Explanation of What is Request Network (REQ) Cryptocurrency
Rancakmedia.com – If you are interested in buying this crypto asset, it is recommended to read the summary of this article to learn what a Request Network (REQ) is. REQ is a project that aims to make payments between two parties in a simple, secure, fast and cost-effective manner.
Request seeks to compete with Paypal's decentralized payment system by using blockchain technology.
What is a Network Request (REQ)?
REQ is a project that aims to make payments between two parties in a simple, secure, fast and cost-effective manner. Request seeks to compete with Paypal's decentralized payment system by using blockchain technology.
This project is one of a number of new projects that aim to address industry challenges and concerns by leveraging blockchain technology to process and encrypt transactions, ensuring that all transaction records are secure and immutable.
The breadth of Demand's vision is so vast that it is impossible to understand at first glance. Requests are made to facilitate international transactions regardless of location, currency, law, or language.
Who is the Founder of Request Network
Christophe Lassuyt and Etienne Tatur founded the Request Network. Request's current chief financial officer is Christophe Lassuyt. He co-founded MONEYTIS before taking this position.
Request's chief technology officer is Etienne Tatur. He previously founded MONEYTIS and worked at QOBUZ, a music streaming service, as lead developer.
Technology Used Request Network
Some of the supporting technologies from Request Network include:
- Blockchain Ethereum (ETH): Ethereum is an open-source, public, blockchain-based, distributed computing platform and operating system featuring smart contract functionality.
- IPFS: The InterPlanetary File System is both a protocol and a network. It is designed to create a content-addressable, peer-to-peer method for storing and sharing hypermedia in a distributed file system.
- Request Nodes: Nodes receive transactions (such as making requests or accepting them), classify them, and store them on IPFS and Ethereum. They abstract IPFS, Ethereum and gas for users. They also store all data.
- Request Gateway: Gateways make Requests easier to use than the nodes themselves. They offer high level API to Request users. This API then allows anyone to seamlessly interact with Requests. That way anyone can manage their blockchain keys (if required), identities, gas purchases and so on. All use clear, developer-friendly interfaces.
- Payment Processors: Payment Processors connect Requests with payment networks (such as BTC, Ethereum, Monero, and fiat networks). They detect payments and update the status of requests (such as whether they have been paid).
- Apps: Application connected to the Request system to help manage payments. They can enable and streamline invoicing, accounting, crowdfunding, and more. This application is not part of the protocol or its implementation but is built on top of it.
What Makes Request Network Unique?
Payments on Demand are made simply by sending invoices through the blockchain; the counterparty can then detect the request and pay for it peer-to-peer with one click.
One of the main advantages of Requests is that payments are generated via a push mechanism rather than a pull mechanism. Users are not required to provide their login credentials. The application of blockchain technology also reduces transaction costs by eliminating the need for third-party processors.
Request Network uses decentralized blockchains such as Ethereum and IPFS to give end users more security, privacy and control over their data. There are transaction fees on the platform, which are fees for broadcasting changes to the blockchain network. Transaction fees are meant to encourage miners to come to a consensus about the current state of the network.
Metamask, MyEtherWallet, Ledger, imToken, Trezor, Atomic Wallet, Jaxx Liberty, and Trust Wallet are some of the wallets that accept REQs.