Request REQ
About
What Is Request (REQ)?
REQ is listed on Coinbase, Binance, crypto.com, KuCoin and many other exchanges.
The REQ token powers the Request Network open-source protocol via a few mechanisms: anti-spam; governance; staking; discounts; independency.
The Request (REQ) utility token, launched in 2017, ensures the performance and stability of the Request Network. The Request Network itself is an Ethereum-based decentralized payment system where anyone can request a payment and receive money through secure means. It removes the requirement for third parties in order to provide a cheaper, more secure payment solution that works with all global currencies.
The original whitepaper is available here.
When a user creates a request for payment, they define to which address the payment needs to be allocated and what the amount is. The user can also define the terms and conditions of the payment, upgrading a simple request into an invoice. Once this is completed, the user can share their request to be paid by their counterparty.
Every step is documented and stored on the Request Network, allowing everyone involved to easily keep track of all the invoices and payments for accounting purposes.
Request is also integrated with legislation across the world to remain compliant with the trade laws of each individual country.
Who Are the Founders of Request?
Request Network is a decentralized protocol. Anyone can contribute to the protocol's development and submit pull requests on Github. The founders of Request are Christophe Lassuyt and Etienne Tatur.
Christophe Lassuyt is currently president of the board at the Request Network Foundation. Etienne Tatur is currently the vice-president of the board at the Request Network Foundation. Both are YCombinator alumnis. You can find out more about the current team here.
What Makes Request Network Unique?
The payments on Request Network are performed by simply sending an invoice through the blockchain; the counterparty can then detect the request and pay it with one click in a peer-to-peer manner. The fact that the payments are push-generated instead of pull-generated is one of Request Network's key advantages. There is no need for users to share their account information. The use of blockchain technology also eliminates the need for third-party processors, resulting in a reduction in transaction costs.
Additionally, apps building stuff people want on top of Request Network open-source protocol provide a key benefit to their users. Indeed, users can interact with a suite of financial tools which work with each other. It's the opposite of the capitalistic and siloed web2 industry because here, apps work with each other. For example, a company originates an invoice from an app. A 2nd app receives the payment request, allowing it to be paid. Then the invoice can draw on instant financing on a third DeFi app
Request Network leverages decentralized blockchains such as Ethereum and IPFS for an increased level of security, privacy and data ownership for the end-user. The platform does have transaction fees, which is a cost that is required to broadcast a change to the blockchain network. The transaction fees are used to incentivize miners to reach consensus on the state of the network.
REQ can be stored on wallets such as Metamask, Argent, MyEtherWallet, Ledger, imToken, Trezor, Atomic Wallet, Jaxx Liberty and Trust Wallet.
How Many Request (REQ) Coins Are There in Circulation?
REQ is an ERC-20 token that can be spent to use the Request Network.
The REQ tokens’ initial supply was 1,000,000,000. You can check the current supply on the community dashboard.
The REQ tokens are available to exchange on open markets through mainstream cryptocurrency exchanges. Decentralized alternatives also support REQ, allowing you to seamlessly exchange REQ directly from your own wallet. Always verify that the REQ address is this one: 0x8f8221afbb33998d8584a2b05749ba73c37a938a. On Polygon, its address is 0xb25e20de2f2ebb4cffd4d16a55c7b395e8a94762.
How Is Request Network Secured?
REQ is an ERC-20 token based on the Ethereum platform. The requests made with REQ are stored on an immutable digital ledger. This ledger also serves as proof for all auditing purposes.
AI Analysis
What is the Request (REQ) cryptocurrency good for? What are its main use cases?
The Request (REQ) cryptocurrency is designed to facilitate decentralized payment requests and invoicing on the blockchain. It is built on the Ethereum (ETH) and Rootstock (RSK) networks and aims to streamline financial transactions by automating and securing payment requests between parties.
Main Use Cases of Request (REQ):
Decentralized Invoicing & Payments
- REQ enables businesses and individuals to create, send, and track invoices on the blockchain, reducing fraud and ensuring transparency.
- Smart contracts automate payment processing, eliminating the need for intermediaries.
