Request Network (REQ)

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Request is a network based on the blockchain, allowing anyone anywhere to request a payment in only a matter of a few seconds.

Joke Name

Request Network = Get Paid

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (REQ)

Coin or Token

Circulating Supply (726 Million)

Total Supply (1 Billion)

Market Cap Ranking

Review

Request is a network based on the blockchain, allowing anyone anywhere to request a payment.

Crowdsale

There was a lot of interest in the Request Network ICO, which ended up selling over $32 000 000 dollars’ worth of tokens in less than a week.

Features:

  • The Network
  • The Ecosystem
  • Token
  • The Network

The main drawbacks of conventional payment processors is that they’re inefficient and unsuitable for micro-transactions. The withdrawal fees, processes and documentations involved with them can get tedious. Request aims to combat this by utilising the blockchain’s immutability and transparency, allowing almost anyone to facilitate a payment request by sending a Request Invoice, creating a secure environment. The information is then stored in a decentralized ledger, which leads to cheaper and quicker payments, a more simple process of legal compliance and a secure automation process.

The Ecosystem

The Core is the bottom layer of the ecosystem, managing consensus over the ledger and transactions, also detecting when payments have been completed. No one can change the information within the core and everyone can access it. The system is intelligent, allowing it to know if the rules were followed at the time that the payment was made. The Extension layer allows for payments that are more complex than “A pays B” to be created, such as elaborate rent or interest payments. Finally, the Application layer allows companies to connect to Request to create request or access information.

Token

REQ tokens are necessary for participation in the Request Network. When using the network, users will pay for network fees with REQ tokens that will be burned after the transaction.

Problems

The main issue with Request is that it attempts to tackle peer-to-peer payment, making it directly compete with pretty much every other cryptocurrency out there, along with industry giants like Paypal. Some team members also seem involved in other projects, which puts under question just really, how much time they commit to the REQ project.

Conclusion:

Overall, Request is a very solid project. The team has been very persistent, backed by one of the biggest LLC’s: Y Combinator. The project has a clear vision and partnerships with some top names in the crypto sphere, like Quantstamp and the Kyber Network. It just becomes a question of if/or how fast will Request’s technology be adopted. The vast competition the platform faces surely means that the team will have to concentrate and work hard in order to ensure their product has a place on the market.

Pros

  • Solid Project
  • Good Team
  • Available on over 10 Exchanges

Cons

  • No backing (asset, profits, commodity)
  • High competition
  • Team involved in other Projects