Request, symbolized as REQ, is a utility token that powers the Request Network, an open-source protocol. The Request Network is an Ethereum-based decentralized payment system that allows anyone to request a payment and receive funds through secure means. It eliminates the need for third parties, striving to provide a payment solution that aims to be more cost-effective and aims to enhance security. This solution is compatible with all global currencies. The REQ token, launched in 2017, is intended to contribute to the performance and stability of the Request Network. It is used for various purposes within the network, including anti-spam measures, governance, staking, and discounts.

The Request Network operates by enabling users to create a request for payment, specifying the address for payment allocation and the amount. Users can also define the terms and conditions of the payment, transforming a simple request into an invoice. Once completed, the user can share their request to be paid by their counterparty. Every step is documented and stored on the Request Network, facilitating easy tracking of all invoices and payments for accounting purposes. Payments on Request are performed by sending an invoice through the blockchain, which the counterparty can detect and pay in a peer-to-peer manner.

Request Network aims to provide a suite of financial tools that interact with each other, aiming to provide a potential advantage to users. For instance, a company can originate an invoice from an app, a second app receives the payment request, allowing it to be paid, and then the invoice can draw on instant financing on a third DeFi app. This interoperability contrasts with the siloed nature of traditional web2 industry, where apps often don't work together. The Request Network also integrates with legislation worldwide to ensure compliance with the trade laws of each individual country.

Request Network is a decentralized protocol, open to contributions from anyone for its development. The founders of Request are Christophe Lassuyt and Etienne Tatur. Lassuyt, a Ycombinator Alumni, has experience in the crypto and web3 industries and contributes to the Request community. Tatur, the chief technical officer of Request, also participated in Ycombinator Winter 2017 and has experience in developing projects in the web3 industry. The REQ token was launched in 2017 and is intended to contribute to the performance and stability of the Request Network.

Request Network strives to uphold the privacy and confidentiality of transaction data on its platform by implementing a protocol for storing payment requests. This protocol is designed to house the necessary information for businesses to manage their finances on-chain, with a focus on compliance and privacy. Users can share payment requests through a standard, immutable storage medium, fostering a global cooperative financial system where individuals and organizations can exercise a degree of control over their financial data and choices. This method could potentially facilitate automatic auditing, triple-entry accounting, and automatic tax reporting in the future. However, it's crucial to remember that while Request Network aims to ensure privacy and confidentiality, no system can provide absolute security, and users should exercise caution when transacting online.

Request aims to provide businesses with a decentralized platform for their financial processes, leveraging the unique characteristics of blockchain technology. It strives to enhance trust between different entities, enabling them to engage in transactions or data sharing that they may not have otherwise done or would have required an intermediary. This decentralized structure allows data sharing within an ecosystem of businesses, without a single entity having exclusive control. Request also aims to enhance security and privacy, creating an unalterable record of transactions with end-to-end encryption to shut out fraud and unauthorized activity. It seeks to enhance efficiency by streamlining transaction processing, reducing manual tasks, and easing reporting and auditing processes. Request aims to enhance transaction speed by eliminating intermediaries and replacing many of the manual processes of transactions. It also provides visibility and traceability, allowing businesses to track the origins of a variety of items. Lastly, Request aims to allow individual control of data, giving individuals and organizations the ability to decide what pieces of their digital data they want to share and with whom.

Request Network seeks to offer improvements within the global transaction space by addressing the challenges associated with traditional cross-border payments. Traditional cross-border payments often involve complex regulatory requirements, fluctuating exchange rates, high fees, and potential security risks. Request Network strives to mitigate these issues by leveraging blockchain technology, which allows for faster, more secure, and less expensive transactions. This approach seeks to reduce dependency on intermediaries, reducing costs and increasing transaction speed. Request Network's system has the capability to process transactions in multiple currencies, further simplifying the process for users. By addressing these common issues, Request Network intends to make cross-border payments more efficient and accessible for all users.

Request's decentralized Oracle system is a vital component in the blockchain ecosystem, serving as a bridge between smart contracts and real-world data. This system aims to improve the accuracy and reliability of data used in smart contracts, which is essential for their effective operation. The Oracle system functions by linking blockchains to external systems, enabling smart contracts to execute based on real-world inputs and outputs. This connection allows complex decentralized applications (DApps) to respond to real-world events and interact with traditional systems. A key feature of the Oracle system is its decentralized nature, which strives to reduce the risk of data manipulation and aims to maintain data accuracy. By distributing the data retrieval process across multiple nodes, the Oracle system seeks to ensure that the data provided is accurate and trustworthy. This system may be applicable in industries such as finance, identity verification, gaming, and insurance, where accurate and reliable data is crucial.

Request Network aims to maintain the reliability and integrity of payment requests through a combination of security measures and adherence to industry standards. It follows the Payment Card Industry Data Security Standards (PCI DSS), which are designed to safeguard businesses and payment processors from fraudulent practices. This includes standard procedures to prevent credit card fraud and protect cardholder data from unauthorized access. Request Network also complies with Payment Network Policies, which establish each party's rights and obligations when making payments, with the aim of maintaining the network's security, privacy, reliability, and integrity. Moreover, it adheres to data privacy laws that require protections for personally identifiable information. In an effort to maintain security, Request Network implements access control measures, regularly monitors and tests its networks, and maintains an information security policy. It also employs strategies such as keeping its technical infrastructure updated, establishing payment controls for users, performing Know Your Customer (KYC) and Know Your Business (KYB) verification procedures, and conducting ongoing transaction monitoring and screening.

Request Network addresses scalability challenges by utilizing blockchain technology. It aims to manage an increasing number of transactions by optimizing the underlying protocol, a method referred to as a Layer 1 solution. This involves modifications to the core architecture of the blockchain to increase transaction throughput. Request Network may also consider Layer 2 solutions, which add extra layers to the existing blockchain network. These secondary protocols aim to process transactions off-chain and periodically settle them on-chain, potentially increasing the network's capacity. Request Network might also explore scalable consensus mechanisms to streamline the consensus process. While these strategies aim to address scalability, they also strive to uphold the security and decentralization that make blockchain technology valuable.

The Request Hub plays a role in the development and improvement of the Request Network ecosystem. It is a platform that encourages and facilitates the development of applications on top of the Request Protocol. The Request team has allocated resources to support various projects that seek to build on their protocol. This approach is similar to how other tech companies allow independent developers to create apps for their platforms, thereby contributing to the scope and functionality of their ecosystems. The Request Hub contributes to aspects such as a diverse ecosystem of developers, which in turn contributes to aspects such as innovation, scalability, and adoption of the Request Network. It allows the Request developers to focus on the protocol level, while independent developers can work on various apps, websites, buttons, widgets, and plugins that work with the protocol. This strategy seeks to contribute to the development and improvement of the Request Network ecosystem.