Request(REQ)

What Is Request?#

Request is a system built on blockchain technology that makes it easier and safer to create and manage payment requests. Think of it like sending an invoice or bill, but instead of using email or paper, everything happens on a digital ledger—a secure and transparent record that everyone can trust. This ledger is decentralized, meaning no single company or person controls it, which helps reduce fraud and errors.

In simple terms, Request helps businesses and individuals ask for payments and get paid in a way that’s automatic and secure. It works with many types of money, including traditional currencies and cryptocurrencies, aiming to make payments smoother worldwide.

The Problem It Solves#

Before Request, sending and receiving payments often involved middlemen like banks or payment processors. These middlemen can slow things down, add extra fees, and sometimes create security risks. For example, paying an invoice by email might lead to confusion, delays, or mistakes. Request removes these middlemen by using blockchain technology, making payment requests clear, fast, and harder to tamper with.

How It Works#

Imagine you want to pay a friend for a shared dinner. Normally, you might send a text or email asking for money, and then you both have to keep track of who paid what. Request works like a shared, digital “bill” on a public notebook that both of you can see and trust. When you create a payment request, it’s written on this notebook (the blockchain). Your friend’s digital wallet (an app that holds money) notices the request and can approve it with a simple click. Once approved, the payment happens automatically, and the notebook updates to show the transaction is complete.

Behind the scenes, smart contracts—these are like computer programs that run automatically on the blockchain—handle the rules. They make sure payments follow laws and taxes, and they can even hold money safely until conditions are met (like an escrow service). This automation reduces mistakes and speeds up the whole process.

Why It Matters#

Request is important because it offers a new way to handle payments that is more transparent, secure, and efficient than traditional methods. It fits well with other blockchain projects that focus on improving digital money and contracts. For example, Ethereum-classic provides the smart contract technology that Request uses to automate payments. Meanwhile, projects like Trueusd offer stable digital currencies that can be used within Request to avoid the ups and downs of cryptocurrency prices. Also, platforms like Avalanche focus on fast and scalable blockchain networks, which can help systems like Request handle many payment requests quickly.

By combining these technologies, Request aims to make money transfers and invoicing more reliable and easier to manage for everyone, from small businesses to large companies, across borders and currencies.

Request Network Introduction#

Request Network is a decentralized platform that facilitates the creation and management of payment requests through blockchain technology. It aims to simplify and secure the payment process by leveraging a decentralized ledger. This ledger ensures transparency, immutability, and automation in financial transactions. The primary goal of Request Network is to become the backbone of global trade by integrating a universal ledger capable of handling any currency, legislation, or language, thereby offering a streamlined, efficient, and secure way to manage payments. Request — Request Network is a decentralized platform for creating and…

Part 1: Request Network Whitepaper Review#

Disclosure: This part is strictly limited to an overview of the whitepaper and maintains an objective tone. Neither external knowledge nor comparisons with other cryptocurrencies are expected (unless introduced in the whitepaper). "Part 2" of this explanation will provide a more relatable explanation considering the external knowledge.

• Author: Not specified
• Type: Technical
• Tone: Neutral, Objective
• Publication date: March 16, 2018

Description: What Does Request Network Do?

Request Network offers a decentralized solution for creating and managing payment requests. Its primary objective is to simplify and secure the payment process by using blockchain technology to store all transaction information in a decentralized ledger. The platform aims to become a universal ledger capable of supporting any global transaction, regardless of currency, legislation, or language.

The methodology involves leveraging the Ethereum blockchain to build a decentralized, serverless, and open-source protocol. This protocol facilitates the creation of payment requests, which can be detected and approved by recipients through a network of wallets and financial applications. The system also integrates trade laws and tax calculations, ensuring compliance and automation in financial transactions.

Problem: Why Request Network Is Being Developed?

Request Network addresses the inefficiencies and security issues in the current payment systems. Traditional payment systems are often costly, complicated, and insecure, requiring third-party intermediaries and exposing sensitive information. These systems are also not prepared for the digital and IoT revolutions.

