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What is Request (REQ)?
Request (REQ) is the utility token driving the Request Network, an Ethereum-based decentralized payment platform launched in 2017. The Request Network allows users to request payments and receive funds securely without the need for intermediaries, making transactions more affordable and compatible with all global currencies. The REQ token serves several purposes within the network, including anti-spam, governance, staking, discounts, and fostering independence.
When creating a payment request, users define the destination address and the amount, as well as any terms and conditions that turn the request into an invoice. The request can then be shared with the counterparty for payment. Each step is recorded and stored on the Request Network, enabling easy tracking of invoices and payments for accounting purposes. Additionally, the platform complies with international trade laws to ensure global regulatory compliance.
Who founded Request Network?
The founders of Request Network are Christophe Lassuyt and Etienne Tatur. Lassuyt, who has a background in entrepreneurship and experience with Ycombinator, is currently the primary community manager. Tatur, who has also participated in Ycombinator, holds the position of chief technical officer and has been involved in the web3 domain since 2014.
What makes Request Network Unique?
What sets Request apart is its ability to facilitate payments by sending invoices through the blockchain, enabling the counterparty to detect and pay the request with a single click. This push-generated payment method eliminates the need for users to share account information and reduces transaction costs by removing third-party processors. Request Network's open-source protocol allows for seamless interaction between financial tools built on top of the platform, fostering a collaborative environment among apps.
By leveraging decentralized blockchains like Ethereum and IPFS, Request Network ensures enhanced security, privacy, and data ownership for end-users. Although the platform incurs transaction fees, these costs help incentivize miners to maintain network consensus. REQ can be held in a range of wallet options, such as MetaMask, Argent, MyEtherWallet, Ledger, imToken, Trezor, Atomic Wallet, Jaxx Liberty, and Trust Wallet.
As an ERC-20 token, REQ is built on the Ethereum platform and relies on an immutable digital ledger to securely store requests, which also serves as an audit trail.
Request (REQ) Pros and Cons
- Decentralized and secure payment solution
- Compatible with global currencies
- Streamlined invoice and payment tracking for accounting purposes
- Collaboration between financial tools built on the platform
- Limited adoption and awareness
Request (REQ) Review
Request Network offers a compelling solution for users seeking a decentralized, secure, and affordable payment system. Its innovative invoicing and payment tracking features, coupled with a strong focus on security and privacy, make it an attractive option for those looking to move away from traditional third-party payment processors.
Our security review and analysis also revealed that on the smart contract, there is a mint function, a hidden owner, and a function that allows the contract owner to modify user balances within the blockchain.
While these functions seem to be operating correctly and can be used to secure the project, they might introduce future security risks. We believe it's important for you to be aware of these features and make your own risk assessment.
Is Request (REQ) a Scam?
There seems to be no evidence to suggest that Request Network or its REQ token is a scam. The project has a solid foundation, a well-defined white paper, and an operational network. Additionally, its founders have participated in the respected Y Combinator startup accelerator, lending credibility to the project.
But, like any investment venture, potential users and investors should consistently practice due diligence by performing their own research (DYOR). Examining the project, its team, and its objectives in detail can help you assess and temper risks before investing. Scams persist in the crypto sphere, emphasizing the significance of these practices in protecting yourself from poor investment decisions.
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