What is Request Network (REQ)?
Future of REQ Cryptocurrency and know how to buy REQ
#1: What is Request Network (REQ)?
REQ: The Basics
- The Request Network (REQ) is an open source, decentralised network of payment methods, allowing anyone located anywhere in the world to make payment requests to receive money easily.
- REQ is based on Ethereum platform. All requests made, are detected and paid without the need of involving any third parties. This makes Request Network cheaper and more secure.
- Requests made under the REQ are stored in an immutable authentic ledger, which also serves as a proof for all auditing and auditing purposes. REQ is designed to work with trade laws across worldwide.
- Request Network was founded by Christopher Lassuyt and Etienne Tatur, both currently hold the positions of CFO and CTO respectively in the team. Team also contains Vincent Rolland, Elliott Denis, Laura Girod, and Julien Devoir.
- Request Network went live for trading on 13th October, 2017 with an initial price of $0.58464. By the first week of January 2018, it had reached its highest price so far, of $1.18.
#2: What are the benefits of Request Network?
- The Request Network is an ERC20 token built on the Ethereum blockchain technology, which provides a decentralised, secured, and seamless payment experience with 1 click confirmation to payment requests, also called Request Invoices.
- As the team mentions in their white paper, “Anyone can write on the Request Ledger and create a Request for Payment. The Request can be detected by the recipient monitoring the network (via a wallet or via a financial application). If the request is approved by the user, it can be paid with a single click. Then the request is completed and the network is updated.”
- In a marketplace where third parties take commission of 1.5% upto 7%, The cost of requests within the protocol is between $0.001 and $0.20, which depends on the invoiced amount and the extensions. The team claims that the cost of transactions will decrease with the growth of the system.
- Apart from allowing users to make peer-to-peer transactions, the REQ cryptocurrency allows users to make online payments across the websites. Making payments using REQ is as easy as it can get. Since the transactions are done without leaving blockchain technology so there is no involvement of third parties, which minimizes the risk of exposing transactional and personal information.
- Some strong points of Request Network mentioned by Etienne Tatur: cost, security, inter-currencies, experience, accounting, advanced payment options, and timely payments.
#3: How to buy and store REQ?
- The Request Network cryptocurrency (REQ) can be bought on several exchanges, some are CoinSwitch, Binance, Huobi, Gate.io, OKEx, Kucoin, Mercatox, Bitfinex, Ethfinex, and several others.
- On several exchanges REQ can be exchanged for Bitcoins(BTC), Ethereum(ETH), and Tether(USDT), some like Ethfinex also allow USD to be used.
- These exchanges serve as platforms on which you can buy or sell the REQ tokens, but CoinSwitch, the largest cryptocurrency conversion platform, will actively help you make the right decision by providing the prices for REQ on the crypto exchanges it’s sold in, all at one place. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token, and CoinSwitch will facilitate the comparison in various exchanges.
- What’s more - with CoinSwitch, you need not create or rely on the wallets specific to the exchanges. Instead, all transactions can happen to and from your very own private wallets.
REQ Storage / Request Network Wallet
- Since REQ is an ERC20 token, an Ethereum Paper Wallet or Hardware wallets like Ledger Nano S, Trezor, and Keepkey function as an ideal REQ wallet to store your REQ token.
- To buy REQ users will be required a wallet, for example, take MyEtherWallet (An open-source client side interface which allow directly interact with blockchain).
- Go to MyEtherWallet.com and click on “Create New Wallet” button, and complete all necessary steps.
- After creating the wallet you will be required to generate your private address.
- Once you have your private address choose your exchange platform and purchase Ether and then convert Ether to REQ.
#4: What is the future of Request Network?
Also Read: Complete Analysis of Request Network | Live Request Network (REQ) Price Charts And Predictions
- There is $2.3 million worth of REQ tokens available in the market.
- Often called Paypal 2.0, Request has been continuously working towards providing a secure and transparent platform for payment. Request Network has partnered with Y Combinator, PwC France And Francophone Africa.
- In April 2018, Request Network and Wikipedia entered in a partnership which will allow Wikipedia to use Request network for donations.
#5: How is REQ different?
- The REQ cryptocurrency allows its users to make peer-to-peer transactions, but its similarities with other cryptocurrencies end there. Request Network is hitting at some of the most common problems cryptocurrencies first - that of making transactions faster, quicker and easy for the layman to understand. There isn’t going to be worldwide adoption without this.
- REQ will also allow users to make payment on websites. While the Request Network benefits from blockchain technology for seamless and secure payments, it also provides a cheaper way making transactions. Request Network is designed to integrate with trade laws of every country across the world. The team claims “Request is designed to be flexible, to last hundreds of years, and to work with IoT, whilst being compatible with any future systems.”
#6: Should you invest in Request Network?
The Request Network seems like a promising system that may bring much-needed adoption to the cryptocurrency market with its planned roadmap. The organisation has also scored some major partnerships and is still growing. Having said that, the Request Network cryptocurrency also suffers from major competition from the likes of OmiseGo, which is another solid cryptocurrency in itself. It’d be best to keep an eye out on the market and invest when the time is right.