The blockchain tech is being welcomed with open arms in several industries and platforms and the credit for this wide acceptance goes to its fundamental traits of being decentralized, secure, transparent and of course peer-to-peer. And while various platforms have popped up, leveraging these qualities for different and frankly innovative purposes, here is a platform that is sticking to the technology’s initial purpose. The Request Network is taking it back to the basics with its decentralized payment system.
What is the Request Network?
The platform is a decentralized payment system that is based on the Ethereum blockchain and through it basically anyone, anywhere can request a payment in a secure way, hence the name the Request Network. And owing to blockchain technology’s very nature, it eliminates the need for third parties and thus it is able to offer a cost efficient and securer payment solution for all currencies, worldwide. And due to its global nature, Request also remains compliant with the trade laws of each country.
Other than that, interestingly enough Request does not limit itself to only payments, instead it uses the blockchain tech further in order to generate precise auditing and accounting services. In a way it might be trying to give some competition to PayPal, which is currently considered as arguably the best global payment systems. However, it is charting territories far beyond than those of PayPal, in the sense that Request is aiming to be involved in all types of payments that comprise the payment ecosystem, starting from the initial request up till the accounting that follows, like invoices, IoT, B2B, Government, etc.
How Does Request Work?
The requesting and the receiving of the payment, also known as the Request Invoice, is a rather simple feat. In the case of a simple peer-to-peer payment, first the payee creates a request and broadcasts that request invoice to the payer via the blockchain. The payer, then detects that request goes through the payment process with a simple and single click. And viola! The payee gets the money.
Moreover, the Request payments can also be used for online purchases, business-to-business invoices, and eventually IoT payments between machines as well.
Another feature of the Request Network is that the payments are push generated instead of being pull generated, this gives the platform a significant advantage over the traditional systems because it doesn’t require the sharing of any bank account information.
Auditing & Budget Transparency
In addition to payments, Request is also undertaking auditing and budget transparency. It will provide businesses with the ability to track invoices in order to audit payments, and record transactions as well, for accounting purposes.
The Request Architecture
In order to deliver the flexibility for the various purposes, Request’s team stuck to a three-tiered architecture for the platform, which is as follows.
Serving as the foundation of the network, the core layer is responsible for managing the basic payment types. Since Request sits on top of the Ethereum blockchain, this layer can automatically detect the invoices that are based on ERC20. Note that, other types of invoices can also be detected however, require an Oracle.
With this layer things get slightly complicated as it brings taxes, escrow, advances, and other further advanced payment terms, into the Request picture. The purpose of extensions is to eliminate the need for lump-sum payments and create more liquidity to the users bank account.
Interesting so, this layer exists outside of the blockchain and allows third-party applications to plug into the layer in order to interact with invoices or look in to any related information. The application layer also comprises of a reputation system, which lessens the phishing attacks and, dock those who fail to pay accepted invoices timely.
The Request Token
Like many other blockchain-powered platforms, Request too offers a native token, which is the REQ and it is an ERC20 token. The REQ token acts as an intermediary for cross-currency exchanges and forming governance in community voting.
Chances are that the Request Network may use the Proof-of-Stake (PoS) consensus algorithm, however it is not conformed just as yet. In the chance that does happen, this would mean that REQ holders would be entitled to receiving dividends for holding the tokens.
The Request Team
You can read the whitepaper here.