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.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…
Did you know that 85% of DeFi value is concentrated in six blockchains? DeFi is…
CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…
Join us at BFC 2024 to explore the future of Web3. Use a special discount…
Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…