Request, formerly called Request Network, (REQ) is a decentralized platform for transaction requests. Anyone will be able to create, store, and access invoices and receipts using the Request protocol. To participate in the Request network, users must use the REQ ERC-20 token built on the Ethereum blockchain. REQ tokens can also be used to create advanced requests on the network as well as reward parties who help build the Request ecosystem. According to the white paper, the ambitious goals of the project are to automate real-time global accounting, eliminate manual tax collection, simplify international payments, allow machines to communicate using the same decentralized ledger, and replace payment systems such as Paypal. The project claims to be cheaper, faster, and more secure than centralized payment processors.
Christopher Lassuyt and Etienne Tatur founded Request in 2017 after leaving Moneytis, a global money transfer platform that they co-founded in 2015. While working on Moneytis, Lassuyt and Tatur found that invoices were the majority of cross country money transfers. They believed that blockchain technology could simplify the process so they pivoted and created Request. The company is registered in Singapore but is headquartered in Berlin, Germany.
The Request protocol consists of 3 layers. The core layer holds the basic smart contracts used to create and detect payment requests. The extensions layer is an open layer that allows for various payment conditions (e.g., payment terms, advances, escrows, and taxes). Finally, the application layer is the outermost layer which takes place outside the blockchain. Here, the various systems from different financial organizations can connect to the Request network to obtain invoices and facilitate payments.
The protocol works as follows: a payee makes a payment request via the network. The payer, upon accepting the request, pays the payee through the same network. Both the request and payment are registered as a single ledger entry on the blockchain. While all data is saved on a public blockchain, it is secured using elliptic-curve encryption so that it can only be read by the parties involved in the transaction. Because payment information is never shared between the two parties, sensitive financial information is not at risk of being stolen.
Request uses a proof-of-stake (PoS) consensus algorithm to secure its blockchain. The REQ token will act as an intermediary for cross-currency exchanges and will also be used to form governance for the decentralized platform.
The project completed their ICO on October 2017 and raised $33 million. 50 percent of the total supply were given to participating investors. Early backers and contributors received 20 percent. Request retained 15 percent of the total supply which will be used for further protocol development. The last 15 percent was allocated to the team and advisors with a 2-year lock-up period.
In June 2019, Request released the Request API which will allow developers to use the core Request protocol functionality without learning any new development skills. This lowers the entry point for developers to connect their product or service to the Request network.
In August 2019, the project launched version 2 of the Request Protocol on the Ethereum mainnet.Read More