Request: Everything you need to know


Source: CoinMarketCap

Based on blockchain technology is the leading industry in virtual currencies which has been gaining quite a lot of attention lately, often known as crypto or cryptocurrency. Crypto has been there for a long time now and since it was first launched, it has been able to witness significant growth in recognition as well as popularity. This virtual asset of yours has been able to attract potential investors from all over the world and is progressing at a speed that is unmatched by any similar industry as of today. 

Looking at how the crypto world has been expanding, it is only logical to assume that most of you present here today are already aware of virtual currencies and are well versed with their functionalities and operations but, for those of you who have still not been able to wrap around the basic concept of cryptocurrencies, let me help you with that. 

Digital currencies have been made possible due to the rapidly elevating technology all across the globe and the rising interest of people in the same. Crypto is basically a decentralized platform that is extremely secure, all thanks to cryptography, and that it completely eliminates the question of counterfeiting as well as double-spending. This digital asset of yours can easily be stored in online wallets and can be used for the purpose of trade and exchange as well as buying and selling of goods and services but over the internet of course. 

Source: Medium

Some other reasons for its popularity and growth over the recent years include its highly portable nature, ease of use, customer interaction, uncertainty, immensely high volatility in prices as well as its intuitive interface. For those of you who have been following cryptocurrencies since it was first introduced to the world, I am confident that your world agrees with me on the fact that, initially the marketplace did not have many users coming in and there were obviously not many currencies available for you to pick from.

But, on the contrary, if you look around today, you will realize that there are numerous such currencies that you could easily choose from, thus increasing the so-called competition in the marketplace while also impacting the prices in some way or the other. On a similar note, it is worth mentioning that, some of the most popular currencies that are available today in the marketplace include Cardano, Avalanche, Dogecoin, Baby Doge, Bitcoin, Ethereum as well as Binance Coin along with a lot more. 

Lastly, before you make any perception about cryptocurrencies, there has been chatter amongst global experts on the field that, crypto is one such rare industry that has the potential to and which will soon revolutionize the entire payment systems all around the world. Note that these assumptions are not entirely baseless and as a matter of fact, from where I stand today, it seems as real as it gets. 

Now that you know much more about cryptocurrencies, you will be able to have a much better understanding of what we have with us today, Request. To know more, I suggest you read further!

Everything to know about Request (REQ)

Source: Blokt

The Request Network or as often referred to as REQ is nothing but a decentralized payment system based on Ethereum where any user will be able to receive and request payments through the most secure means possible. It is worth mentioning that, the platform was founded by Christophe Lassuyt, who is currently the chief financial officer at Request as well as Etienne Tatur, who is said to be the current chief technical officer for the network.

In other words, the Request Network is known to eliminate the requirement for third parties to provide a much secure as well as cheaper payment solution that is able to work with all the currencies available on a global level. Basically, Request Network is just another protocol that has been developed focusing on requesting and creating payments and as mentioned previously. Not just that, the transactions on the platform are always recorded without fail and the requests are said to be processed without a mediator. 

Furthermore, before moving on further, it is worth mentioning that REQ is the native utility token of the Request Network, which was launched about four years ago, back in 2017, and is said to be one of the latest tokens to have been benefitted by being added to the popular Coinbase Exchange, that I am sure, you all must have already heard of!

Talking more about REQ, it is an ERC-20 token that can easily be used to make payments on the Request Network including the network fees as well. As per the platform’s whitepaper, the fee charged is to remain between 00.05 percent and 0.5 percent and is said to be reduced as the system further grows. Having said that, it is vital for you to know that, determined by the current exchange rate as well as the current supply with other currencies on the platform, a small portion of REQ fees is often burned.

Also, as discussed previously, the Request Network is known to remove third-party interferences and intermediaries, thus reducing the overall transaction cost significantly. In addition to this, one of the other chief advantages of the Request Network may include its ability to work with currencies from all around the globe and the fact that it is just not limited to crypto alone or fiat money for that matter. 

