Request (REQ), formerly known as Request Network is a decentralized platform that allows anyone to request peer-to-peer payments.

A recipient can receive payment securely with all the information stored in an authentic decentralized ledger. This results in easier, cheaper and more secure payments, and allows for a wide range of automation possibilities on top of it.

Request’s goal is to replace payment systems such as PayPal and make the most advanced payment terms available to everyone.

The project is built by the same team that created Moneytis- an international transfer network based on Bitcoin, in 2014.

Request has also been built with further collaboration by projects including:

• Civic
• Aragon
• 0x

The Request platform can be seen as a layer on top of the Ethereum, which allows requests for payments to satisfy the legal framework.

Sample use cases

Online payment

• With Request, the user’s data remain protected. There are no third parties involved so that the merchant fee can be lowered. With Request, the cost of creating payment is less than twenty cents- much lower than the existing seven percent PayPal fees.

B2B invoicing

• Many of the invoices between companies are still being sent in email and paper format, and require manual copies. With Request, companies can share these bills directly via the ledger, and they’ll be no need for duplication, as the accounting systems will be immediately plugged in and updated.

Automation of accounting, audit, and expenses

• Request can also be used to automate specific accounting tasks such as payments and VAT refunds.

Simplification of commercial tools

• The project is also able to provide easy access to tools like escrow or factoring for both businesses and individuals.

Use of REQ tokens

REQ tokens are required for the operation of Request contracts and especially the extension layers for advanced features such as escrow, tax, down payment and late fees.

The fees are distributed between REQ token holders (70%) and the extension developer (30%). Costs are expected to be 0.1% to 0.5% of transaction value per extension, and several extensions can be accumulated for each request.

As all transactions that use extensions require REQ tokens, the more usage the Request platform has, the more valuable REQ tokens should be.

Opportunities

The problem that Request is trying to solve is vast, so the upside is substantial if Request can deliver on its vision.

The other company that the team is running, Moneytis, has already received six rounds of funding from 2015-2017. This could indicate that the company is growing throughout the years, which speaks to the execution skills of the team.

The Network effect is present. This means as the number of users of Request increase, the more valuable the platform becomes.

Potential concerns

Since P2P payments are the backbone of cryptocurrency, the project faces competition from many blockchain projects in one way or another. These include projects such as OmiseGo (OMG). Everex (EVX) and TenX (PAY).

There’s also the obvious issue of challenging a major corporation such as PayPal- with their tremendous resources and size. Aiming to disrupt markets in which PayPal is the dominant force, will prove to be a hugely challenging task.

Conclusion

Instead of using third-party platforms such as PayPal to request payments in the future, users can create their payments directly on the blockchain- which will enable seamless payment experience and is cheaper, will become increasingly secure and more comfortable with making payments. Combined with a proven team and strong token use cases, Request could be the future disruptor to the payments industry.

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