What Is Request (REQ)?

Request (REQ) is the protocol for payment requests. It is an open network where transactions are immutably recorded and requests are processed without the need for a middleman. The aim is to have the network utilize blockchain technology to make the payment process faster, easier, and reliable for everyone. By having all payment requests in one place, companies that provide services such as accounting, invoicing, payment processing, and auditing can connect to the same network and communicate with one another utilizing the same single source of truth. Thus, in simpler terms, Request is a decentralized network that permits anyone to create, fulfill, and share a payment request in a secure way.

As mentioned on the website, three important features of the Request network include Request Finance, Request Create, and Wooreq. Request Finance offers a platform to manage all crypto transactions in one place. This is a suite of financial tools that makes life easier by providing an application for invoices, expenses, payroll, and accounting. Next, by using Request Create, users can create and exchange payment requests in three easy steps, allowing them to spend less time on payments and more time on running their business. Then there's Wooreq, a Woocommerce plugin that uses the Request network to make it simple to accept cryptocurrency payments.

Furthermore, the Request Network can handle more and more transactions per second with every new version. This is because the majority of data is stored on IPFS instead of the blockchain. IPFS, also known as InterPlanetary File System, is a protocol and network. This is designed to produce a peer-to-peer way of storing and sharing hypermedia in the distributed file system that is content-addressable. The data stored on the blockchain is Hash (proof of data), which can’t be modified or manipulated. Transactions are processed and added to IPFS in large batches, enabling higher throughput and lower costs.

Another important advantage of Request is that it’s built on top of Ethereum, which ensures that data cannot be deleted or changed by any third party or even by users. In addition, data is present on every node, and it can’t just disappear. This makes the data safe from the passage of time as well as tampering. 

REQ is the token ticker for the Request token, which is a deflationary ERC20 token. This implies REQ tokens are designed to reduce in supply over time. According to the whitepaper, the REQ token powers the Request Network and is used to create requests, participate in the network, and reward the parties who help build the Request ecosystem. The token is also utilized for making payments on the Request Network, including the network fees. The fee charged is expected to remain between 0.05 percent and 0.5 percent, with the amount decreasing as the system grows. Participants are required to pay a network fee in REQ, which will be burned when they use the network, meaning that the tokens are sent to an unusable wallet address to remove them from circulation. Additionally, the REQ token is used for governance purposes by allowing participants to vote on decisions that are crucial for the network’s long-term success.

History of Request (REQ)

The idea of the Request Network was conceived in 2017 by their team when participating in Y Combinator in San Francisco. They thought of blockchain as a solution to the problems faced by banks and administrations and formed the Request Network.  Etienne Tatur is the CTO of the Request Network, and Christophe Lassuyt is the CFO. Eventually, on March 16, 2018, Request released its whitepaper.

How Are New Request (REQ) Tokens Created?

As per the platform’s website, Request is developing a staking concept for deploying and operating a node. By locking a certain number of REQ tokens, node operators can deploy a node to offer their end users valuable services, abstracting the complications of IPFS and Ethereum.

How Many Request (REQ) Tokens Are There?

The original supply of REQ tokens was 1,000,000,000. The supply was decreased proportionally to adoption, bringing it down to 999,877,117, which is now the maximum supply of REQ tokens.

How to Buy Request (REQ) Tokens

Users can trade REQ tokens at various exchanges like Coinbase. It is a user-friendly and secure exchange platform.