About Request Network (REQ)
Request Network is a blockchain project that aims to create a decentralized platform for payments, invoicing, and accounting. The project is built on top of the Ethereum blockchain and uses smart contracts to automate and streamline the process of sending and receiving payments.
Anyone can use the platform to add to their Request Ledger and generate a payment request. The application keeps track of the necessary trade regulations, taxes, and complex payment terms.
The Request suite of products includes Request finance, Request Create, and WooReq. Request Finance offers decentralized invoice and payroll solutions supporting multiple cryptocurrencies and stablecoins in various blockchains while offering support to 10+ fiat currencies. At the time of writing, over 2,000 projects and businesses rely on Request for their invoice and payroll management, including big-name projects such as The Sandbox, Maker Foundation, AAVE, the Fantom Foundation, and Gnosis.
Request Create is a browser-supported invoice system that allows users to create requests to individual wallet addresses. Lastly, Request offers WooReq in its software suite. WooReq is a plugin that allows accepting cryptocurrency payments on WooCommerce, a plugin used for creating and managing online stores utilizing the e-commerce platform WordPress.
The Request network is powered by its native $REQ token. Utilizing REQ, users can participate in staking and governance. The token also has anti-spam platform features by implementing a network fee every time a new payment request is created, discouraging malicious use of the network.
The REQ token launched in October 2017, raising a total of $33,00,000. The project sold 500,000,000 tokens at a price of approximately $0.0672 at the ICO. Tokens were distributed amongst the early backers, development funds, and the Request team.
Request announced that it was aiming for its network applications to support Fiat to Crypto capabilities, allowing users to receive crypto. At the same time, payers pay in fiat, escrow capabilities, compound interest, and more.