Request (REQ), a Platform for Paying Bills in Cryptocurrencies

0
233
Request (REQ), a Platform for Paying Bills in Cryptocurrencies

The Request protocol aims to establish a global, decentralized financial system where people and organizations have full control of their data and financial choices. Based on the Ethereum blockchain and supported by the Request Network Foundation, this project aims to offer a complete platform around online payment, all in an automated way.

BDzU hWPruADiBwCn caZZd9cL978sgC

Request Logo (REQ)

The Request network allows you to carry out any type of transaction (invoice, loan, salary, donation, etc.) with fiat money and cryptocurrencies, in all languages ​​and especially legislations in the world. Through the use of blockchain technology, Request acts as a kind of tamper-proof and transparent ledger, which anyone can consult.

With Request, it is possible to pay and be paid in cryptocurrencies by sending compliant invoices as a freelancer or a company. Request supports many cryptocurrencies like Ether (ETH), Bitcoin (BTC), DAI and USDC stablecoins. Request being based on Ethereum, all tokens of this blockchain are also natively accepted.

The advantage of Request compared to more traditional platforms is that it offers less expensive, more secure and totally transparent payments. Request notably introduces the concept of “Smart Invoice”.

Underneath this innovative concept hides an invoice capable of adapting over time and which is automatically updated under certain conditions predefined by the issuer. For example, a company can indicate on the invoice sent to its customer a payment deadline of 15 days after receipt of the product. If the invoice has not been paid on time, late fees then automatically apply to the “request” (or request for payment).

With this mechanism, the company in question no longer has to send a new invoice to its customer since the original invoice is automatically updated according to its underlying parameters. And that’s not all; with Request, a company can add a plethora of options to an invoice. For example, an escrow option can be added to hold the customer’s funds until the asset is delivered to them.

Request being in agreement with all the legislations and the commercial rules in force throughout the world, it is directly possible to integrate into an invoice a system of taxes such as the VAT or the taxes.

A reputation system is implemented at Request to identify bad payers and phishing. For example, a user is able to find out if a company is trying to phishing and if other users have already rejected their payments. Conversely, users who do not pay their bills on time will also be penalized via their reputation.

In the future, this system may offer members with excellent reputations cost reductions or access to custom extensions. A reputable company could also obtain credit or other financing more easily from financial institutions.

Another advantage of Request, the invoices are directly recorded on the blockchain. Therefore, they are tamper-proof and accessible by any party with the rights. This avoids the presence of duplicate invoices and greatly reduces potential errors as well as attempts at fraud.

mVFt1bGac71NDMcpVkuGzOQaKTwIHH a UiaWPtCHeY3y0XkyxovJOsRUM2Xux Xi S8ai7hIcbfABBFTG07S1PbwA1xJTFjtJM7ttSsUzYoaCd7RNMCbYLx5czRAE2TZAdBZqZexZbh1gSyi mozN0

The Request Invoicing App

The flagship product of the protocol, Request Invoicing, allows individuals and companies to manage their financial flows, in particular, to issue and pay invoices in cryptocurrencies. This application is already used by a large number of protocols and leading companies in the cryptocurrency industry.

Request counts Aave, Arianee, Paraswap, MakerDao, Gnosis, Ocean Foundation, and Near Protocol among its professional users, among others.

Let’s take the example of a freelance web developer who wants to issue a cryptocurrency invoice for one of his clients. He goes to the  Request Invoice dashboard and simply fills in the information relating to his client. He then specifies the cryptocurrency with which he wishes to be paid and the corresponding amount.

Then, the user will obviously have to indicate the address of his wallet so that he can receive the funds. The use of this tool is relatively simple and accessible to all, in addition to supporting traditional payments via bank transfers:

hRIHwR5wd zG1CatR5HN6kc1YZnPw9NYZFE7X IC4rBI1InxlgkCgsCTjD33vSIZYcz9 HXqKP55n8jYqLZ nfcQGiw9INxebW5ESbxYp5Ula YwIzUzr ofxXF dVTSmyWxtknx0cxnGwwbqQ 69g

Choice of cryptocurrency on Request Invoicing

The Request Ecosystem

Anyone can create a payment request on the Request platform. The request can be detected by the recipient monitoring the network via an application or even a wallet. Once the request has been validated by the recipient, it can be paid with a single click. The request is processed and completed; then, the network is updated in real-time.

As we have seen before, many “options” can be added, such as taxes, payment terms, etc.

Principle of operation of Request

Imagine a future where connected objects are a plethora. An autonomous car connects to a smart garage for the purchase of a new tire. After algorithmic trading, a cash on delivery is traded in Bitcoin (BTC). The funds are then blocked until the end of the delivery process, thanks to a geolocated tracking system.

