Request (REQ) is a utility token introduced in 2017 that underpins the Request Network, a decentralized payment platform built on Ethereum. This innovative network allows users to request payments and receive funds securely, eliminating the need for intermediaries. The system provides a cost-effective and secure solution compatible with various global currencies.
When a payment request is initiated, the user specifies the destination address and the amount required. Additionally, they can outline specific terms and conditions, effectively transforming a basic request into a detailed invoice. Once created, this request can be easily shared with the intended recipient for prompt payment.
Every transaction is meticulously recorded on the Request Network, enabling all parties to track invoices and payments effortlessly for their accounting needs. To ensure compliance with international trade regulations, Request integrates legal standards from different jurisdictions.
The founders of Request are Christophe Lassuyt and Etienne Tatur. Lassuyt serves as the Chief Financial Officer and previously co-founded MONEYTIS. Tatur, the Chief Technical Officer, also co-founded MONEYTIS and has experience as a lead developer with QOBUZ, a music streaming service.
What sets Request apart is its unique payment process. By sending an invoice via blockchain, the recipient can fulfill the payment with a single click, facilitating a peer-to-peer transaction. This push payment model is a significant advantage, as it eliminates the need for users to disclose sensitive account information. Furthermore, the use of blockchain technology negates the requirement for third-party payment processors, resulting in lower transaction costs.
The Request Network utilizes decentralized technologies like Ethereum and IPFS, enhancing security, privacy, and data ownership for users. While the platform does impose transaction fees, these are necessary to broadcast changes on the blockchain and incentivize miners to validate the network's state.
REQ tokens can be stored in various wallets, including Metamask, MyEtherWallet, Ledger, imToken, Trezor, Atomic Wallet, Jaxx Liberty, and Trust Wallet.
As of February 2021, the circulating supply of REQ is 999,912,165 tokens, with a total maximum supply capped at 999,983,984 tokens. Being an ERC-20 token, REQ transactions are recorded on an immutable blockchain, ensuring a reliable digital ledger that provides proof for auditing and tracking purposes.
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