The Request Network (REQ) project is a decentralized payment system where anyone can securely request payment and receive money. It is based on Ethereum. The founders of the Request project are Christophe Lassuyt and Etienne Tatur, who are well known in the cryptocurrency world.
The main purpose of the Request Network project is to create a cheaper and more secure payment network that works with all currencies. The system provides a cheaper and more secure payment solution that works with all global currencies, eliminating the need for trusted third parties. Request goes beyond just providing payment services and produces accurate auditing and accounting services by taking advantage of the immutability of blockchain technology.
The Request Network (REQ) coin has a wide range of uses. It is as follows:
- The use of blockchain technology with REQ coin also eliminates the need for third-party processors, resulting in a reduction in transaction costs.
- Transaction fees and REQ coin are used to encourage miners to reach consensus on the state of the network.
- The other party can then detect the request and pay it in a peer-to-peer manner with one click.
- Payments on the Request Network are made by simply sending an invoice via the blockchain.
In Request Network, the payee sends a request invoice to the payer via blockchain. The person who will make the payment determines this invoice and makes the payment with a single click. The money is transferred to the payee’s account. Request Network can also be used for online shopping payments and business-to-business billing payments.
In addition, Request allows storage and access. Companies can connect to the same network by collecting payment requests for services such as accounting, billing, payment and auditing in one place.
If we examine the advantages and disadvantages of Request Network, they are as follows:
- It is also integrated with worldwide legislation to remain compliant with each country’s trade laws.
- REQ coin can be stored in wallets such as Metamask, Argent, MyEtherWallet, Ledger, imToken, Trezor, Atomic Wallet, Jaxx Liberty and Trust Wallet.
- Users do not need to share account information in order to pay through the platform.
- One of the most important advantages of Request is that payments are transmitted instantly, not by withdrawal.
- The platform has transaction fees, which is a cost required to publish a change on the blockchain network.
- The platform offers higher levels of security, privacy and data ownership benefits for the end user.
- Regulations against REQ coin run the risk of rendering this project worthless.
- It has strong competitors from the traditional financial sector such as Paypal.
- REQ coin is a risky investment choice due to its high volatility.
- As the competition in the decentralized finance sector is high, the demand for REQ coins may decrease over time.
REQ coin is listed on many of the major and popular cryptocurrency exchanges. These; Binance is Kraken, KuCoin, Binance US, Coinbase Exchange.