Request Network: Potential in 2019??
⛓️ 🔗 Helpful Links 🔗 ⛓️
► Website: https://request.network
► Whitepaper: https://request.network/assets/pdf/re...
► GitHub: https://github.com/RequestNetwork/
📝 Overview 📝
The Request Network is developing a decentralised payment system where users can request and send money on the blockchain. You can think of it as as decentralised version of PayPal.
Given that they are using immutable blockchain technology, these payments will remain on the ledger permanently for quick and easy audits.
The process works in its simplest form by someone sending a request to someone for payment. This other person can then easily settle this payment request with one click.
There are many ways in which they see themselves expanding this technology. For example, this could move into the realm of B2B invoices, payments via smart contract and settlement in IoT systems.
Technologically, there are three layers that make up the request network:
- Core layer is where the basic payment functionality will take place. These are managed through the use of smart contracts.
- The extensions layer will add functionality for other types of payments
- The Applications layer is off-chain and will let third party developers interact with the ecosystem
The team behind the request network has experience in online payment systems given that they came from Monetis, a global money transfer service. They were also supported by the Ycombinator incubator.
Tokens were sold in an ICO that took place in October of 2017 where they raised a total of $33.6m for 500k in REQ tokens.
These tokens are ERC20 standard tokens that were issued on the Ethereum Blockchain. They can be traded on a number of markets although the bulk of it is on the Binance exchange.
Once you have your tokens you can store them in any ERC20 compatible wallet - we recommend a ledger.
There are many competing projects to the Request network including the likes of OmiseGO, Populous and Crypto.com. They will have to try and differentiate themselves from the crowd.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.