Learn Cryptocurrency
28 Jan 2022

Request (REQ) Explained: Complete Beginners’ Guide

Devansh Sinhal

One of the most significant use cases of cryptocurrencies is decentralized payments. Crypto coins allow users to send and receive value over the blockchain without third parties. While Bitcoin is one of the largest payments solutions out there, The Request Network is also certainly a promising candidate.

The Request Network (REQ) is an Ethereum-based, decentralized payment system through which users can request payments from anyone over the blockchain in a secure way. It removes the need for third parties to get involved in P2P transactions, making money transfer cheaper and more efficient.

In this blog, we will understand the origins of REQ, how it works, and the benefits of investing in the coin. Let’s get started!

History of Request

The dev team behind Request were previously involved in creating Moneytis, a global money transfer platform. Even though the project was highly successful initially, the team chose to pivot and create a similar solution on the blockchain. Since Moneytis opened the team up to problems faced by customers when engaging in transactions, it served as a good starting point for them to develop the Request Network we use today.

Request founders Christopher Lassuyt and Etienne Tatur lead the team as the CFO and the CTO, respectively. From humble beginnings, Request has grown immensely over the last couple of years to command the current total market share of almost $300 million (at writing).

The Pros of Request Cryptocurrency

The Request Network works to facilitate P2P payments. It does so by introducing a new concept wherein the receiver of the money requests a transfer of funds over the network. The sender receives the request and gets to choose whether to make the payment. The advantage of using such a system is that incidents of wrong addresses, frauds, and scams become fewer. People get the option to either approve or reject the payment request based on their trust in the receiver.

There are other advantages of using REQ too. For example, the network can be used for online purchases and B2B invoices. The dev team behind the project is also working on expanding functionality to include IoT payments to machines!

REQ removes the need for parties to share their banking information to make a transaction. Since payments are push generated, there’s no need to share your details with the other party. Funds get transferred at the click of a button over the blockchain.

Key Takeaways

  • The Request Network (REQ) is an Ethereum-based, decentralized payment system.
  • What makes it unique is the fact that its payments are push-generated, making it more secure for all parties.
  • REQ conforms with international tax regulations, serves as proof for internal audits, and is compatible with most popular wallets!
  • You can now Invest in REQ crypto with CoinSwitch for zero transfer fees!

Request Future

Request has immense future potential in the decentralized payments space. What makes it unique is the fact that its payments are push-generated, making it more secure for all parties. The Request Network also leverages established blockchain networks like Ethereum and IPFS to increase security and privacy. Removing the need for users to enter their bank details protects users’ sensitive information and facilitates seamless P2P payments between strangers.

Benefits of Investing in Request

Request (REQ) Explained: Complete Beginners' Guide

Here are some benefits of investing in REQ tokens:

  • Compatibility with significant wallets: REQ is compatible with major online wallets like CoinSwitch Kuber, Metamask, Atomic Wallet, and so on.
  • Returns on REQ token: The native token of the network, REQ, has returned more than 2,200% to investors in the past year alone!
  • REQ conforms with international tax regulations: The network conforms to individual tax laws of the countries it operates in.
  • Serves as proof for audits: The requests made on REQ are stored on a digital ledger and serve as proof for all corporate and personal audits.

How to Invest in Request in India

If you want to invest in Request (REQ) in India, the best platform you can use is CoinSwitch Kuber. CoinSwitch Kuber is India’s most powerful crypto platform, with more than 14 million users using the app actively! The exchange supports Cardano, Ethereum, Bitcoin, and hundreds of other coins and tokens that you can buy, trade, or sell.

If you’re a believer in the Request narrative and want to bet on its long-term growth, here are some steps you can take to set up your CoinSwitch account and get started.

  • Step 1: Open CoinSwitch – The first step is to, of course, download the CoinSwitch Kuber app on your Android or iOS mobile phone. You could also visit our website and enter your phone number, potent, and we’ll SMS you a link to the app!
  • Step 2: Register and open an account – After the app has been successfully installed, you will be asked to enter your mobile number for OTP verification. Once the OTP has been received and entered by you, you will be asked to set a PIN on the app for added security.
  • Step 3: Complete your KYC – To complete this step, head on to the “Profile” section of the app at the bottom right corner and click on “User Verification”. Enter your name, PAN card details, date of birth, and email address for primary verification of your identity. Once this is done, you will be asked to upload a copy of your PAN card along with a copy of a government-issued ID card to complete the verification. On CoinSwitch, the KYC process is completed within two minutes!
  • Step 4: Add your bank account details – To transfer funds from your bank account to the CoinSwitch app, you need to provide the app with the relevant information. These include your account number and IFSC code only. The app sends ₹1 to your account to verify if the details are correct and if they are, the account is then linked to your profile.

You are now free to use the CoinSwitch wallet to buy, sell, or store Request (REQ) coins. Investing in the currency is also very easy. 

All you need to do is:

  • Click on the currency you want to buy (in this case, REQ)
  • Enter the amount, and click Buy

That’s it! The corresponding amount of the cryptocurrency of your choice gets credited to your CoinSwitch crypto wallet. The amount may then be monitored under the Portfolio section of the app.

Conclusion

Request has partnered with the Kuber Network to provide users with the functionality of cross-currency payments globally. Among other collaborations, it has also partnered with the world-class accounting firm PwC France to offer blockchain solutions to its business clients.

This goes to say that the Request network has a lot of potential. With the decentralized payments sector still under significant development, Request could very well become one of the leaders in the space.

Frequently Asked Questions

Is Request crypto a good buy?

Most cryptocurrencies are volatile assets subject to market risks, and investors should conduct their due diligence before investing in any coin. Before buying, we encourage you to figure out if Request is an excellent addition to your crypto portfolio in terms of risk-adjusted returns.

What is Request crypto used for?

Request crypto is used to facilitate decentralized payments without involving third parties. REQ is the native token of the network and can be used to pay fees on the same. The dev team is also planning to shift to PoS (Point of Sale) soon, which will allow investors to stake their coins and earn regular block rewards.

What is the price of Request crypto?

1 REQ token is worth $0.29 at the time of writing.

Will REQ coin go up?

REQ cryptocurrency has shown a rally of more than 2,200% in the last year, and analysts are optimistic that the coin has a bright future.

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

writer

Devansh Sinhal

Content Writer

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