Review on Request by Fanuel PORPORTY
Request Network Review: The Decentralised Payment System
The mission of the Request Network foundation is to become a decentralized global payment request network. In addition, this network makes it possible to carry out any type of transaction (invoice, loan, salary, donation ...). It will be possible to carry out transactions in all currencies (fiat and cryptocurrencies), all languages, laws of the world. In addition, all information (transactions) are recorded in a tamper-proof and transparent register thanks to blockchain technology. The advantage of the REQ is that it offers cheaper, more secure and completely transparent payments. But also to document each transaction and make it intelligent. Request Network introduces the concept of "Smart Invoice".
What is a smart bill? It’s an invoice that adjusts over time and updates automatically. For example, a business may indicate a payment deadline of 15 days after receipt. If the invoice has not been paid on time, late fees will automatically apply to the "request" (or payment request). No more need for the company to re-send an invoice to the payer. Which is currently a big problem for many companies.
A number of options will be added to the Request Network protocol. For example, an escrow option will block money until the asset is delivered.
As REQ is in agreement with all the laws as well as with the commercial rules, it is possible to directly integrate a tax system such as VAT or taxes.
Pros
- Most of the team at the Request Network were the creators of Moneytis, a global money transfer platform. So, they do have extensive experience in money transfer.
- REQ is the ticker symbol for the Request token, which is an ERC-20 token. The REQ is used to pay fees on the Request Network, and for creating advanced invoices and using extensions
Cons
- The payments space is pretty crowded, so the Request Network has quite a bit of competition.