Current solutions like Paypal and credit card payments are limited and unsafe, resulting in scattered invoices and potential errors. Moreover, these systems lack the necessary integration to manage payments in a global, digital economy efficiently. Request Network aims to solve these problems by providing a decentralized, secure, and automated payment solution that eliminates the need for intermediaries.

Use Cases#

• B2B Invoicing: Automates the sharing and payment of invoices between companies, reducing errors and delays.
• Online Payments: Protects user data by allowing payments without exposing sensitive information.
• IoT and Smart Contracts: Enables machines and IoT devices to negotiate and execute payments autonomously.

How Does Request Network Work?#

Request Network operates as a decentralized ledger on top of the Ethereum blockchain, facilitating the creation and management of payment requests. The core components include:

• Core Layer: Manages consensus over the ledger and state transitions using smart contracts.
• Extensions Layer: Adds functionality for taxes, payment terms, escrows, and other advanced features.
• Applications Layer: Interfaces with external systems like accounting, audit, and payment platforms.

To create a payment request:

1. A user writes a request on the Request Ledger.
2. The recipient's wallet or financial application detects the request.
3. If approved by the recipient, the payment is made with a single click.
4. The network updates the ledger, reflecting the completed transaction.

Technical Details#

Request Network leverages the Ethereum blockchain for its decentralized ledger and smart contracts. The platform uses ERC20 tokens (REQ) for transaction fees and rewards within the network. Innovations include the integration of Swarm and Filecoin for decentralized document storage and the use of ZkSnarks for privacy.

• Ethereum Blockchain: Executes smart contracts and ensures decentralization.
• Swarm and Filecoin: Decentralized storage solutions for different types of document data.
• ZkSnarks: Provides privacy for transactions.

Request Network Tokenomics: Token Utility & Distribution#

REQ tokens are ERC20 tokens used within the Request Network. They are necessary for creating advanced requests and rewarding participants who contribute to the ecosystem. Network fees are paid in REQ and are burned, reducing the total supply over time.

The distribution strategy aims to incentivize the creation and growth of the Request ecosystem. Initial transaction costs range from 0.05% to 0.5%, with fees decreasing as the network scales to remain competitive.

Key Request Network Characteristics#

Request Network aligns with core blockchain principles, ensuring security, transparency, and decentralization.

• Decentralization: Managed through the Ethereum blockchain.
• Anonymity and Privacy: Uses ZkSnarks for transaction privacy.
• Security: Secured by Ethereum's blockchain and smart contracts.
• Transparency: Transactions are recorded on a public ledger.
• Immutability: Blockchain ensures data cannot be altered once recorded.
• Scalability: Plans to integrate Plasma Chains and Sharding for scalability.
• Supply Control: Token supply is managed by burning REQ tokens.
• Interoperability: Compatible with various currencies and integrates with multiple platforms.

Glossary#

• Key Terms: Decentralized Ledger, ERC20 Tokens, Ethereum, Smart Contracts, ZkSnarks, Swarm, Filecoin, Plasma Chains, Sharding, Oracles, REQ Tokens.
• Other Terms: IoT, VAT, DPO, DAPP, POS, Byzantine, Tax Module, Reputation System, Escrow, Factoring, Continuous Bills, Trade Laws, Smart Audits.

Part 2: Request Network Analysis, Explanation and Examples#

Disclosure: This part may involve biased conclusions, external facts, and vague statements because it assumes not only the whitepaper but also the external knowledge. It maintains a conversational tone. Its purpose is to broaden understanding outside of the whitepaper and connect more dots by using examples, comparisons, and conclusions. We encourage you to confirm this information using the whitepaper or the project's official sources.

Request Network Whitepaper Analysis#

The whitepaper of Request Network is a comprehensive document detailing the project's objectives, methodology, and technical specifications. It effectively communicates the problems in the current payment systems and how Request Network aims to solve them using blockchain technology. The document is well-structured and covers various aspects, including tokenomics, technical details, and use cases.

