What Is Request?
Request is a token on a decentralized platform that allows anyone to request peer-to-peer payments. Its goal is to make advanced payment terms available to everyone, eliminating the unnecessary intermediaries like credit cards or bank agents from the picture. Users can request a payment from anywhere in the world and the platform allows keeping the accounting of all the transactions transparently and safely.
REQ, as the native cryptocurrency of the Request Network, is necessary to be acquired to carry out the application contracts on the platform. Request contracts require REQ tokens to work, especially on extension levels for advanced features such as Escrow, Tax, Down Payment, and Late Fees. The fee is distributed between the holders of the REQ token (70%) and the developer of the extension (30%). The costs are usually between 0.1% and 0.5% of the transaction value per extension, and multiple extensions can be accumulated for each request. Following the same principle of the entire cryptocurrency economy, the more the Request platform is used and the more REQ the users spend on the transactions, the higher the value of the tokens is.
Pros and Cons of Request
Advantages of Request
REQ presents an alternative to the traditional forms of requesting payment with added advantages like low transaction costs and privacy. According to CoinMarketCap, Request occupies a place among the top-350 cryptocurrencies. It’s currently on the rise and is traded at a reasonable price. The project is active on social media and builds an international community of supporters around it, distributed almost equally between the East and the West. The algorithm of how the token works is explained well on the website, along with its advantages.
Disadvantages of Request
Request needs to expand on major exchanges and can’t be traded for fiat money currently. The circulating supply is mainly held in the hands of large holders. The developers are also focused on another project - Moneytis, so it’s not entirely clear how they divide the efforts between the two. REQ also has lots of competition since there are countless similar projects: Status, Metal, Monetha, OmiseGO, TenX, Monaco to name a few. There are also more traditional rivals like Paypal and such.