Request Network is a decentralized payment network. It is made to compete with Paypal as it is currently the dominant payment network.
Request Network or request is made on an ethereum blockchain network which allows you to request a payment or create an invoice and send it to the customer in a secure and decentralized way.
Request satisfies the legal framework and laws of each country which makes it support more globally. It has been specially designed to support global transactions, reduce transaction fees and keep payments secure.
How does a request work?
Request network platform is very user-friendly and requests can be submitted with just a few steps as follows.
The person has to write on Request Ledger and create a request for payment. Then the request is received by the customer and after the customer approves the invoice he can do the payment with a single click and the request is completed.
This reduced the work of third parties for payment gateway and for the invoices which cost a lot.
The payment information is recorded on the network after the completion of the request.
Which currency is used on Request Network?
Request network has its own token called REQ which is an ERC20 token. It is used for all the payments on the request network.
But when doing transactions user will have to pay network fees in REQ which will be burned. Network fees depend on the supply and exchange rate of REQ tokens. They except the network fees should be between 0.05% to 0.5% and aims to decrease in the future as the network grows.
Request network features
Auditing: Request uses smart audit which eliminates the lengthy check at each level in companies which requires more time to process. Request improves the efficiency of such audits and will reduce the extra charges requires to pay other companies for the audits.
Government Taxes of each country: Request has the ability to comply with each countries tax and laws. So when the payment is going the taxes can be automatically applied to the price of the request. This technology allows the government to collect taxes and prevent fraud easily.
Accounting: Request does the accounting in real-time which reduces the cost and helps us with faster financial management. Every action like payments, accounting, and VAT is done automatically.
Security: Request doesn't require much personal information and also doesn't store any sensitive data on their network unlike others like amazon which store debit cards and phone numbers. This increases the security of the user in case of the data breach.
Smart Contracts: Request network runs on smart contract and automatically the contracts are executed so no one can tamper with contracts which helps to keep secure.
Request as the payment option on other E-commerce sites.
The request wants to start accepting payments from the sites like amazon.
Instead of putting your personal details like credit card or bank account request will provide a one-click push button to send a payment request and complete the payment.
Advantages to this are :
Safe and Secure: Payment information is don't shared and other personal information stays with us and no need to share
Simplicity: No need to fill all the columns and verify which reduces the risk of input error. with just one click we can complete the payment.
Cost: No third-party payment gateway requires for companies and no need to pay them the % of the transaction which reduces the cost of the product.
REQ was pumped by 289% on 26 Nov on Coinbase.
Due to the metaverse for the last couple of weeks, many coins have been rising. Request Finance Partners with NFT Heavyweight The Sandbox to Handle SAND Payments.
Sébastien Borget, COO of The Sandbox, Quoted.
Request provided us with an easy way to manage and pay our bills in one place. This reduced the time we spend making payments each month by 90%.
This led to a sudden rise in crypto.
Where you can buy REQ tokens.
If you liked the REQ token you can buy it from the exchanges like CoinBase and Bitfiniex with US dollars. It is also available on Kucoin, Binance, and Gate.
Conclusion:
Request Network is trying to change the transaction method from old payments like Paypal to new BlockChain based payments. It is trying to make payments simple secure and with minimum cost.
It is focused on creating a new platform for finance with the help of the Blockchain network.
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Resources : https://request.network/assets/pdf/request_whitepaper.pdf