Request Network review! REQ offers payments solutions on the blockchain as a decentralized network for payment requests to revolutionize commerce & ecommerce.
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Request is a decentralized network that enables blockchain payments on a global scale. Anyone can use Request to generate an invoice, which the recipient can then pay in a fast & secure manner, with all data being stored on a decentralized authentic ledger. “Global” is the word Request emphasizes most, as its ledger is built to support any transaction regardless of language, legislation, or currency. Since Request is developed as an extra layer on the Ethereum network, it uses smart contracts that allow users to manage a variety of payment terms with implicit security & legal compliance. Request developers call it the “future of commerce” or PayPal 2.0 as the team has underlined that there’s an ongoing revolution both digitally & in the Internet of Things (or IoT). Request aims to use smart contracts & the blockchain’s transparency & immutability to become a new standard for payments, auditing, accounting, & invoices. Security (you don’t have to share banking information), Simplicity (you only have to press a button), & Savings (a third party such as PayPal isn’t required). Its developers have highlighted how Request can offer a financial framework for interaction between machines & the IoT. An algorithm enables them to negotiate automatically, after which a payment system with deposit & escrow is established, meaning that funds are blocked until delivery. The Core Layer is tasked with handling the ledger & the most fundamental smart contracts that rely on it. Payment request & payment completion take place at this level. The second layer is the Extensions Layer, which handles payments that are more complex & invoices requiring multiple calculations. This layer features rules for calculating escrows, advances, payment terms, & others. These terms & conditions come in the shape of extensions, which can be attached to requests. The Extensions Layer will enable the development of unique features such as “continuous billing.” The Extensions Layer is chargeable & involves a fee for each extension, a portion of which will be burned & another that will be transferred to the extension developers. Request’s outermost layer is the Application Layer, which exists outside the blockchain. It enables third-party systems from different companies to access information. Audit, tax, accounting, debt collection & recovery, & various payment & factoring systems can all connect to this layer. At this level, Request becomes an intermediary for banks & other payment systems, that can use it to access user invoices. The Application Layer has an added “Reputation Application.” Individuals & companies can view one another’s reputation & act accordingly, while users with the best reputations may eventually benefit from cost reduction or access to custom extensions. As Ethereum ERC-20 tokens, REQ will be used to access the network, create more complex requests, & as rewards for those various parties contributing to the network’s development. Those who use the network will need to pay a fee in REQ, which will eventually be burned. Request Network operators plan on adjusting fees in accordance with the REQ supply & its exchange rate with the various currencies supported by the network. Business-to-Business invoicing is one of the first services that may benefit from integration with Request. Bills can be shared directly via the blockchain, with immediate updates to accounting systems & no duplication errors. Online payments can potentially be transformed by Request. Accounting, audit, & expense may all become automated. The traditional digitalization of paperwork is replaced by a streamlined system with a high degree of autonomy. Request boasts the creation of Smart-Audits, which they see as a cheaper improvement on the manual techniques that are currently still in wide-use. There will be no need for manual checking to detect evasion or false invoicing, since all the information is already in the Request system. The days of lost or altered expense reports may also be coming to an end, since they’ll easily be exchanged in realtime through a Request expense management system. With Request, governments handling taxation & other institutions may become more transparent since financial information concerning every entity is immutable & updated in realtime.
Disclaimer: This is not financial advice. I absolve myself of all responsibility (directly or indirectly) for any damage, loss caused, alleged to be caused by, or in connection with the use of or reliance on any content, goods or services mentioned in this article. As usual, DYOR.