The whitepaper appears to be free from errors or distortions. It provides a clear and detailed explanation of the project's goals, methodology, and technical framework. The document is thorough and transparent, ensuring that readers can understand the project's potential and challenges.

What Request Network Is Like?#

Non-crypto examples:

• PayPal: Like PayPal, Request Network aims to facilitate online payments but without the need for a centralized intermediary.
• QuickBooks: Similar to QuickBooks, Request Network offers automated accounting and invoicing but leverages blockchain for enhanced transparency and security.

Crypto examples:

• Ethereum: Both Request Network and Ethereum use smart contracts for decentralized applications.
• Chainlink: Like Chainlink, Request Network integrates oracles to interact with external data sources for payment detection and other functionalities.

Request Network Unique Features & Key Concepts#

• Decentralized Ledger: Eliminates the need for intermediaries, reducing costs and increasing security.
• Smart Contracts: Automates payment processing and compliance with trade laws.
• ERC20 Tokens: Used for transaction fees and rewards within the network.
• ZkSnarks: Ensures privacy in transactions.
• Scalability Solutions: Plans to integrate Plasma Chains and Sharding for handling large volumes of transactions.
• Interoperability: Supports multiple currencies and integrates with various platforms.
• Reputation System: Guards against phishing and bad payers by maintaining a reputation score.

Critical Analysis & Red Flags#

One potential challenge is the complexity of integrating with existing financial systems and regulations. While the whitepaper addresses this by incorporating trade laws and tax calculations, real-world implementation may face hurdles. The document also highlights the need for scalability, a common issue in blockchain networks, and proposes solutions like Plasma Chains and Sharding.

There are no apparent red flags in the whitepaper, but the reliance on future technological developments like ZkSnarks and Sharding could pose risks if these technologies do not mature as expected. The language used is technical but clear, avoiding overpromising or vague statements.

Request Network Updates and Progress Since Whitepaper Release#

• Launch of Request Network website: Providing a platform for creating and managing payment requests.
• Integration with Ethereum Mainnet: Ensuring decentralized and secure transactions.
• Development of APIs: Facilitating integration with external systems for automated invoicing and payments.
• Partnerships with accounting and payment firms: Enhancing the ecosystem and user base.

FAQs#

• What is the role of REQ tokens? REQ tokens are used for transaction fees and rewards within the Request Network.

• How does Request Network ensure transaction privacy? The network plans to use ZkSnarks, a form of zero-knowledge proof, to maintain privacy.

• What are the main layers of Request Network? The Core Layer, Extensions Layer, and Applications Layer.

• How does Request Network handle different currencies? It is currency-agnostic and integrates oracles to manage various currencies.

• What are the scalability solutions proposed by Request Network? Plasma Chains and Sharding.

Takeaways#

• Decentralized Ledger: Provides a secure and transparent way to manage payments.
• Smart Contracts: Automate compliance and payment processing.
• ERC20 Tokens: Facilitate transactions and ecosystem rewards.
• ZkSnarks: Ensure privacy in financial transactions.
• Scalability: Potential to handle large volumes through Plasma Chains and Sharding.
• Interoperability: Supports multiple currencies and integrates with various platforms.

What's next?

For those interested in learning more about Request Network, exploring the official website and engaging with the community through forums and social media is recommended. Additionally, reviewing other blockchain projects like Ethereum and Chainlink can provide a broader understanding of the technology.

We encourage readers to share their opinions and insights about Request Network in the discussion section to foster a collaborative learning environment.

Explore The Competition#

See how other projects compare in solving similar problems:

• Filecoin is a decentralized storage network incentivizing storage services provision.
• Arweave enables permanent and cost-efficient data storage on a novel blockweave.

See Other Notable Projects#

Explore other projects that push the boundaries of blockchain technology:

• Hi Dollar aims to democratize blockchain technology by providing a user-friendly platform that integrates financial services and decentralized applications.
• IOS addresses scalability for large-scale dApps through sharding and consensus.