For the moment, this example is not feasible. Indeed, there is no interconnection or standardization at the technological and legal levels to harmonize these tasks. However, Request comes to bring one of the components of this interaction, which could in the future be released according to the evolution of technologies. In this example, Request could play the role of intermediary between the garage and the owner of the vehicle in a completely transparent way, thanks to the blockchain.

To achieve such a result, different layers make up the Request network. We will tackle them one by one, from the most immutable to the most malleable.

The Core Layer

The Core layer represents the heart of Request. It brings together the “fundamental” smart contracts that allow the creation of different entities and payment requests. This layer thus manages the Request consensus and the invoicing mechanism via smart contracts.

It is also immutable, which means that no one can modify the information it contains. In addition, it is completely open, which allows users to consult the information in a transparent way.

This layer is developed on the Ethereum network and is able to detect all invoices based on the ERC-20 token standard. It also incorporates other types of payments through the use of price oracles.

The use of this layer is free in order to encourage as many people as possible to use it. The only costs are the gas required for transactions via Ethereum and the storage of information.

Principle of aggregation of assets on Request

The Extension Layer

The Extension Layer is the second layer of Request. This makes it possible to manage more complex payments than a basic invoice. For example, a business may request an invoice that requires multiple calculations, such as prepayments, tax calculations, or salary advances.

All these conditions take the form of extensions which can be added to the basic requests. This layer is the gateway to new features related to payments. For example, a Request user might decide to donate 1% of all payments she receives to an NGO or deposit them into her own retirement account.

An interesting feature, the Extension layer is open to everyone, and everyone is free to create their own extensions. Thus, this layer is billable in the sense that each extension will take a fee when using it, which will be partially burned and transferred to the extension developers.

These costs generated by the use of extensions decrease over time to remain competitive. On average, the cost of using these extensions is between 0.1% and 0.5% of the total invoice amount. This fee distribution encourages developers to develop extensions for Request’s ecosystem.

K9SI8TzKVXKupJRpv4saCfudC3r0 JejxW8y69ycst9xzVy7mleOtSR FesHFWMdlufIE8aeAnOfJ5JQN 2PrJtu 2JJa1Ovls8tZvZ5jL 5tbp05mtH19zKZfxHGrqf8LzYdU0IsQRPYqL1 fjYDA8

Example of a request using Request extensions

The Application Layer

The final layer of the Request ecosystem is the application layer. It is outside the blockchain. Thanks to this layer, external applications can connect to Request to create payment requests. Thus, accounting, auditing, taxation or collection processes can all be connected and interact with Request to make payments.

When a payment app connects to Request, it can access the user’s bills and offer to pay them instantly. To do this, Request provides developers with a dedicated programming interface (API).

Examples of Using Request

Request seeks to transform the entire online payments industry through task and billing automation. Here are some of the use cases for this protocol.

Billing

Every day, millions of invoices pass through the world, and some are prepared manually, especially those that involve taxes or advanced forms of payment. Mountains of errors can then accumulate, leading to delays in paying those invoices and wasting valuable company time.

Request allows decentralized automation of this invoicing by offering companies the possibility of sharing invoices directly on the blockchain. This greatly improves invoicing transparency and eliminates potential losses due to duplicate invoices and late payments.

Accounting and Auditing

With Request, accounting is done in real-time; in addition to allowing a reduction in costs, this allows better and faster management of this operation.

Indeed, with Request, payments, refunds or even the calculation of VAT on an invoice are carried out in a fully automated manner. Accounting entries are recorded in the blockchain without the possibility of backdating or falsification.

Thanks to Request, it is thus possible to switch from double-entry accounting to triple-entry accounting. A third validation point is effectively added to the double-entry system.

When considering the exorbitant costs of a financial audit for a company, the mechanisms offered by Request play a major role in reducing these costs, in addition to speeding up the execution of the process. For example, Microsoft paid over $45 million to Deloitte to conduct an audit in 2014.

Finally, Request allows the digitization of accounting systems, which are currently carried out by repetitive documentation and numerous checks.

Thus, rather than publishing the state of their accounts after the annual audit, companies using Request can keep their accounts in a decentralized database, which will remain confidential, only authorized persons will be able to consult this data. This acts as a source of trust with investors.

Online payment

While a credit card payment exposes sensitive information, Request helps protect that data. For example, by placing an order from a website integrating Request, the latter sends a request for payment on the network, which the user’s account detects before asking him for payment confirmation. In this way, it becomes possible to avoid unauthorized debits or services charging hidden fees.

Request claims that this service reduces the costs generated by third-party platforms such as PayPal or Bitpay.

What is the REQ token used for?

Request’s ecosystem is powered by its own cryptocurrency, REQ. This utility token plays many roles in ensuring the performance and stability of the Request network. Let’s see in detail all the possible uses of the REQ.

