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Price (USD)
$0.097187Circulating Supply
$768.6668MVolume (24h)
$1.5481MMarket Cap
$74.6963MLow/High 24h
$0.09533 - $0.097842Change (24h)
$0.00146767DeFi offers a large number of projects that facilitate payments in crypto. One of these is Request. Launched in 2017, the Request Network is an Ethereum-based decentralized payments platform where people can transact through secure means. The network connects the sender to the receiver through secure channels. It removes the requirement for a third party to mediate the transaction, making it cheaper and easier to transact. Let’s take a closer look at REQ coin and the project’s characteristics.
The Request Network (Request for short) is an Ethereum-based, decentralized payment system in which anyone can request a payment and receive money in a secure way. It is a decentralized payment system built on Ethereum. It does away with the requirement for reliable third parties to offer an affordable, safer, and currency-neutral payment option.
In order to comply with international law, Request also incorporates national trade laws. The Request Network uses the blockchain's immutability to provide precise accounting and auditing services, going beyond simple payments.
Sending a payment request from one address to another across the blockchain is how the Request Network operates. With a single tap, the money sender could accept the transaction or reject it. The main benefit of using the Request Network is that users can conduct transactions with others without disclosing their account details to them. Using the blockchain also removes any substantial transaction expenses, which reduces costs and increases efficiency for large-scale payments.
The Request Network is addressing auditing and budget transparency in addition to payments. Companies can keep track of invoices for payment audits and record transactions for bookkeeping needs. Request can be used by governments, nonprofits, and other organizations to increase the openness of their spending and budget.
The network works using the following layers:
Request Network has several unique features that give it an advantage over its competitors. The Request Fund will provide a new way for businesses to access the liquidity they need in order to expand and grow. It allows businesses of all sizes to easily request investment capital from a broad pool of investors, without having to go through traditional channels such as banks and other financial institutions.
The network offers a number of unique features:
To access the Request Network, you must spend the ERC20 token REQ. Making more complex invoices might also result in increased REQ fees. In its initial whitepaper, the team predicted that costs would remain between 0.05% and 0.5% and would go down as the system expands. When REQ tokens are released for sale in their respective products, owners of such tokens gain access to product discounts. The savings offered differ for each product.
The current supply and the exchange rate with the other currencies on the platform decide how much of the REQ fees are burnt. The Request Network might employ a Proof-of-Stake consensus process, though this is not yet proven. The REQ token can also be used to build community voting governance and serve as a middleman for cross-currency exchanges.
The Request Network can migrate, operate concurrently on several blockchains, or even operate on a separate dedicated blockchain thanks to the REQ token, all without compromising the network's essential functions. As a result, the network is no longer dependent on third parties for its technical infrastructure or currency.
There is an extra cost associated with creating a payment request using Request and broadcasting it to the network. On the Gnosis Chain, these transaction fees are collected in xDAI tokens. Subsequently, these are periodically transferred to the mainnet as DAI tokens and exchanged for REQ tokens using the Kyber Network on-chain liquidity mechanism. This effectively subtracts this quantity of REQ from the entire supply because this address will never be accessible.
Because of the Request Network's creative approach to blockchain technology and its possible uses, it is frequently featured in the media. The project team has been putting a lot of effort into making the platform better and easier to use. In May, Request Network revealed to its Twitter followers that it offers grants up to $100K to promote Web3 development.
Recommendations from multiple specialists and market analysts offer the opinion that Request Network represents a sound long-term investment. Some expert websites, like DigitalCoinPrice, believe that by 2030, REQ token will rise in price to reach $0.84, while PricePrediction believes that by 2030, REQ crypto can bring a solid return on investment as its price can skyrocket to $1.43.
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