What is Request?

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.

How does Request work?

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.

What are the potential use cases for Request?

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.

What is the history of Request?

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.