Request

What is a request (REQ)?

REQUEST is a Request utility token that represents a decentralized payment request database which runs on Ethereum and uses Interplanetary File System (IPFS). The Request protocol is the core part of the Request platform. If you are interested in REQ’s current price or its market performance statistics, check out the request price chart above.

Essentially, the protocol allows users request and securely receive payments without intermediaries. Additionally, users can easily access invoices and receipts for completed transactions as every action is recorded and stored on the Request network. In addition, Request follows the trade regulations of each country as it complies with international laws.

In general, there are three different ways a user can interact with the Request network:

• The easiest way to do this is through Portal API. Users simply need to log into their Request an invoice checkwhere they can get their API keys. Due to the Portal’s ability to cache requests, this option provides the fastest integration and maximum performance when receiving requests.
• Another way is to become Network client. These users receive the Request Client, a library that includes all the functionality needed to create, receive, and update payment requests, as well as data encryption. These clients can manage their own identity, encryption, and networking. However, they cannot host the request node because it is processed by the platform.
• Last option hosting your own network nodes. These users have full control over network connections and query storage options, meaning they can decide how query hashes are sent to Ethereum, as well as how information is stored and accessed.

So how exactly do transaction requests work? Essentially, Request sends an invoice to the counterparty via the blockchain. Users must first submit a payment request, indicating the amount and address to which the payment should be sent. The request can then be converted into an invoice, specifying payment terms and conditions. After this, the counterparty can fulfill the request.

The Request coin was officially released in 2017. At that time, the price of REQ was about $0.06. However, it rose rapidly in early 2018, peaking at $1.18 in January. Request is known to be a volatile asset with frequent price changes.

Additionally, Request tends to follow general cryptocurrency market trends. Request’s price almost crossed the $0.07 threshold again in November 2021, when the rise Bitcoin (BTC) led to bullish sentiment in the market. The asset was also negatively affected by the collapse of the cryptocurrency market in May-June 2022.

Founders of Request

Christophe Lassuy and Etienne Tature are the founders of the Request crypto project.

Christophe Lassuy is an entrepreneur with a university degree in finance. Before founding Request, Lassuit worked for companies such as Virtua SA, Euranka, Amaris, Boehringer Ingelheim and Groupe Soufflet. Additionally, he also co-founded Moneytis, a global money transfer platform.

Etienne Tature has a degree in Information Technology. Before co-founding Request, he worked at Fiducial as a software engineer. In addition, he was the CTO of Amaris and the lead developer of Qobuz. In addition, he also co-founded Moneytis with Christophe Lassuy.

Lassite and Tatour found that most international money transfers included invoices while working with the Moneytis project. Then they realized that blockchain technology could simplify the procedure. That’s why they changed course and founded Request.

How does the request protocol work?

As mentioned earlier, Request runs on Ethereum and uses the interplanetary file system. Ethereum protects request data by attaching data hashes to its nodes. This ensures that the data cannot be deleted or altered 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 grouped and added to IPFS. It leads to high throughput and low costs.

Regarding the request structure, its protocol consists of three levels:

• Base layer. It stores all the smart contracts needed to generate and recognize payment requests.
• Extensions layer. This allows users to include payment terms such as different terms or taxes in their payment requests.
• Application layer. This allows financial institutions to make payments and receive invoices.

Keep in mind that the price of REQ may fluctuate depending on internal factors such as token supply as well as broader cryptocurrency market fluctuations.

Purpose of REQ tokens

REQ tokens are based on the ERC-20 token standard. It has more than one use case.

Firstly, REQ tokens are used for pay new payment requests or account 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 management rights. This means that users can vote on various decisions considering the future of the Request platform using REQ tokens.

Additionally, REQ tokens can be used to bid. REQ holders can stake their tokens on single token liquidity pools on Bancorwhich provide protection against permanent loss.

In addition, REQ token holders receive exclusive discounts on various products.

Overall, the REQ token allows the Request network to scale and function on multiple blockchains simultaneously.

If you plan to purchase Request Coins, please note that the REQ price is subject to change. This is because, as with the prices of other digital assets, the demand is affected by the volatility of the overall cryptocurrency market.

Tokenomics REQ

The initial maximum supply of REQ was 1 billion tokens. However, supply is decreasing as Request becomes more popular. This means that there will be more and more request tokens. deflationary as demand increases, causing the asking price to rise.

In 2017 initial coin offering (ICO) REQ tokens, raising a total of $33 million. Half of the initial offering was distributed to investors, and the other half was dedicated to early backers, participants, teams, consultants and the further development of the Request protocol.

So, check out the asking price chart above to see the asset’s performance since its launch, as well as the current REQ price.