Request (REQ) is a decentralized platform implemented on the Ethereum Blockchain that allows users to request payments called Request Invoices that can be paid securely. All the information of the network is stored in a Blockchain, which provides a simple, low-cost way to secure payments while allowing a variety of automation possibilities.
Request integrates a ledger that is:
a) universal: It is designed to support international transactions regardless of language, legislation or currency; b) and Smart: Compared to standard ledgers, the Request network is at the origin of transactions, integrating an automated trade code, as well as a wide range of payment options.
Requests can be detected via a wallet or app by a recipient monitoring the network. If the request is approved by the user, it is paid easily. Once the request is completed, the network is updated.
Trade laws that apply to created requests are taken into account and taxes are applied. Advanced payment terms may be selected when necessary. The platform also offers:
a) Security, since it is not necessary to share banking information to transact; b) Simplicity: The process is very straightforward and requires only a click; c) and Savings, since purchases are peer-to-peer, making third parties like PayPal unnecessary and expensive.
The REQ Token
The REQ token is used as a PoS, disincentivizing stakers against Byzantine or other behaviors that would cause a loss in value of REQ. While it is built on the Blockchain ledger of Ethereum, Request aims to be independent of other currencies, monetary policies, or technological choices to build the most robust system possible.
REQ tokens are based on ERC20 Smart Contracts, and users need them to access the network, create Requests with advanced options and pay rewards to people that help build and maintain the ecosystem. When using Request, participants need to pay a fee in REQ that will be burned. Burning the tokens could potentially increase the demand on the remaining REQ tokens.
Operators of the Request Network will adjust fees based on the decreasing supply of tokens and exchange rates with the different currencies available on the network. The total supply of tokens is of 999,999,999 REQ, of which 640,788,433 REQ are already in circulation.
Request Network Whitepaper
The Request Network Whitepaper illustrates how the system works with two simple examples:
Bob asks Alice for a payment, then he creates a Request and relays it to the Blockchain; Alice’s wallet detects the Request and processes the payment.
An autonomous vehicle that connects to a smart contract to buy a new wheel. They negotiate by algorithm and agree upon a payment with deposit and escrow (money blocked until delivery). To interact financially, the machines and IoT require a payment framework.
These cases are not feasible today, as there is no interconnection between the services; without it being necessary to share banking information, or to use a third party that is common to both entities. This is limited and unsafe, and it results in scattered invoices that could contain errors.
The Request solution offers great advantages: A ledger containing all transaction entries can make real-time accounting possible, improve auditing, automate factoring, simplify expense reporting, make escrow simple and reliable, and detect and automatically pay taxes.