The Request network protocol has officially launched a beta version on the Ethereum Mainnet. Users can use the DApp through Metamask or Mist.
Network users can now access the official dashboard through which they are able to create, send and pay a request in ETH. They can pay the same request multiple times or update the broadcasted request.
What is the REQ Network ?
The Y-Combinator backed startup seeks to be a decentralized and secure payments system for businesses. The Request Network seeks to differentiate itself from competitors like Omise Go by providing auditing, tax and accounting integrations within the platform. The simplest version of the REQ network allows invoices to be generated automatically after each payment.
In the future, on chain extensions will provide more functionality to the platform such as escrows, tax management etc. The ability to integrate off chain applications such as audit and credit scoring tools etc on top of the extension layer is also part of the product roadmap
The target audience is intended to be businesses, governments and also for online purchases. They also seek to facilitate IOT payments in the future.
Today the users of the platform will be able to use ETH and in the future ERC 20 tokens as modes of payment. But the vision of the Request Network is to be blockchain agnostic.
Function of the REQ token
REQ is the mode of utility within the platform. The fee for generating invoices or broadcasting payment requests is in the form of REQ tokens. REQ tokens received in fees will be burnt When REQ becomes blockchain agnostic, it seeks to be the base currency for cross currency exchanges. It will also facilitate platform governance.
Request Network had come in the news recently for its partnership with PWC France & Francophile Africa. The next step in their product roadmap is now ERC-20 integrations.
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