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Cryptocurrency Guide | Guides

What Is Request Network (REQ)? All You All You Need To Know

Author

Rickie Sanchez

Tags

Tags Editor's Choice / Slider Posts

Reading time

3 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice / Slider Posts

Reading time

3 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice, Slider Posts

Reading time

3 mins
Last update

request network

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Key Takeaways

  • Request Network (REQ) is a decentralized network that facilitates payments and requests between individuals and businesses.
  • The project allows anyone to request and receive payments securely without needing third-party processors.
  • It uses smart contracts on the Ethereum blockchain to automate the process.

What Is Request Network (REQ)?

Request Network (REQ) is a decentralized network built on blockchain technology that facilitates payment requests, invoicing, and auditing. The project aims to disrupt traditional accounting and financial systems by providing a transparent and efficient transaction management platform.

How Does Request Network (REQ) Work?

Request Network (REQ) is a decentralized payment system built on the Ethereum blockchain, allowing users to request and receive payments globally. Here’s a breakdown of how it works:

Making A Request

One party initiates a request, specifying the recipient’s crypto wallet address and the cryptocurrency required. Optionally, invoices with detailed terms and conditions can be created.

Processing The Request

The request is broadcast on the Request Network and reaches the recipient. The recipient reviews the request and, if approved, makes the payment.

Recording The Transaction

Once the payment is made, the transaction is recorded on the Request blockchain. This record serves as a permanent and verifiable receipt for both parties.

Request Network (REQ) Token And Tokenomics

Tokenomics

  • Anti-Spam
  • Governance
  • Staking
  • Transaction Fee Discounts

The REQ token is the native token that powers the Request Network. It also serves multiple purposes, including:

Token Details

Total Supply 1,000,000,000 REQ

Circulating Supply 999,653,403 REQ

Current Price $0.1505

Market Capitalization $150,411,565

This information is current as of April 26th, 2024, and the token’s price, market value, and available supply may fluctuate.

Distribution

The initial distribution likely involved selling tokens during an Initial Coin Offering (ICO) in 2017, but specific details are not disclosed. However, the distribution involves:

Private Wallets – Likely for the team and advisors.

Exchanges – Where REQ tokens are traded.

Foundation Reserve – Allocated funds for future development.

Additional Details

The Request Network utilizes a burn mechanism, where a small transaction fee is burned, effectively reducing the total supply over time. There have also been instances of REQ token distribution through airdrops to incentivize participation within the ecosystem.

Where Can I Buy Request Network (REQ)?

Binance Binance is a major exchange offering a wide range of cryptocurrencies. It offers multiple ways to buy crypto, including credit cards, debit cards, and peer-to-peer (P2P) trading.

Coinbase Coinbase is an American-based cryptocurrency exchange that allows you to buy cryptocurrencies using various payment methods, including bank transfers, debit cards, and wire transfers.

BingX – This exchange offers REQ and various features, including perpetual contracts and margin trading.

Is Request Network (REQ) A Good Investment?

Pros

  • Privacy – Users don’t need to share bank details with anyone. Transactions are private because user bank details are not involved.
  • Low Fees: The network aims to offer lower transaction fees compared to traditional payment processors, making it potentially efficient for high-volume payments.
  • Global Reach: Request Network functions worldwide without limitations or geographical restrictions.

Cons

  • Competition – The decentralized payment sector is crowded with established players and new projects vying for adoption.
  • Limited Adoption – While Request Network has a working product, it hasn’t yet achieved widespread adoption compared to mainstream payment solutions.
  • Dependence On Ethereum – Request Network inherits the limitations of the Ethereum blockchain, such as scalability issues and potential transaction fee spikes during network congestion.

Final Thoughts

Overall, Request Network (REQ) presents an intriguing proposition for the future of payments. Investors considering REQ should carefully weigh the potential benefits against the existing challenges before making an investment decision.