The structure of our global and linked economy is built on the foundation of digital payments. Despite this, we never consider the difficulties and inefficiencies of online payments.
If this problem can be solved, it will likely result in significant cost savings for both customers and sellers. This can be performed in several methods, including eliminating the requirement for a middleman, streamlining the process of utilizing payment gateways, and automatically processing transaction data for accounting purposes.
The request platform has used blockchain technology to solve these problems for the past 6 years.
In this blog post, we will discuss what Request is, its native token, REQ tokens, its history, its features, and how you can buy it via crypto exchanges.
What Is Request Network?
The request is a decentralized network allowing anyone to request a payment and enabling the recipient to pay for it quickly, safely, and cost-effectively.
It uses blockchain technology to process and encrypt transactions. It means that all transaction records are secured and cannot be altered.
The request was developed to facilitate transactions worldwide, irrespective of location, currency, legislation, or language.
In contrast to traditional business methods, using this network will not require you to disclose your banking information to any third parties to finish your transaction. This makes the network one of the most appealing aspects of the system.
What Is a REQ Token?
To connect with the Request Network, you must spend REQ tokens. REQ tokens ERC20 tokens. You may be required to pay additional REQ costs if you create more complex invoices.
A percentage of the REQ fees is burnt at a rate established by the current supply and the exchange rate with the other currencies supported by the platform. This rate is periodically adjusted. The REQ token also serves other purposes, such as functioning as a middleman for cross-currency exchanges and building governance in community voting.
The current trading price of REQ tokens is $0.08690. The market capitalization is around 86.72 million dollars, and the total supply of REQ tokens is 999.98 million.
History of Request (REQ)
Christophe Lassuyt and Adrien Trebel launched the Request platform in the year 2017. 2018 the platform became available for use and immediately raised over $10 million through an initial coin offering. Users can send and receive payments in cryptocurrencies through the Request platform.
The platform is based on the blockchain technology of Ethereum and uses smart contracts to make payments possible. REQ tokens are required to access Request's services and pay the necessary network fees.
Features of Request (REQ)
The transaction price assessed for each request acts as a disincentive to make harmful use of the network, which helps reduce spam. The network's performance is improved when spam transactions are eliminated, leading to an enhanced user experience (UX).
Staking
Staking is an option for users on Bancor, which allows them to stake REQ tokens in a single-token liquidity pool that provides temporary loss protection. In addition to this, Request is working on the implementation of an internal staking mechanism for node deployment. In other words, users can operate a node that offers a more streamlined experience to their end-users if they stake REQ. This is made possible by the REQ token.
Governance
The Request Network is a decentralized protocol that employs an off-chain governance system. Participants are allowed to vote on important problems that will impact the network's ability to continue to grow. In addition to building a decentralized autonomous organization (DAO), the team working on the project wants to implement a governance structure that runs on the blockchain. This will take place concurrently with the DAO construction. You must possess the REQ utility token to participate in voting procedures that are part of the new governance system.
Deflation
The transaction fees charged to customers are accumulated in an Ethereum smart contract, the foundation of a deflationary mechanism for the REQ cryptocurrency supply. By decreasing the total number of REQ tokens in circulation, this method contributes to maintaining the value of the REQ token.
What Makes Request (REQ) Unique?
The Request has a significant contribution to the development of the cryptocurrency ecosystem because it is valuable to many blockchain-based enterprises and, not infrequently, individual customers.
The businesses that make up the crypto ecosystem are those looking to profit from cryptocurrency trading, mining, distributed computing, and distributed data storage.
There are actual business executives, CEOs, community heads, and finance chiefs behind every fantastic initiative in the ecosystem, such as Aave, Maker, Fantom, and many more.
The request is utilized by these foundations, organizations, and businesses to organize their finances.
Request can conveniently summarize financial figures for auditing purposes thanks to advanced digital invoicing, enabling the company to compute tax obligations and guarantee compliance with governing bodies.
Request's user-friendly web interface makes it straightforward to implement in organizations of any size, from major corporations to one-person shops.
How to Buy REQ Coins?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including REQ, users can now trade easily and seamlessly. To purchase REQ on CoinEx, follow the steps below.
First, you need to go to the website and create an account.
If you already have a CoinEx account, this is how to purchase and sell REQ on CoinEx:
- To access your CoinEx account, visit the website or launch the app and enter your email and password.
- Put funds in your account to make REQ token purchases. You can deposit the funds via bank transfer, credit card, etc.
- Once you have funds in your account, you may buy REQ by going to the REQ trading page and choosing the trading pair you wish to use.
- Tokens (USDT, BTC, ETH, and CET, etc.) can be exchanged for REQ. Put in your order and the quantity you want to buy.
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