The Request Network is a blockchain-based crypto payment technology. It aims to go beyond today's dominant payment networks by completely removing third-party processors from digital financial transactions. Request takes the basic user interface of a Web 2.0 payment app (the kind we're all used to) and feeds it with Web 3.0 infrastructure, then applies it to bitcoin use cases. Request Network crypto payments were made accessible on various key blockchains in November 2021, including Ethereum, Polygon, Celo, Fantom, and Near.

It facilitates fast cryptocurrency trades and transfers for goods and services. The Ethereum, Polygon, Celo, Fantom, and Near protocols all accept Request Network crypto payments. On the Request Network, the REQ token allows anti-spam, governance, staking, product discounts, and independence activities. The Request Network makes use of decentralized blockchains like as Ethereum and IPFS to provide the end user with enhanced security, privacy, and data ownership. The platform does charge transaction fees, which are the costs associated with broadcasting a change to the blockchain network. Transaction fees are intended to motivate miners to obtain consensus on the network's state.

History

Christophe Lassuyt and Etienne Tatur founded Request. The REQ utility token was launched in 2017.

Christophe Lassuyt is the current community manager at Request. He is a Ycombinator alumnus with +8 years of experience as an entrepreneur in the crypto and web3 sectors. Request's chief technological officer is Etienne Tatur. He previously participated in Ycombinator Winter 2017 and has been developing products in the web3 business since 2014.

How does it work

The Request Network crypto protocol was created so that one party may request payment from another. When a user requests payment on the network, they only need to enter their crypto wallet address and the amount of the transaction. If the request is an invoice, it may additionally include payment terms and conditions. After entering these data, the user can submit a payment request to the counterparty. This procedure creates a record on the Request Network, which allows all parties involved to keep track of invoices and payments for accounting purposes.

Although there are no expensive intermediaries boosting prices or delaying operations on Request Network, transactions are not free. Each has a minor transaction cost. This is due to the fact that transactions on the Ethereum blockchain need transaction fees, which are identical to those imposed by traditional payment processors. This blockchain invoice processing fee is required to send a modification to the Ethereum network. In other words, Request customers pay transaction costs in order to gain access to Ethereum computing power, which is required to complete their request.

Total supply and circulation

Maximum and total supply are 999,877,117 REQ tokens, while the circulating supply is 999,830,316 REQ tokens.