Request (REQ) is an open network for blockchain payment requests. The ultimate goal of Request is allow companies and individuals to perform all financial tasks including accounting, invoicing, payment processing, and auditing in one blockchain app.
They claim Request can make payments immutable and verifiable. Immutable means data is hard to change or raise. Many people consider the blockchain immutable because it is hard to hack and crack. Consequently, Request could create permanent payment records that are hard to tamper with.
The basis of Request is a protocol for payment requests that operates on several blockchains. Those blockchains include Ethereum (ETH), Gnosis Chain, Celo, Fantom, and Near. Thus, Request is a network that operates on several blockchains at once.
The Request Protocol
The Request Protocol creates gateways that enable blockchain interactions that enable Software as a Service (SaaS) apps through HTTP APIs (application programming interfaces). This allows Request (REQ) users to make payments without managing contracts, and paying Ethereum gas fees.
Request uses the InterPlanetary File System (IPFS) protocol and network to build nodes. The odes receive transactions, batch them, and save the transactions on IPFS and Ethereum blockchains. This allows Request to make transactions without paying Ethereum gas fees. To explain, you need to pay gas fees to get access to the Ethereum Virtual Machine (EVM) the digital computer that runs Ethereum. You need EVM access to complete Ethereum transactions.
Request Gateways use high-level APIs to give other blockchain apps access to the Request blockchain. Payment processors use the Request Gateways to connect with Bitcoin (BTC), Ethereum (ETH), Monero (XMR), and fiat currency payment networks.
Hundreds of Payments
They claim Request Finance can batch hundreds of payments to different wallet address. This can save time and money by allowing somebody to make hundreds of payments with one click. Customized dashboards allow finance officers to track, verify, and organize payments and requests on a single dashboard.
Moreover, Request Finance can denominate crypto payments in fiat currencies including the US Dollar, Euro, Hong Kong Dollar, and Chines Yuan for tax and accounting persons. Hence, Request could enable a business to pay American payroll taxes on Bitcoin payments in US Dollars.
They claim Request Finance integrates with one of the world’s most popular accounting program: Intuit Quickbooks. They also claim Request Finance supports over 140 cryptocurrencies, over 10 stablecoins, over 10 fiat currencies and over 18 blockchains. Request claims over 2,000 companies use Request Finance.
Request Create allows people to create and share payment requests in three easy steps. Request Create connects users with helps that manage payments on the Request network.
WooReq is a WooCommerce Plugin that allows WooCommerce users to accept cryptocurrency payments through the Request Network. WooCommerce is an open source e-commerce platform built on WordPress. WooCommerce allows users to build online stores for themselves for others and conduct eCommerce through WordPress blogs.
The Req Token
The Req Token (REQ) is a deflationary token with a decreasing supply. To explain, they regularly burn (destroy) REQ tokens to prevent inflation. They had burned 169,683 REQ to keep Request deflationary as of 13 November 2022. Another 1,404 REQ were waiting to be burned on 13 November 2022.
REQ is the ERC-20 (Ethereum request for comment) token that powers Request Network’s payment requests. This enables Request to work with ERC-20 tokens such as Tether (USDT).
Interestingly, the The Request Token (REQ) was CoinMarketCap’s 13th most trending cryptocurrency on 13 November 2022. Request was CoinMarketCap’s 189th ranked token with an 8.22₵ Coin Price, an $82.269 million Market Capitalization, a Fully Diluted Market Cap of $82.464 million, and a 24-Hour Market Volume of $1.419 million on 15 November 2022.
They base those numbers on a Circulating Supply of 999.830 million REQ, and a Total Supply of 999.877 million REQ. CoinMarketCap estimates the Req Token had a Centralized Exchange (CEX) volume of $1.314 million and a Decentralized Exchange (DEX) volume of $105,336.03 on 15 November 2022.
In contrast, Request gave REQ an 8.2₵ Coin Price, an $81.888 million Market Cap, and a $1.073 million 24-Hour Trading Volume on 15 November 2022. There were 41,7860 Request Wallets on 15 November 2022.
What Value does Request Offer?
However, Request admits there were just 87 Request Network transactions on 13 November 2022. The Request Foundation claimed it had $28.797 million in Reserves on 13 November 2022.
I think Request (REQ) because it could enter a growing market: accounting software. The global accounting software market could grow to $70.2 billion in 2030, Allied Market Research estimates. Allied Market Research estimates the global accounting software market was $11.9 billion in 2020.
If you are seeking a protocol and cryptocurrency that could grow with the financial services market Request (REQ) is worth examining.