Request Network is a name that I see popping up over and over again so I decided to check it out.
It aims to become the decentralized network for payment requests… and much more. Read on to find out what.
The Request Network works similar to Paypal, except decentralized. The problem with Paypal is that in order to have any rights with your transaction you need to pay fees. You can gift and not pay fees, but if something happens, you don’t have any recourse.
With Request a payment can be detected and paid without having to use a third party. It gets saved to the blockchain so it cannot be altered. And it can work with every global currency.
The Request Network has an opportunity to be much more powerful than just a payment network. And in doing so can ease some pain points for businesses today.
Specifically, by using Request Network and having all your transactions on an immutable ledger you can streamline your accounting and auditing work. Companies spend billions every year on accounting and auditing. With something like Request Network the whole process can be put on autopilot.
Another cool feature is that Request Network is using the Kyber Network for its gateways. This is how fiat currencies can be converted to crypto and vice versa. The best part is that you don’t need Request tokens to use Request. This will make it much easier for businesses and consumers to adopt the technology.
There’s a total of 1 billion REQ tokens with half released in the ICO. They’ll be used to pay fees to use the network and for governance.
Request Network plans its main launch sometime in the first quarter of 2018, keep your eye out for that.
They already have extensive relationships in the Ethereum community, including Kyber Network, Project 0x, Civic, Aragon, iExec, and Quantstamp.
Plus, it’s a YCombinator startup.
This project looks interesting, I bought some REQ as a small speculation.
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