accounting system and track a company’s invoicing and expenses, the project has the data necessary to perform bookkeeping and backend accounting work for businesses.

What is REQ used for?

Users spend REQ to interact with the Request Network. To request payment requires REQ, and to create a more advanced invoice required more REQ. Naturally, REQ can be used as a general means of exchange as well. Since it is an ERC-20 token, REQ cannot be mined.  

The developers behind the project have mentioned that there is a possibility they will implement Proof of Stake consensus. This means that REQ holders will receive dividends for staking in their wallet.   

How can REQ appreciate in value?

REQ can appreciate in value if the demand increases. Request Network has a large total supply of near 1 billion tokens, but in context of their industry, this is not as much as it may seem. The E-commerce industry is worth well over 1 billion dollars, which means that REQ has a lot of room to grow in value. To add even more scarcity, REQ are burned as users interact with the network and pay for fees.

What are the differences between Request Network and its competitors?

Ultimately, Request Network’s biggest competitor is PayPal. Despite any decentralized competitors, PayPal is the king they must take down. The advantages that Request Network offers over PayPal include less fees, automated accounting services, and a more secure system due to cutting out the middleman in transactions. On the other hand, PayPal has an extremely simple interface that has a tight grip on the e-commerce industry.

  • Mainnet Launch: The team recently released the product test net, Colossus, and plans to launch the first version of their live product in 2018.
  • Open Source: Yes
  • Consensus Type: Not yet decided. Interested in PoS.
  • Technology: Blockchain
  • Total Coin Supply: 1 billion coins (1,000,000,000) - Coin sale: 50% - Early Backers & Contributors (including prelaunch strategic buyers): 20% - Retained by Request and external Development Fund: 15% - Team and advisors (current & future): 15% (will be vested for 2 years).
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Description

What does Request Network do?

Request Network is a decentralized payment system hoping to compete with the major point of sale systems such as PayPal. Another goal of the project is to improve upon other services such as accounting and invoice management by taking advantage of immutable ledgers, made possible by blockchain technology.

With Request Network, anyone can make a direct request for payment and then receive payment in a reliable, secure manner. The project removes the need for trusted third parties, such as PayPal, which provides for a cheap, more secure alternative. By providing a reliable point of sale solution for business, Request Network hopes to integrate with as many online merchants as possible, further promoting the acceptance and use of cryptocurrencies around the world.

In addition to its point of sale solution, the project intends to offer other services and benefits such as: invoice management (so no duplicate invoices can be sent or replicated), automated accounting, and automated auditing. Given that Request Network can digitize an accounting system and track a company’s invoicing and expenses, the project has the data necessary to perform bookkeeping and backend accounting work for businesses.

What is REQ used for?

Users spend REQ to interact with the Request Network. To request payment requires REQ, and to create a more advanced invoice required more REQ. Naturally, REQ can be used as a general means of exchange as well. Since it is an ERC-20 token, REQ cannot be mined.  

The developers behind the project have mentioned that there is a possibility they will implement Proof of Stake consensus. This means that REQ holders will receive dividends for staking in their wallet.   

How can REQ appreciate in value?

REQ can appreciate in value if the demand increases. Request Network has a large total supply of near 1 billion tokens, but in context of their industry, this is not as much as it may seem. The E-commerce industry is worth well over 1 billion dollars, which means that REQ has a lot of room to grow in value. To add even more scarcity, REQ are burned as users interact with the network and pay for fees.

What are the differences between Request Network and its competitors?

Ultimately, Request Network’s biggest competitor is PayPal. Despite any decentralized competitors, PayPal is the king they must take down. The advantages that Request Network offers over PayPal include less fees, automated accounting services, and a more secure system due to cutting out the middleman in transactions. On the other hand, PayPal has an extremely simple interface that has a tight grip on the e-commerce industry.

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