Symbol – REQ
Whitepaper – Link
When – October 13th 2017
How to Participate – ETH will be accepted in the sale.
Soft Cap – 100’000 ETH
Hard Cap – 100’000 ETH
Total Max Market Cap At ICO – 60 Million USD
Exchange Rate: 1 ETH = 5’000 REQ
Total Tokens in Circulation At ICO – 1 Billion REQ (500 Million Circulating)
Request is a decentralized network which allows anyone to request a payment (a Request Invoice), where the recipient is able to pay in a secure way and all the information is stored in a decentralized authentic ledger. This results in cheaper, easier and more secure payments and allows a wide range of automation possibilities on top of it.
Request is essentially a re-imagining of the current world settlement layer, and improving it with the versatility of technology, processing power, and security of the blockchain. We have had improvements in various sectors of our lives – inventions such as computers and phones have improved our capability for communications, while other revolutions such as vehicles (the modern car/trucking) has changed our physical limitations and increasing interconnectedness. It’s a big world these days, but as Peter Todd has stated in the past, one of the things that as of yet is still to be unexplored is the financial service system.
In the world of 2017 where we are using lightning fast Internet (4G technology) it becomes a problem when our finances are still using outdated deprecated systems. It can take hours, days, or even weeks in some extreme cases for the transfer of wealth to be checked and go through all of the necessary systems. While in a vacuum this is not a huge problem, over a long period of time and across a large sector of people (particularly the businesses who need to time critical payments precisely) this can slow down innovation, desire for commerce, and intuitiveness of the overall system.
Request aims to change all of that by automating as many parts of the process as possible through a Smart Contract. Taxes, dividends, allocations, and others are coded into the Request Network wherein simply accepting a request for payment starts and finishes the entire process to completion.
Note 1: The Request Protocol works with fiat and cryptocurrencies (it is currency-agnostic).
Note 2: Online payments are one of the 5 main use cases of the Request Protocol along with B2B invoicing, accounting, auditing, IoT and transparency.
Anyone can write on the Request Ledger and create a Request for Payment.
The Request can be detected by the recipient monitoring the network (via a wallet or via a financial application). If the request is approved by the user, it can be paid with a single click. Then the request is completed and the network is updated.
When a Request is created, the trade laws that are applicable to its specific case are taken into account, and taxes are applied. When necessary, advanced payment terms may be selected.
inance Director in Switzerland, USA, France and China.
NEOMA Business School Alumni, Mannheim Universitat Alumni.
Member of the Mangrove movement and YCombinator Alumni.
Speaker at the Paris Fintech Forum.
Co-founder of iEx.ec Blockchain Computing, Gilles is also a permanent INRIA research scientist since 2004 and is currently working at ENS-Lyon, France. He produced pioneering software and algorithms in the field of Grid and Cloud Computing. He co-authored more than 80 peer-reviewed scientific papers and won two Best Paper awards.
Finance Specialist in Switzerland and Asia (audit, data, financial control).
ICN Business School Alumni.
Co-founder of Neomy.io.
Request’s primary positive is the mainstream acceptance and ease-of-use that this kind of project will be able to garner. Because it works with Fiat currencies and existing legacy systems rather than against them, it will be a relatively simple task to include Request as one of the possible payment solutions for services up to and including mega corporations such as Amazon.
A second positive for Request is the scope of their ICO – While reserving only 50% of the REQ tokens for ICO participants is less than preferred with these kind of projects, the cap of 100’000 ETH is noticed here and gives them extra points. At a 30 million dollar max crowdsale cap, this makes Request one of the cheaper projects compared to its competitors (Monetha being of similar current market cap).
A third positive for Request is the robustness of their project – while other competitors in the space that provide payment gateways and settlement contracts do exist in the space, Request is the one that appears to this author as having the most use cases and utility when compared to the field. Subdivision of rent payments is a great example of using the Request Network, and a feature that other projects simply lack – there are many more features within Request that serve as similar examples.
The only real negative that I can draw from Request is their reliance on Ethereum – while they have stated some initiatives to distance themselves from the blockchain as much as possible (which makes you wonder why they didn’t develop their own chain in the first place), there are apparently plans to perhaps fork Request into it’s own blockchain in the future. This will absolutely be a necessary upgrade if they are to tackle the massive volume of world transactions today – around 5 trillion dollars. Even with such solutions as Sharding on the Ethereum network, I’m not entirely convinced that this project will be able to be run on VM’s across the world on such a slow infrastructure. Alternatives such as Rchain exist, but they are outside of the scope of this review.
Request is a great idea at exactly the right time. It’s of my opinion that 2018 will be the year where blockchain projects will truly take off and become serious contenders in their respective industries (with scaling solutions being developed and coming to fruition soon such as Sharding and Plasma), and it’s an excellent time to get on board burgeoning projects with lots of potential. An investment into the Request network reminds this author of investing into API technologies and the massive returns those have made. At a 30 million dollar market cap, Request is sure to be a winner.