Combining the best of cryptocurrency, blockchain, and commerce has not been done on a large scale so far. Request Network is one of the projects designed to do so, although building a decentralized network for payment requests will not be easy. Now is a good time to see what this project is all about.
The Request Network’s Mission
It is evident there is an interesting opportunity ahead for blockchain companies looking at the e-commerce sector. Request Network is a decentralized network built on top of Ethereum which focuses on letting anyone request payments. There are no third parties involved, the project uses an immutable ledger, and it can support virtually any global currency in the world today. Moreover, the solution is built to be compatible with the Internet of Things, which is something to keep an eye on as well.
How Does it all Work?
There are several use cases for Request Network as of right now. Online payments will work similarly to how people interact with PayPal these days. They are secure, seamless, and cheap. Invoicing works in a similar fashion, as anyone can create and share invoices on the Request Network ledger instantly. There are even ways to deal with more advanced payment conditions, including late fees, taxes, and so forth.
Request Network also positions itself as a unique source of data for accounting and auditing. More specifically, it will enable real-time accounting, which is something a lot of service providers are looking forward to. It will also be possible to switch accounting providers without dealing with data migration, as everything is recorded on an immutable chain.
On the IoT front, things will get quite interesting with Request Network. With advanced payment conditions being a native part of this ecosystem, combined with the availability of data in a decentralized manner, there are a lot of possibilities waiting to be explored. The unprecedented transparency provided by this chain is also worth highlighting, as it is of great value to governments, city halls, and even NGOs.
The REQ Token Explained
Every blockchain-based project has its own native currency these days, and Request Network is no exception. This ecosystem works very differently from similar products, as users receiving payments will pay network fees, which require the native token. With a rather low supply of tokens to go around right now, it is evident that the demand for this token will push its price up as well. However, there doesn’t appear to be a need to hold REQ in order to use the network features, although that may need to be clarified by the team moving forward.
What Comes Next for Request Network?
For now, the company is focusing on the first iteration of this ecosystem on the main net. There is also a strong focus on new partnerships with firms in the accounting, payment, and auditing industries. External audits of the Request Contracts will occur at some point in 2018 as well. There is still a lot of work to be done until this project can go mainstream, but so far, things look pretty decent.