Supply Chain & B2B Payments
- Companies can use REQ to manage payments between suppliers, distributors, and service providers in a trustless manner.
- The system ensures that payments are only released upon fulfillment of agreed-upon conditions.
Freelance & Gig Economy Payments
- Freelancers and gig workers can request payments securely, with smart contracts ensuring funds are released only after work is completed.
Cross-Border & Peer-to-Peer (P2P) Transactions
- REQ allows for low-cost, borderless payments without traditional banking fees or delays.
Tokenized Payments & Rewards
- Businesses can issue tokenized payments (e.g., for loyalty programs, employee incentives, or customer rewards) using REQ.
Integration with DeFi & DAOs
- REQ can be used in Decentralized Finance (DeFi) applications for automated payments and in Decentralized Autonomous Organizations (DAOs) for governance and treasury management.
How Request (REQ) Works:
- Request Network Protocol (RNP): A decentralized system that allows users to create and manage payment requests.
- Smart Contracts: Automate payment processing based on predefined conditions.
- Multi-Chain Support: Operates on Ethereum (ERC-20) and Rootstock (RSK), offering flexibility and lower fees on RSK.
Advantages of REQ:
✅ Transparency & Security – All transactions are recorded on the blockchain.
✅ Cost-Effective – Lower fees compared to traditional payment systems.
✅ Automation – Smart contracts reduce manual processing.
✅ Interoperability – Works across multiple blockchains.
Conclusion:
Request (REQ) is primarily useful for businesses, freelancers, and enterprises looking for a secure, automated, and decentralized payment solution. Its focus on invoicing, B2B payments, and DeFi integration makes it a valuable tool in the blockchain ecosystem.
Would you like more details on any specific use case?
What blockchain does Request use? Is it its own blockchain or built on top of another?
Request Network (REQ) operates on multiple blockchains, but it does not have its own dedicated blockchain. Instead, it is built as a cross-chain protocol that leverages existing blockchain infrastructure to facilitate decentralized payment requests and invoicing.
Blockchains Used by Request Network:
- Ethereum (Mainnet & Layer 2s) – The original implementation of Request Network was deployed on Ethereum, where smart contracts handle payment requests, invoices, and settlements.
- Polygon (MATIC) – Request Network has expanded to Polygon, a Layer 2 scaling solution for Ethereum, to reduce gas fees and improve transaction speed.
- Binance Smart Chain (BSC) – Request Network also operates on BSC, allowing users to create and settle payment requests with lower fees.
- Other Blockchains (Future Plans) – The protocol is designed to be chain-agnostic, meaning it can be integrated with other blockchains in the future.
Key Features of Request Network:
- Cross-Chain Compatibility: Request Network can work across different blockchains, enabling seamless payment requests regardless of the underlying network.
- Decentralized Invoicing: Users can create, send, and settle invoices in a trustless manner.
- Multi-Asset Support: Supports multiple cryptocurrencies (ETH, USDC, DAI, etc.) for payments.
Conclusion:
Request Network does not have its own blockchain but instead operates as a cross-chain protocol on Ethereum, Polygon, Binance Smart Chain, and potentially other blockchains in the future. This approach allows for greater flexibility and scalability in decentralized payment solutions.
Would you like more details on how Request Network works technically?
Is Request programmable? Does it support smart contracts or decentralized applications?
No, Request (the open-source invoicing and payment platform) is not programmable in the sense of supporting smart contracts or decentralized applications (dApps). Here’s why:
1. Request is Not a Blockchain Platform
- Request is a payment and invoicing tool built on top of blockchain networks (like Ethereum, Polygon, etc.) to facilitate crypto payments.
- It does not have its own blockchain or smart contract functionality. Instead, it relies on existing blockchain infrastructure for transactions.
2. No Smart Contract or dApp Development
- Request does not provide a platform for developers to write or deploy smart contracts.
- It is primarily a frontend application for creating and managing invoices, not a backend development environment.
3. Use Cases
- Request is designed for businesses and freelancers to send invoices, accept payments, and manage transactions in crypto.
