What is Request (REQ)?

What is Request (REQ)?

REQ is a widely recognized cryptocurrency that can be found on various reputable exchanges such as Coinbase, Binance, crypto.com, and Bancor, among others. The REQ token serves as the driving force behind the Request Network open-source protocol, which employs a number of mechanisms such as anti-spam, governance, staking, discounts, and independency to ensure smooth and secure transactions.

The Request Network is a decentralized payment system that allows anyone to request and receive payments securely without the need for third-party intermediaries. The Request (REQ) token, launched in 2017, serves as the backbone of the network, ensuring its performance and stability. Users can create payment requests and define the payment terms and conditions, which can then be upgraded into invoices. Every step of the process is documented and stored on the Request network for easy accounting and tracking purposes. The network is also compliant with legislation in different countries.

Who are the Founders of Request?

Request Network is a decentralized protocol that allows anyone to contribute to its development. Pull requests can be submitted on Github. The team behind Request includes Christophe Lassuyt, who is currently the main community manager. He has been an entrepreneur in crypto and web3 industries for over eight years and is also a Ycombinator Alumni. Meanwhile, Etienne Tatur is the chief technical officer of Request. He participated in Ycombinator Winter 2017 and has been creating projects in the web3 industry since 2014.

How does Request (REQ) Work?

Sending payments on Request is as simple as sending an invoice through the blockchain. The counterparty can then detect the request and pay it with one click in a peer-to-peer manner. This push-generated approach eliminates the need for users to share their account information and reduces transaction costs by eliminating third-party processors.

In addition to this, apps built on top of Request Network's open-source protocol offer users a suite of financial tools that work with each other. This collaborative approach is the opposite of the capitalistic and siloed web2 industry. For instance, a company can create an invoice from an app, a second app can receive the payment request and allow it to be paid, and a third DeFi app can provide instant financing for the invoice.

Request Network leverages decentralized blockchains such as Ethereum and IPFS for enhanced security, privacy, and data ownership for the end-user. The platform does have transaction fees, which incentivize miners to reach consensus on the network's state. REQ can be stored on various wallets, including Metamask, Argent, MyEtherWallet, Ledger, imToken, Trezor, Atomic Wallet, Jaxx Liberty, and Trust Wallet.

How is the Request Network Secured?

REQ is an ERC-20 token that operates on the Ethereum platform. When requests are made with REQ, they are recorded on an immutable digital ledger, which serves as proof for all auditing purposes.

Conclusion

In conclusion, Request (REQ) is a promising cryptocurrency that offers a decentralized payment system with enhanced security and transparency. With its ability to eliminate intermediaries and reduce transaction costs, REQ provides a versatile option for decentralized transactions that can be stored in various wallets.