What is Request Network (REQ) & How it works?

The payment mode has been evolving with new features embracing and simplifying the network within a secured environment. Cryptos, now have been widely used as a mode of payment by financial giants, surfacing the inefficiency of traditional financial platforms. Request is such a network that clubs all the transactions in one place. It is a decentralized platform that facilitates the creation, sharing, and fulfillment of payment requests. 

The network eliminated third-party interference between the sender and the receiver from digital transactions. The network simply takes up a Web 2 payment platform that is widely used around the world, fuels it with the Web 3 infrastructure, and applies it within the crypto space. Since November 2021, Request Network crypto payments is available on several lending blockchains other than Ethereum. 

The platform is backed by its native token REQ which is highly responsive to maintain the authenticity of transactions on the network.

Read more: Crypto Listing Festival Day 6

Who Are the Founders of Request?

The Request platform was founded by Christophe Lassuyt and Etienne Tatur. Christophe, the co-founder, is one of the most successful leaders in the decentralized finance space. Prior to this, he worked as CFO in more traditional structures and was also an alumnus at Y Combinator. This helped him to better understand the challenges faced within the Web3 space. 

Besides, Etienne Tatur, the CTO and co-founder of Request is also a pioneer within the DeFi space. Tatur previously founded Moneytis.com which is a payment platform, for transferring funds anywhere in the world at the right time. He is also an alumnus of INSA Lyon Engineering School and a Y Combinator. He is also a member of La Chaintech and a speaker at the International Money Transfer Conference (Miami), Blockchain France (Paris) and Visa Europe (Paris). 

How Does Request Work?

The Request platform is mainly dedicated to offering users a seamless experience of carrying out payments. As the name suggests, the protocol enables one party to ‘request’ payment from the other party. The request should be accompanied by a crypto wallet address and the transaction amount. It may also carry the terms and conditions for the payment. This also creates a record on the Request blockchain where-in the parties may keep a track of invoices and payments for accounting purposes. 

The request is paid after being charged nominal transaction fees similar to that of the traditional payment processors. The network largely keeps the process simple, private, scalable and secure. The network uses a layered architecture wherein each layer carries its own functionalities and can be upgraded without impacting the other and the rest of the network.

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• Request logic layer: It defines data structures of the payment request
• Transaction layer: This layer is responsible for transactions that are directed to the data access layer. It also handles the encryption of the transaction.
• Data access layer: It manages the format of data before storage 
• Storage layer: It is responsible for the data storage & retrieval

What Makes Request Unique-Uses Cases?

The payments on the Request protocol are push-generated instead of pull-generated which is one of the key advantages of the network. Moreover, there is no need for the sender or receiver to disclose their account details. Besides the decentralized network eliminates the requirement of third-party intermediaries, slashing the transaction costs to some extent. 

The network leverages decentralized blockchains like Ethereum and IPFS (Inter-Planetary File System) for enhanced security and privacy 

The token REQ along with being a governance token carries huge use cases too. 

• Anti-Spam

The transaction fees charged on every request discourage harmful activities and also put an end to the spamming of the network

• Governance

It uses an off-chain governance network where-in REQ holders can vote on critical decisions. The team also plans to introduce an on-chain governance structure parallel to the development of a Decentralized Autonomous Organization (DAO). 

• Deflation 

The transaction fees charged by the platform are accumulated with an Ethereum smart contract which is deflationary and impacts the REQ supply as well may further stabalize the REQ price.

• Staking

The REQ holders can stake their tokens on Bancor in a single token liquidity pool that offers loss protection. 

• Discounts

The REQ holders get discounts on the products.

• Independence 

The token allows the network to operate on multiple blockchains simultaneously or on its own chain. As the REQ token is interoperable, it can migrate without negatively impacting network performance.

Request Price Analysis

Source: Tradingview

• The REQ price is trading within a parallel channel ever since the value halved during the May crash between determined resistance & support levels
• Meanwhile, the price tested the lower support for the second time and ignited a significant upswing, heading towards the average levels
• The tokens currently does not display the possibility of a pullback and hence may remain incremental until the yearly close
• Herefore, the Request token price prediction for 2022 could be around $0.119 to $0.15.

Additional Read: Crypto Price Predictions

How to Buy Request Token in India?

Looking for the best platform to buy Request (REQ) tokens? Here it is!

CoinDCX is one of the best bitcoin app in India and also the leading crypto investment app for beginners. To begin with, all you need to do is register by following the below steps, 

• Download the CoinDCX App on your smartphone
• Enter the details to register
• Complete KYC
• Once your profile is verified, fund your wallet and buy REQ token.