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Summary
- The Request platform is a peer-to-peer payment system that bypasses the need of any third parties to provide a secure payment method.
- The native token of the Request platform is the REQ coin, which is ERC20 token users spend to utilise the Request network.
- REQ is priced at US$0.28873 as of August 12, 2021 and has a cut market cap of US$ 288,699,570.
What is Request?
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The Request network was founded by Christophe Lassuyt and Etienne Tatur and launched in 2017.
Lassuyt and Tatur had previously also founded MONEYTIS – a payment app.
The Request platform is a peer-to-peer payment system that bypasses any third parties to provide a secure payment method.
The Request network is trying to compete with the world’s premier online payment service – PayPal. However, Request wants to take this service further, taking care of the initial payment request and the accounting afterwards.
Request is built on the Ethereum network and integrates with any legislation in any country across the globe. Furthermore, due to its blockchain technology, it offers an accurate and immutable accounting and auditing service.
What sets Request and Paypal apart?
The blockchain is what sets it apart from PayPal.
A blockchain is literally a chain of information that is divided up into blocks.
The data is stored chronologically, so any transaction made is encrypted and then recorded on a block.
Every single transaction that's made is a ledger is authorised by the digital signature of the owner. This not only authenticates the transaction but protects them from getting tampered with, providing extra security for the system.
If anyone tries to adjust the data on the blockchain, it is immediately apparent to all the users.
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How Does Request’s Payment System Work?
The Request payment network aims to cut the entire payment system down to its very basics.
This is how it works. First, the payee broadcasts the payment request on the Request blockchain. Lastly, the payer clicks one button and boom. Finally, the payee receives their money.
That’s just how a simple peer-to-peer payment works. Additionally, however, Request payments can also be used for online purchases as well as business to business invoices.
Furthermore, because Request is a peer-to-peer payment system, the user isn’t required to submit their bank details. The elimination of third party processors means that transaction costs are considerably lowered.
The REQ Token
The native token of the Request platform is the REQ coin, which is an ERC20 token users spend to utilise the Request network.
A portion of the REQ fee is burned at a rate that is determined by the current supply and the REQ exchange rate compared to other digital currencies.
Conclusion
Request network is trying to ease blockchain solutions. This platform can also be used to create its own apps and services by the developers.
If the development of Request network continues to achieve its set milestones, they have a good chance to remove the other kings in payment platform.
REQ is priced at US$0.28873 as of August 12, 2021, and has a cut market cap of US$ 288,699,570.
