What Is Request (REQ)?
REQ is the utility token of Request, which is a decentralized payment request database that runs on Ethereum and employs the InterPlanetary File System (IPFS). The Request protocol is the core part of the Request platform. If you're interested in the current REQ price or statistics on its market performance, check out the Request price chart above.
In essence, the protocol allows users to request and safely receive payments without intermediaries. Also, users can easily access invoices and receipts of completed transactions since each action is recorded and kept on the Request network. Besides, Request follows each country's trade rules because it's compliant with international legislation.
Overall, there are three different ways a user can interact with the Request network:
- The easiest way to do that is through Portal API. Users simply have to go to their Request Invoicing account, where they can acquire their API keys. Due to the Portal's ability to cache requests, this option allows for the quickest integration and best performance when fetching requests.
- Another way is becoming a Network Client. These users get Request Client, which is a library that includes all functionalities required to generate, fetch, and update payment requests, as well as encrypt data. These clients are able to manage identities, encryption, and network interactions on their own. However, they are not able to host the Request node since it's handled by the platform.
- The last option is hosting their own network nodes. These users have complete control over the Request network connections and storage options, which means that they can decide how requests' hashes are sent to Ethereum, as well as how information is stored and accessed.
So, how exactly do transaction requests work? In essence, Request sends an invoice through the blockchain to the counterparty. Users must first file a request for payment, in which they specify the amount and the address to which the payment should be sent. The request can then be converted into an invoice by specifying payment conditions and terms. Following this, the counterparty can complete the request.
The Request coin was officially launched in 2017. At the time, the REQ price was around $0.06. However, it grew rapidly in early 2018, peaking at $1.18 in January. Request has been known to be a volatile asset with frequent price changes.
Additionally, Request is prone to follow the general crypto market trends. The Request price nearly surpassed the $0.07 threshold again in November 2021, when the growth of Bitcoin (BTC) led to bullish market sentiment. The asset was also negatively affected by the crypto market crash in May-June 2022.
The Founders of Request
Christophe Lassuyt and Etienne Tatur are the founders of the Request crypto project.
Christophe Lassuyt is an entrepreneur who has a degree in finance. Prior to founding Request, Lassuyt worked at such companies as Virtua SA, Euranka, Amaris, Boehringer Ingelheim, and Groupe Soufflet. Besides, he also co-founded Moneytis, which is a worldwide money transfer platform.
Etienne Tatur has a degree in information technology. Before co-founding Request, he worked at Fiducial as a software engineer. Also, he was the CTO of Amaris and the lead developer at Qobuz. Besides, together with Christophe Lassuyt, he also co-founded Moneytis.
Lassuyt and Tatur discovered that the majority of international money transfers involved invoices while working with the Moneytis project. Then, they realized that blockchain technology could streamline the procedure. That's why they changed course and founded Request.
How Does the Request Protocol Work?
As mentioned before, Request runs on Ethereum and employs the InterPlanetary File System. Ethereum secures the Request's data by attaching data hashes to its nodes. This ensures that the data cannot be removed or modified by third parties, the government, or the Request platform itself. IPFS is responsible for the scalability of the Request crypto project. All Request transactions are batched and added to IPFS. This results in high throughput and low-cost fees.
In terms of the structure of Request, its protocol is made of three layers:
- Core layer. It stores all smart contracts that are needed to generate and recognize payment requests.
- Extensions layer. It allows users to include such payment conditions as various terms or taxes into their payment requests.
- Application layer. It allows financial institutions to make payments and collect invoices.
Bear in mind that the REQ price is subject to change based on internal factors, such as the token supply, as well as the broader crypto market fluctuations.
The Purpose of REQ Tokens
REQ tokens are based on the ERC-20 token standard. It has more than one use case.
For starters, REQ tokens are used to pay for new payment requests or invoice fees. These fees are stored in an Ethereum smart contract. However, they are periodically burned, which reduces the total number of REQ tokens in circulation.
Secondly, REQ tokens provide their holders with governance rights. This means that users can vote on various decisions considering the future of the Request platform by using REQ tokens.
Furthermore, REQ tokens can be used for staking. REQ holders can stake their tokens in single-token liquidity pools on Bancor, which provide protection against impermanent loss.
Also, REQ token holders get exclusive discounts on various products.
Overall, the REQ token enables the Request network to scale and function simultaneously on several blockchains.
If you plan to buy Request coins, note that the REQ price is subject to change. This happens because, similarly to the pricing of other digital assets, the volatility of the overall crypto market has an effect on Request.
Tokenomics of REQ
The initial max supply of REQ was 1 billion tokens. However, the supply decreases with the growing adoption of Request. This means that the Request token will become more and more deflationary as its demand increases, leading to the Request price rising.
In 2017, an initial coin offering (ICO) of REQ tokens was held, during which a total of $33 million was raised. Half of the initial supply was distributed to the investors, while the other half was dedicated to early backers, contributors, teams, advisors, and further development of the Request protocol.
So, check out the Request price chart above to see the asset's performance since its launch, as well as the current REQ price.
