Request Network (REQ) is a decentralized payment platform built on the Ethereum blockchain that aims to simplify and streamline cross-border and cross-currency transactions. The platform’s primary goal is to provide a seamless, secure, and cost-effective way for individuals, businesses, and institutions to request and process payments. In this comprehensive guide, we will explore the fundamentals of Request Network, its token REQ, the technology behind the platform, use cases, partnerships, and its potential future impact on the world of finance.
Background and Founding
Request Network was founded in 2017 by Christophe Lassuyt and Etienne Tatur, both of whom have extensive backgrounds in finance, technology, and blockchain. The project was developed as a solution to address the limitations and inefficiencies inherent in traditional payment systems, such as high transaction fees, lack of transparency, and slow processing times.
The team behind Request Network conducted a successful Initial Coin Offering (ICO) in October 2017, raising approximately $33.6 million in the process. The ICO saw the introduction of the platform’s native utility token, REQ, which plays a crucial role in facilitating transactions and incentivizing users within the Request Network ecosystem.
What is REQ Token?
REQ is an ERC-20 compliant utility token that powers the Request Network platform. It serves several purposes within the ecosystem, including:
Fee payment: REQ tokens are used to pay fees for creating, modifying, or processing payment requests on the platform.
Governance: REQ token holders can participate in the governance of the Request Network by submitting proposals and voting on changes to the platform’s protocol and parameters.
Staking: Users can stake their REQ tokens to support the network’s security and earn staking rewards in return.
The total supply of REQ tokens is capped at 999,999,999, with around 729 million tokens in circulation as of September 2021.
Technology and Features
Request Network is built on the Ethereum blockchain and utilizes several key technologies and features to enable a…