Request Network is a decentralized network designed to allow everyone to request an invoice and provide recipients with an opportunity to pay in a completely secure way, with all relevant information stored in a decentralized authentic ledger. This process results in easier, cheaper, and more secure payments while allowing a wide spectrum of automation possibilities.
The integrated general ledger is both universal and smart. It’ll support ALL global transactions, regardless of legislation, currency or language. Also, it is at the very root of exchanges, integrating a computerized trade code and payment term management.
To an extent, we can draw a parallel between Request Network and existing money-transferring services like PayPal. Read our in-depth Request Network review to learn the intricacies of the project, as well as future plans for the platform.
Request Network is a project developed by the team behind Moneytis, one of the cheapest money transfer platforms on the market. They all worked together in the past for periods ranging from 6 months to 6 years, which ensures a proper team atmosphere, on top of their experience with finances, entrepreneurship, and blockchain technologies. Apart from Moneytis, the team also worked on theblockchainnetwork.com, destinesia.io, and neomy.io.
The core team includes the following members:
- Christophe Lassuyt – Co-founder & CFO
- Etienne Tatur – Co-founder & CTO
- Vincent Rolland – Lead engineer
- Laura Girod – Data scientist
- Julien Devoir – CMO
- Elliott Denis – Full-stack engineer
- Guilles Fedak – Advisor; Co-founder at iEx.ec
The current partners include:
- YCombinator – A seed accelerator ranked by Forbes as one of two “Platinum Plus Tier US Accelerators” for 2017
- Moneytis – A popular money transfer platform
- IEx.ec – A blockchain-based distributor of cloud computing
- ING – A global financial institution offering wholesale banking services in 40+ countries
About The Project
In 2017, the Request Network team participated in the YCombinator in San Francisco. Numerous exchanges with some of the biggest startups and best Silicon Valley investors confirmed the team’s initial idea that blockchain offers the best foundation for international trade. The international payment issues with banking and administration will become almost non-existent with blockchain-powered streamlining and automation ideas offered by Request Network.
Request Network is basically a layer built upon Ethereum designed to disintermediate payment requests. With the current transfer model, every time you make a payment online, receive an invoice or a receipt, a third party is used for generating and sharing your request (Stripe, PayPal or pretty much any accounting software). With Request Network, your requests are created directly on the blockchain, which enables a seamless payment experience while satisfying legal frameworks. We’ll talk shortly about all the benefits of this process.
Request Network will create an ecosystem consisting of 3 layers:
- The Core layer – The first layer manages the ledger consensus and the states transitions. It stores the essential smart contracts, allowing users to create different entities and payment requests. It’s also used to detect when payment is completed. The core layer is based on immutability (information can never disappear), the openness of the system (relevant information is available to all parties involved), and intelligence (the system is “aware” of the invoice rules and “knows” when they have been met). The core layer is placed on the Ethereum blockchain, allowing it to incorporate endogenous benefits for ERC20 and Ethereum-labeled invoices. Other currencies use Oracles for automatic payment detection. The only transmitted costs for this layer are for information storage and the use of Ethereum gas.
- The Extensions layer – Most payment requests go beyond the basic smart contracts held in the Core layer. That’s why the project features this special layer dedicated to adding conditions to requests in the form of available extensions. This layer allows for some extraordinary features that don’t even exist at this point. One of the best examples is the possibility of “continuous bills.” This layer, however, is chargeable. The fee for each extension is paid to the token holders and the extension itself is accrued on the same invoice. Fees will decrease over time to discourage alternative systems and remain competitive. The cost projection for extensions stands between 0.1% and 0.5%, which is more than enough to finance the network with 5,000 billion in payments made every day. The layer is 100% open and everybody can create their own extensions.
- The Application layer – This layer is placed outside the blockchain. Users can use multiple systems from different companies to connect to Request Network and create requests or access relevant data. Accounting, tax, audit, recovery and collection, payment systems or factoring can all be connected. Once a payment system connects to Request Network (Coinbase, Mycellium, Bank of America…), it’ll be able to access users’ invoices and propose instant payment. The Request Network team will develop apps as well, including an API and an interface for request creation and assessment. The Application layer will also feature a reputation system designed to guard users against bad payers and phishing attempts.
