As the world of cryptocurrency exchange is dynamic in nature, the methods of making payments for these cryptos are also evolving with time. Not only this, but the crypto industry is also adding a myriad range of decentralised finance platforms like Theta Network (THETA), Tezos (XTZ), Avalanche (AVAX), and other platforms.
Due to the constant addition of these decentralised finance platforms, the relevance and effectiveness of traditional invoicing systems of payments are decreasing. This is one of the reasons why businesses need a one-stop platform that brings all the transactions to one area. Request Network (REQ) was formed as a result of this initiative.
Let’s explore the world of REQ networks in detail.
What is a Request Network?
Being a decentralised protocol, the Request Network helps in the creation and fulfilment of payment requests without the need for employing an intermediary for processing these requests. The payments made or received by the individuals or companies are incurred in the form of cryptocurrencies such as Fantom, Polygon, Ethereum and other types of cryptos. Furthermore, any payments occurring on the REQ network are immutable to put a stop to the meddling of confidential information and the occurrence of any frauds or scams.
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Moreover, the platform also ensures that no one owns the network as it records data or information in a decentralised way to avoid malicious use of the network. Apart from this, the Request Network also slightly charges when a request for a new payment is made. This charged fee is recorded and stored on an Ethereum smart contract and then it is burned intermittently in order to lower the number of REQ tokens that are there.
How does the Request Network operate?
The REQ Network aims to maintain and process transactions in a scalable, private, easy, and safe manner. All information regarding the transactions is stored on a decentralised verified and genuine ledger and the user of the network can write on the Request Ledger to make a payment request.
Via the network, the recipient gets notified about the creation of his/her payment request and once the request undergoes the taxation and regulation procedure, it is paid immediately. The invoice generated on the decentralised authentic ledger is a great way for certifying or validating your payments.
Without the need for caring about libraries, Ethereum gas fees or contracts, the users can make use of request gateways. Besides this, the bulk of data is recorded on the InterPlanetary File System (IPFS) which is authorised by Filecoin.
Using elliptic-curve encryption, the data collected is secured and can only be viewed by the concerned parties. Furthermore, with the use of a layered architecture by the request network, each and every layer has a particular task to perform and they can be updated or altered without affecting the functioning of the whole REQ system. These four layers of abstraction are as follows:
- Request logic layer– It specifies the payment requests’ data structure
- Transaction layer- It has the responsibility for encryption and overseeing which transactions are sent to the data access layer
- Data Access Layer- Before storing the data, it manages the formatting of the data
- Storage layer- It is in charge of data retrieval and storage.
What is the REQ token?
The REQ token is the native token of the Request Network and manages the authenticity of transaction occurring on the network. In addition to the statement, the token makes it possible for the network to interact with multiple blockchains outside its network, thus adding to the network’s independence in terms of infrastructure and currency.
The REQ token also protects its users from getting spammed as it is utilised as a payment fee on each request. You can become a REQ token owner by buying the cryptocurrency from one of the best crypto exchanges in India i.e., WazirX and also receive consistent updates regarding other cryptos from the platform.
To wrap it up, the Request Network is the perfect solution for all investors who want to get paid and create payment requests to eliminate the excessive use of traditional invoicing systems.