Request Network – trading network of the future?

The Request Network is a decentralized peer-to-peer network, which as a payment system wants to declare war on other payment services like PayPal. It uses the new blockchain technologies for this purpose. Payments should become cheaper and more transparent with the crypto currency.

Request Network – What is

The Request Network Coin is an Ethereum based token. Read more about it here The main task of the token is to be incurred as a fee for payments over the network. The more complex the payments, the higher the fees could be. The fee for transactions should be between 0.05% and 0.5%. Parts of these fees paid to the network are to be burned, simply destroyed. How many depends on the amount currently circulating in the network. The crypto currency is therefore deflationary and should increase in value over time.

So you have to hold some REQ tokens on the Request Network Wallet to be able to make payments on the network. However, the token does not have to be the actual currency used in the payment process. In the course of the network development it is planned to add different crypto currencies, first of all Bitcoins and Ether, to the request network. Fiat currencies are also to be added. At the same time, the REQ coin is also to serve as an intermediate currency if different currencies are to be exchanged with each other.

The network is called “Request Network” because the payments are to be handled via a simple system of requests. The request for payment is sent via the blockchain without a third-party provider. The buyer can confirm the payment with a simple click. This system can also be used for online trading, billing from business to business or even the Internet of Things.

The advantage of this system is that the payer does not have to disclose any customer data. This is because the payer responds to the request from the person who wants to be paid. With standard payment services, it is rather the other way round. In addition, the blockchain eliminates the third-party provider who would also earn money with the payment, since it is a direct peer-to-peer exchange. Companies will be able to track and store invoices and payments on the blockchain. This will ensure transparency. The development team is also aiming for the REQ token to be used by governments and NGOs for everyday payments.

Request Network and the Ethereum code?

Basically, the network is a layer on the Ethereum code block chain. The platform itself consists of three layers: The core sits on the Ethereum blockchain, which is why in the future payments should also be possible with any ERC20 token. The core regulates the simplest types of payments. The “Extensions” layer takes care of advanced types of payments, which can include taxes, advances, deposits and more.

Developers can create new extensions for this layer to allow more types of payments. The last layer is the “Application” layer, which acts on the outside. Third-party programs can use it to communicate with the Reqest Network, carry information into the physical world, or interact with invoices.

The team consists of a total of 6 members. Gilles Fedak is one of the founders of and a consultant to the team. The team previously worked on Moneytis, a global money transfer platform. Actually, Moneytis had a monthly growth rate of 20%. However, the team preferred the Request Network development. While working on Moneytis, the team found that most of the money transfers were invoices, so they wanted to redirect to a platform that was better suited to paying invoices.

Reqest Network was founded by Christophe Lassuyt and Etienne Tatur. Lassuyt was a Finance Director at various companies in Switzerland, the USA, France and China. He is the speaker of the Paris Fintech Forum. Tatur created his first blockchain project, also known as Moneytis. He is the speaker of the International Money Transfer Conference in Miami, Blockchain France and Visa Europe. Chief developer is Vincent Rolland, who first worked on Moneytis.

To date, partnerships have been established with 0x and the Kyber network to enable cross-currency payments. In the future, the technologies Civic and Aragon will be used.