Request Network also features numerous use cases, which really makes this project stand out. The use cases listed in the Whitepaper include:
- B2B invoicing – Companies share billions of invoices each year, usually sent in paper or email format, which results in numerous errors, especially when tax rules or advanced payments are applied. Request Network allows companies to share bills directly via the ledger, with accounting systems immediately plugged in and updated, thus avoiding duplication.
- Online payments – With Request Network, your sensitive payment information is never shared with third parties, eliminating the risk of interceptions and reusing your banking information. There is zero room for manual input errors since it only takes one click to make a payment. Third parties like Stripe, PayPal or Bitpay are also eliminated from the equation, reducing the overall transaction costs (providers usually charge 1-7% of the set amounts).
- Automation of jobs – Request Network will allow users to perform their accounting automatically and in real time. This will reduce costs and allow for better and faster financial management with more information. Thanks to the system’s immutability, audits will become just simple algorithmic checks. You can look at “smart audits” as an inexpensive and reliable alternative to the manual audits performed today. Request Network will also enable businesses and employees to share expense reports without losing or altering them.
- Business logic and trade laws – Transaction reports submitted by companies to governments are often duplicated and riddled with errors. Request Network will allow governments to gain access and view real-time transactions. The development of a levying module for VAT or transatlantic tax, for example, will allow for automatic money redirection. This is the first attempt to simplify the levies of taxes and make them completely transparent.
- Simplification of commercial tools – Request Network will provide easy access to tools like factoring and escrow, making them simpler and more cost-efficient. Escrow services will be fully automated and based on Oracles. Companies will be able to use on-chain reputation as their factoring guide.
- Transparency of institutions – Budget transparency for Associations, City Halls, and Governments is on the agenda of the World Bank and OECD, which will help with accountability, integrity, inclusiveness, trust, and, most importantly, quality of the mentioned institutions.
- IoT and smart contracts – Request Network will be used to define a payment framework for interactions between machines, objects, and artificial intelligence.
Why Choose Request Network
As seen in the previous sections of our Request Network review, this project brings numerous benefits to its users, including:
- Cheaper payments
- More secure transactions without sharing any financial information
- Simplified process enabled by the blockchain’s interoperability between the payer app and the payee app
- Compatibility with every currency
- Accounting in real time
- Improved financial audits on the blockchain with smart algorithms
- Opportunity for machines to pay each other in a standard framework
- 3 comprehensive platform layers
- A working prototype
- Numerous use cases
- Complementary project with OmiseGO
Request Network’s crowdsale will start on October 13th and end on October 17th. The hard cap is set at 100,000 ETH. The assumed price of 1 ETH is 259.00$, so the max market cap is set at 59 million dollars. The total supply of REQ tokens will be 1 billion, with the conversion rate of 1 ETH = 5,000 REQ. To enter the Request Whitelist, simply join their official Slack channel.
Tokens will be available immediately after contribution and transferable within 1 week after the beginning of the sale. Tokens allocated to the founding team are on a 2-year vesting schedule for every member.
The tokens will be distributed as follows:
- Crowdsale – 50%
- Early backers & investors – 20%
- Retained by Request and external Development Fund – 15%
- Team and advisors (current and future) – 15%
The fund will be used as follows:
- Development – 55%
- Research – 15%
- Marketing & partnerships – 15%
- Operations & business – 10%
- Legal – 5%
REQ tokens are ERC20 tokens necessary to participate in Request Network and create advanced requests. They’ll be paid as fees to Request Network validators and extension developers. Users will also be able to use them as gas for request creation once Casper is launched.
Request Network is a new decentralized platform dedicated to payment requests. The team behind the project claims it is the future of commerce and a natural replacement for services like PayPal. The team members have already worked together on numerous projects, including Moneytis, theblockchainnetwork.com, destinesia.io, and neomy.io. Our list of Request Network additional resources below will provide you with relevant information that can help you gain a better understanding of the project and find answers to all the questions you might have at this point.
- This Request Network YouTube review features introductory information regarding both the project and its ICO.
- For up-to-date information, you can follow Request Network Facebook and Twitter pages.
- Request Network blog holds numerous informative articles on the current state of the platform, new partnerships, and many other topics of interest.
- If you want to be a part of the community, you can join Request Network Slack and Telegram channels. Keep in mind that the only way to get on the Whitelist is to join their Slack.
- You can also check the Request Network subreddit for some additional user opinions. It is also a great place to share your views about the project and discuss its strengths and weaknesses with other people.
- Finally, you can also read this Request Network review on CrushCrypto.