Source: Product Hunt

Request also is known to integrate with legislations from all over the world in order to remain compliant and legally strong considering the different trade laws of every country. Apart from just payments, the Request Network is also said to capitalize on the stability of the blockchain in order to produce precise accounting and auditing services. 

However, it has not been confirmed yet but, the Request Network might use a Proof-of-Stake consensus algorithm. As a result, the holders of the REQ token will be eligible to receive dividends based on their holdings. Apart from the above-mentioned uses, the REQ token can easily be used for forming governance in community tokens along with cross-currency exchanges as well. 

Talking about the working of the network, when a user on the platform requests for a specific payment, they further define the amount along with the address at which the payments need to be allocated. Along with this, the user is also capable of defining the terms and conditions for the said payment by just putting in a simple request into an invoice. Once all of this has been done, the user can then share their request to the counterparty in order to be paid. 

Moreover, every step that is mentioned above is documented and directly stored on the Request Network, thus enabling everybody involved in the transaction to easily keep track of all the payments and invoices for accounting purposes. By now, you must have already understood that the Request Network is nothing but a cost-efficient, fast, and extremely secure way of paying and receiving payments among two or more parties involved. 

What makes Request special?

Source: Twitter

As mentioned previously, the payments on the Request platform can easily be performed by simply sending an invoice using blockchains. As a result, the other party will be able to detect the request made and pay the said amount with just a single click in a peer-to-peer manner. In addition to this, one of the major advantages of Request is the fact that the payments on the platform are push generated, rather than being pull generated. 

Also, as per the norms of the network, there is absolutely no need for the users to share delicate information about their account and most importantly, the use of blockchain technology on Request further removes the need for any third-party processors, thus reducing the per-transaction cost. Not just that, the Request Network is said to support several decentralized blockchains like IPFS as well as Ethereum for increased privacy and security along with data ownership for end-users on the platform. 

As mentioned earlier, the transaction cost charged on the platform is a lot less when compared to the competition, and the fee collected is used to incentivize miners in order to reach a consensus on the network. Moreover, REQ can easily be stored on several virtual wallets including Ledger, MyEtherWallet, Trezor as well as Metamask to name just a few. 

Investing in Request

Source: Blockonomi

As of today, the price of Request is about 0.203449 US dollars with a twenty-four-hour trading volume of 7,349,298 dollars. Not just that, in just the past twenty-four hours, the value of the platform has gone down by nearly 3.22 percent and with a market cap of 203,425,102 US dollars, Request is currently placed at 196th position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of Request is about 999,881,816 REQ coins with a maximum lifetime supply of 999,983,984 REQ coins. Lastly, in the past week alone, the price of the platform has gone uphill by 12.94 percent.

As far as investing in Request goes, reading so far, you must have gotten a fair understanding of what the platform is all about and by now you should be able to decide on your own, whether or not investing in Request is the right thing for you to do.

Looking at its unique approach for providing payment solutions, when combined with its past performance, its plan for the future as well as what it has to offer, it seems like a worthy investment to me if you are planning on investing in something that will provide you with good return in the coming future. 

If you are still not convinced, think of it this way that, if you purchase Request worth a hundred dollars today, you will receive about 496.485 REQ tokens. Based on the analysis and research done, after five years from now, it is surely expected to provide a return of +344.89 percent. As a result, your hundred dollar investment today might rise up to 444.89 US dollars by the 2026 model year.

Source: Nomics

But again, as mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is extremely important for you to understand the fact that just like any other currency in the crypto marketplace, Request does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy Request? Let me help you with that. Currently, Request is available on all major crypto exchanges but some of the popular exchanges that have REQ listed on them include Binance, Huobi Global, Mandala Exchange, ZT as well as OKEx to name a few. 

In conclusion, What are your thoughts on the Request Network? Do let us know in the comments below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: Ren: Everything you need to know