- It does not support decentralized applications (dApps) or programmable logic beyond basic payment processing.
Alternatives for Smart Contracts & dApps
If you're looking for a programmable blockchain platform, consider:
- Ethereum (Solidity, Vyper)
- Solana (Rust, C)
- Polygon (EVM-compatible)
- Cardano (Plutus, Haskell)
- Cosmos SDK (Rust, Go)
Would you like recommendations for a specific use case?
How fast are Request transactions? What is the typical confirmation time and throughput (transactions per second)?
The speed of Request (REQ) transactions depends on the blockchain network it operates on. Request Network primarily uses Ethereum (ERC-20) for its token, but it can also be integrated with other blockchains like Polygon (MATIC) for faster and cheaper transactions.
1. Transaction Confirmation Time
Ethereum (ERC-20 REQ):
- ~15 seconds to 5 minutes (depends on gas fees and network congestion).
- Typically 3-5 confirmations are needed for security (each block takes ~12 seconds on Ethereum).
Polygon (MATIC) for REQ:
- ~2-5 seconds (Polygon is a Layer 2 solution with much faster finality).
2. Throughput (Transactions Per Second - TPS)
Ethereum:
- ~15-30 TPS (varies with congestion).
- Request Network itself doesn’t have its own blockchain, so it relies on Ethereum’s speed.
Polygon (MATIC):
- ~7,000 TPS (much higher than Ethereum).
3. Typical Use Case Speeds
Simple transfers (REQ token):
- Ethereum: 1-5 minutes (depending on gas fees).
- Polygon: ~2-5 seconds.
Request Network invoices & payments:
- If using Ethereum, expect 1-5 minutes for finality.
- If using Polygon, near-instant (seconds).
4. Factors Affecting Speed
- Gas fees (Ethereum): Higher fees = faster confirmations.
- Network congestion: Ethereum slows down during high demand.
- Polygon integration: Much faster and cheaper than Ethereum.
Conclusion
- Ethereum (ERC-20 REQ): Slower (~1-5 min), lower TPS (~15-30).
- Polygon (MATIC REQ): Faster (~2-5 sec), higher TPS (~7,000).
If speed is critical, using Polygon for REQ transactions is the best option. For Ethereum, expect slower but more secure confirmations.
Would you like details on how to bridge REQ between Ethereum and Polygon?
How much data can I store on the Request blockchain? Does it support on-chain data storage?
The Request Network blockchain is primarily designed for decentralized payment and invoicing solutions, focusing on financial transactions rather than general-purpose data storage. Here’s what you need to know about data storage on Request:
1. On-Chain Data Storage
- Limited Storage: Like most blockchains, Request has limited on-chain storage capacity. Storing large amounts of data directly on-chain is expensive and inefficient.
- Transaction Data: Request supports storing transaction metadata (e.g., invoices, payment details) on-chain, but this is typically small in size (e.g., hashes, references, or minimal structured data).
- Smart Contracts: Request uses smart contracts to manage payment requests, but these contracts are not designed for large-scale data storage.
2. Off-Chain Storage with On-Chain References
- IPFS or Decentralized Storage: For larger datasets, Request can reference off-chain storage solutions like IPFS, Filecoin, or Arweave by storing only a content hash (e.g., CID) on-chain.
- Hybrid Approach: Many decentralized applications (dApps) using Request combine on-chain transactions with off-chain storage for efficiency.
3. Cost Considerations
- Gas Fees: Storing data on-chain incurs gas fees (similar to Ethereum), making it costly for large datasets.
- Scalability: Request is built on Ethereum (or compatible chains), so it inherits Ethereum’s scalability limitations.
4. Alternatives for Data Storage
If you need large-scale decentralized storage, consider:
- IPFS + Filecoin (for decentralized file storage)
- Arweave (for permanent, low-cost storage)
- BigchainDB (for blockchain-based database solutions)
Conclusion
Request is not optimized for general-purpose data storage but can store small transaction-related data on-chain or reference larger datasets stored off-chain. For heavy data storage needs, integrating with decentralized storage solutions is recommended.
Would you like help designing a storage solution for your Request-based application?
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