Anti-spam and the “burn” mechanism

When a new payment request is created using Request, a minor commission in REQ is required before it is broadcast on the network. These fees discourage users from using the network maliciously to keep the network free from spam and to make it efficient for all users.

This operation is accompanied by a deflationary mechanism, reducing the number of REQ tokens in circulation. Indeed, the REQ fees collected by the Request network are periodically burned, which reduces the total quantity of existing REQ tokens. The code of the smart contract dedicated to this operation is publicly accessible here.

This REQ token destruction mechanism is proving particularly effective in aligning technology adoption and stakeholder interests. As adoption increases, the amount of REQ available decreases.

The Governance

Since the Request network is a decentralized protocol, the team plans in the near future to create a governance structure that will allow users to vote on decisions critical to the long-term development of the project. In this governance structure, the REQ token will represent the voting power for different proposals.

Staking

As soon as the team deems the Request ecosystem to be mature enough, the network will implement a staking mechanism as a condition to deploy and operate nodes. By locking a defined quantity of REQ tokens, users who wish to do so will be able to deploy a node and receive a reward in return for their participation in the proper functioning of Request.

Discounts on Request products

REQ token holders will receive discounts on future Request products, including reduced fees for using them. Discounts granted will vary by product.

Team and Partners

The team

The team is French and went through Y Combinator, a San Francisco-based startup accelerator that supported the launches of Coinbase, Stripe and Airbnb, before launching Request in 2017.

According to Request’s LinkedIn page, the team is made up of 13 people. Who are its founding members?

Chief Technology Officer and co-founder of Request, Étienne Tatur, is a graduate of INSA Lyon, an engineering school. In 2014, he notably co-founded Moneytis, a startup using blockchain to facilitate the transfer of funds around the world. After a few years, the startup was acquired by Wise (formerly TransferWise), an international money transfer giant.

Financial director and co-founder of Request, Christophe Lassuyt, also co-founded the startup Moneytis. He holds a master’s degree from the Neoma business school in Rouen. Prior to Request, he worked as an international finance director at the international management consultancy group Mantu (formerly Amaris).

The Partners

Request has many partnerships with other companies, whether from the blockchain world or not.

  • xDai Stable Chain: a payment blockchain designed for fast and inexpensive transactions;
  • Near Protocol: a decentralized application platform with dynamic scalability;
  • MakerDAO:  a decentralized platform behind the DAI stablecoin. Help Request in its mission to become the perfect cryptocurrency flow management service for the different branches of the DAO;
  • Gnosis:  an open-source infrastructure for predictive markets built on Ethereum. Request and Gnosis form a perfect pair of solutions for managing the funds of a DAO;
  • Indacoin: a fiat-to-crypto gateway pioneer with the processing of Visa and Mastercard networks;
  • Starname:  a service based on Cosmos (ATOM) to be paid in cryptocurrencies;

How to Buy REQ?

The REQ token is available on many major platforms, including Binance, KuCoin, Bitfinex and Huobi Global. REQ is also listed on decentralized exchanges like Uniswap and SushiSwap.

Binance has the most liquidity for the REQ markets, and it is highly recommended to use this platform to buy REQ.

Explanations for Buying REQ on Binance

  1. Register on Binance;
  2. You will receive an email containing a link to verify your account;
  3. Deposit funds on the platform;
  4. Click on the  Market menu and look for the BTC/REQ  pair;
  5. All you have to do is buy REQ for the amount of your choice;
  6. Congratulations, you are now in possession of REQ tokens.

How to Store REQ?

If you want to store your REQs outside of a centralized platform, it is possible to opt for a hardware wallet, such as those offered by Ledger and Trezor. By using a wallet of this type, which comes in the form of a USB key, you can store your tokens directly at home in a digital safe.

Request’s REQ is also supported by Coinbase Custody, the custodial service of giant Coinbase.

The REQ token being under Ethereum’s ERC-20 standard, all digital wallets compatible with this blockchain can receive REQ, such as MetaMask, Trust Wallet or MyEtherWallet.

Ratings and Reviews on Request and its Token REQ

With the ambition to redefine an entire facet of commerce and the exchange of funds, Request is much more than just a blockchain-based payment system. Unlike centralized platforms, Request allows third-party developers to build applications and services based on the protocol.

Request’s ever-evolving ecosystem offers great prospects for the future, where more and more companies and individuals are turning to solutions using blockchain. By facilitating such time-consuming and costly processes such as invoicing and financial audits, Request takes the place of a leading alternative to renew this sector.

Regarding the REQ token, it plays an important role in ensuring the stability of the Request network. In addition, users who participate in the decentralization of the network are directly rewarded through the staking of their tokens. In addition, the token destruction mechanism is also essential for the rarity of the REQ to increase in the long term.