Request Network’s goal of becoming the “Future of Commerce” is an ambitious one in itself; their token sale was successfully concluded in October 2017 and since then their team has kept to their development plan.
Request Network is an ambitious new venture with many ambitious plans and intentions, yet little knowledge about their purpose, goals, token sale results and recent developments is available to investors. But are their ambitions achievable? Will Request Network succeed?
The Concept Of Request Network
Request Network is set to become the world’s first decentralized network for fiat money payments. By offering an open ledger for payments with record keeping on blockchain and low transaction fees, Request Network aims to offer three key advantages: security, simplicity and savings.
The Request Network team’s aim is to become the global Internet of Things. Their whitepaper describes it as serving as the backbone for trade – such as an autonomous car communicating with an ingenious garage contract to buy new wheels – an example they cite.
Request Network’s Main Features
Request Network allows individuals making payments to send requests directly to payees via Request Network, accepting them and making the payment through it. Each payment transaction is recorded on the blockchain as one ledger entry and provides an unalterable record – never sharing banking details and thus protecting banking information from being intercepted by malicious parties.
Request Network has three layers, including its core layer, extensions layer and application layer. Its extensions layer supports various payment conditions like escrows, escrowed payments and taxes, with extensions developed by anyone for it. Finally, its application layer connects various systems within Request Network outside the blockchain itself.
Developers want to encourage quick payment of invoices, so the applications layer includes a reputation feature. If an payer does not meet payment deadlines after accepting requests on time, he or she will incur a reputation penalty; scammers can be deterred this way while those with good reputations might receive cost reductions or exclusive extensions as incentives.
Smart Audit mes Intelligent audit is currently an integral component of financial systems and Request Network aims to incorporate it in theirs. By consolidating transaction information in one convenient place, they’ll become an efficient accounting resource – making auditing far less time consuming. Although they won’t replace existing accounting methods; rather they will augment them.
Request Network’s Fees
As those familiar with payment providers such as PayPal are aware, their fees can be steep. Through its extensions layer described above, Request Network fees will be assessed on each extension installed – part of this charge will go toward supporting extension developers while another portion will go directly into its coffers.
According to its developers, initial fees for using the system will range between 0.05% and 0.5% initially and as it expands this will likely drop over time. In addition, its core layer will require small amount of Ethereum gas with a $1 cap on maximum fees.
Request Network Stablecoin Support
Businesses can now use Request Network to accept cryptocurrency payments and seamlessly integrate them into their accounting systems.
Stablecoins have emerged as an attractive solution to reduce cryptocurrency volatility.
Recently, it has become easier for users to request and exchange stablecoin-backed cryptocurrencies, as well as accepting them as payment.
At present, Request Network offers four stablecoins – USDC, PAX, TUSD and DAI – which provide companies with blockchain infrastructure the option of accepting payments in digital assets as payment for services provided on blockchain-based networks. They plan on adding more stablecoins in the near future.
The Building Blocks of Request Network
Request Network is one of several cryptocurrencies built upon Ethereum platform, and its developers have openly admitted using other blockchain bricks in its construction.
0x is an ERC20 token trading platform running on Ethereum network. Because one’s payment currency may differ from their storage currency, Request Network’s team is working towards creating a cross-currency settlement system. Furthermore, Request Network teamed up with Kyber Network, a token exchange and conversion platform, enabling the exchange and conversion of digital assets and giving users the option of paying with requests instead of their currency when payments cannot be processed immediately.
Request Network is a blockchain-based secure identity platform designed to connect various ‘Identity” providers like governments, banks and trusted institutions.
Request Network is expanding Aragon’s mission of decentralized organizational structures by offering automated accounting, auditing, and financial transparency services.
The Team that Created Request Network
Request Network (Berlin) was founded by the same group who were behind Moneytis, a money transfer service. Request Network was developed as an ambitious successor to its predecessor; after its formation it has also been incubated by Y Combinator who previously supported Moneytis.
The Request Network Token Sale – Results
Request Network’s token sale kicked off on October 13, when 50% of its tokens became available for sale. Within three days, all available tokens had been sold – far ahead of schedule when 100,000 ETH (1 ETH = 5,000 REQ) cap had been reached and all 11,467 participants participated.
REQ Token Supply on January 9, 2018 was approximately 641 Million. This plan involved setting aside 30% for future development while allocating 70% to early supporters and contributors; with half going toward an external development fund and half to team members and advisors being invested over two years. This constitutes the current REQ token supply as of January 9, 2018.
Where can You Trade Request Network Tokens?
Request Network tokens can be traded on various exchanges including Binance, OKEx, Huobi, Upbit, Bittrex and Liqui.
What’s the Current Status, and what’s next?
Request Network is currently in Phase 3 of its six-phase roadmap, codenamed ‘Request Great Wall,’ which will run for one quarter in 2018. Phase two, known as Colossus, concluded at the end of 2017. To see how Request Network will operate when live, access its full demo here.
Request Network is currently limited to payments with Ethereum (not real ETH, just its demo version), however its developers are planning to launch a Main Net version that works with Ethereum in this quarter. After that comes accepting all ERC20 tokens as well as BTC and fiat currencies with an option for Pay with Request (similar to PayPal’s Pay Now button)!
The Request Network team’s goal for this quarter is to demonstrate a Proof of Concept using Bitcoin Oracles as part of their Request Network core, and their technical mindmap provides a glimpse of their vision.
Can Request Network Deliver?
At this point, Request Network’s success remains uncertain. Though every phase on its roadmap has been accomplished thus far, its true trials still lie ahead.
Over the course of just one month, Ethereum prices have skyrocketed from $335 to nearly $1,188 – creating an almost $120 million war chest for Request Network team and increasing their chances of success significantly.
REQ tokens have proven their worth since being released for sale, rising from around $0.06 to nearly $0.95 over time – most notably at the end of December 2017 where most value increases occurred.
Request Network’s ambitious aim of becoming the backbone of global trade may be ambitious, yet achievable with their successful ICO and token price increase. Is Request Network all hype or just another “pump and dump” token? Share your opinions in the comments!