Request Network (REQ): the future of payment systems =

Request Network Token is still a relatively unknown cryptocurrency, but it is already seen as PayPal 2.0. The possibilities of this platform go further and it has already attracted the attention of several major parties. For example, one of the most prestigious startup accelerators, Y Combinator (which has been largely responsible for the growth of companies such as AirBnB, Reddit and Dropbox), has taken the platform under its wing. What potential do these companies see in Request Network? This article explains it to you.

What is Request Network?

Blockchain is best known for turning the financial world completely upside down. Yet in very few places we can actually pay with Bitcoin or other blockchain-related ways. Although there is a great hype around cryptocurrency, shockingly little use is still being made of all the benefits. Request Network wants to change this. It wants to act as an intermediary like PayPal and iDeal do, but with all the advantages that blockchain brings.

Very low transaction costs

Payment systems such as iDeal and PayPal charge costs for every order that is paid by the selling party. For example, PayPal charges between 1.5 and 3.4 percent per transaction. So, for example, if a furniture maker wants to sell a beautiful luxury sofa online for 1500 euros, PayPal will receive at least € 22.50 from it. There is a good chance that we as consumers will indirectly pay for these costs. If we then look at the turnover of almost 11 billion dollars (!) that PayPal made in 2016, we see how incredibly much money we spend on these types of payment services.
Thanks to blockchain technology, Request Network does not have to charge very low transaction costs (fees) for payments. A company like Amazon, which had a turnover of USD 136 billion in 2016, can save billions of dollars in transaction costs.

Your identity is safe

Another problem with platforms such as iDeal, PayPal and credit card companies is that you have to leave your personal information with them in order to use their services. It is then unknown what happens to your data. These can be sold or otherwise used or abused. Request Network wants to ensure that this no longer has to be the case. In partnership with another promising crypto startup, Civic (more on this later), Request Network makes it a priority that their users’ data is secure.

Additional options

At the moment, many people think that Request Network is nothing more than a simple payment system with low transaction costs and your personal data is safe. However, the plans with Request Network go much further than this. Just as Ethereum is currently seen as a platform that can decentralize the internet, the team behind the Request Network Token wants to create a platform that enables a completely decentralized accounting system. Request Network is therefore not just an Ethereum-based dApp (decentralized application), but can be seen as a platform that can offer innovation to the entire (online) accounting world. Currently, there is no comprehensive, standardized platform for issuing, reviewing, and adjusting invoices, so companies must turn to costly third parties to do this for them. Request Network wants to become this platform and ensure that these third parties become obsolete.

Example: Request Network in action

So you want to buy a luxury sofa for 1500 euros and have seen a nice one on eBay. A John Doe is asking $1,500 for this couch. You send John a message that you would like to buy his couch for $1500 and then John sends you a “request” back to pay the $1500. You click on the button to transfer the money to him and the payment is arranged. What just happened?

  • John and you have had to pay little to no transaction costs, because you have not used a service such as PayPal or iDeal; and
  • For this reason, you did not have to leave any additional personal data; and
  • you simply paid with euros and this was automatically converted to dollars by Request Network; and
  • the transaction is automatically added to both you and John’s accounts.

 

Request Networks collaborations

Request Network has entered into many different collaborations with various crypto startups to convert their ambitious plans into a well-functioning product.

Kyber Network

Kyber network is a decentralized trading platform that ensures that transactions can be made immediately and liquidity is guaranteed. This means that there does not necessarily have to be a (seller) buyer who accepts your order. Request has entered into a partnership with Kyber to ensure that the platform is as accessible and simple as possible to use.

0x

0x is a protocol that allows any programmer to build a decentralized trading platform where people can trade ERC20 tokens (tokens based on Ethereum) without relying on a central authority. Request has partnered with 0x for the same reason as with Kyber: to make using the platform as simple as possible.

Civic

Civic is a crypto startup that provides businesses and consumers with the tools to protect their own data and identity. Request has partnered with Civic to offer these capabilities on its own platform as well.
 

In addition, Request Network has collaborations with:

  • Aragon
  • iEx Ec
  • Quantstamp

 

 

Y Combinator and ING group

Request Network has also been discovered by a few large parties, including Y Combinator. Y Combinator is perhaps the most successful startup accelerator in the world. A startup accelerator is a company that invests in promising startups and also supports them with a lot of valuable information, knowledge and a large network. For example, Y Combinator invites the startups to a three-month crash course to further develop the product and provide mentorships. The most famous startups supported by Y Combinator are AirBnB, DropBox, Reddit, and Coinbase.

In addition, the team behind Request Network has received recognition from ING Group. However, this was for a different product than Request, because ING is not allowed to invest in Request itself due to legislation and regulations.
 

The Token (REQ)

What gives the Request Network Token (REQ) its value? You need these tokens to pay with the Request Network. On the one hand to pay the (very low) fee and on the other hand to be able to convert one currency to another. With each payment, the used tokens are burned. This is therefore deflationary: there are fewer and fewer tokens in circulation. There are currently one billion tokens in circulation.

 

Conclusion

Request Network can be seen as a very interesting startup. It has been claimed for years that blockchain can solve all the problems we experience when using payment systems such as PayPal and iDeal, but there is little evidence of this in practice. Should the Request Network succeed in being used as an additional payment option within a short period of time, this could give a huge boost to the adoption of cryptocurrency with their token leading the way. In addition, they have a strong team that has already received recognition from major players such as ING Group and Y Combinator.

However, there are also things that need to be taken into account. There are already many other crypto startups trying to solve the same problem, such as OmiseGo (OMG) and ARK. Nevertheless, Request distinguishes itself from this by actually building a platform instead of just a decentralized application (dApp). Another problem may be that the platform is built on Ethereum and therefore depends on how this will develop further. Ethereum has been suffering from scaling problems for a long time and Request Network will therefore suffer from exactly the same problems. They have indicated that they will not rule out a hard fork in the future if a better platform comes along.

How do I buy Request Network?

Buying Request Network on Bitvavo is a piece of cake. Within a few minutes and for less than a euro you can already be the proud owner of REQ.

  1. Register here for free at Bitvavo
  2. Verify yourself by clicking on your name in the top right corner and then go to ” Verification “.
  3. Transfer money via iDeal. You do this by clicking on ” Deposit Euros “.
  4. Then enter the amount and choose iDeal as payment option so that the money is in your Bitvavo account within a minute. Then click on “Pay”.
  5. If you click on ” Overview ” afterwards, you will see the money.
  6. Find REQ, click on it and then press “Buy”.
  7. Invest the amount you have in mind in REQ.
  8. Congratulations! You bought REQ!
    Don’t forget to save your username and password

 

Get in touch!

Would you like to learn more about the Request Network platform? Then click through to social media and the white paper via the following links:

  • Website
  • Facebook
  • Slack
  • Twitter
  • White paper

 

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