There are various payment protocols and tokens in the cryptocurrency world. This post is all about one such payment protocol called Request and its native REQ token. Let’s take a look at it in more detail.
What Is Request Network and how does it work?
The Request Network is based on the Ethereum blockchain. According to its website, it is a decentralized payment method in which users can ask for a payment and securely receive money. It excludes the requirement for authorized third parties to give a more affordable and safe payment approach that functions with all international currencies. The important point to note here is that Request can also swap to a separate blockchain if needed.
Moreover, any transaction that executes on the platform is unchangeable. This helps in stopping any forgery or meddling with the data. Not just that, it accumulates data in a decentralized method confirming that no one possesses the network. To stop malicious use, the platform also demands a miner fee when a fresh payment bid is made. The fee thus accumulated is held on an Ethereum smart contract and burned occasionally to decrease the quantity of REQ tokens.
The Request Network holds all the data on a decentralized ledger. Any user can register on the Request Ledger to make a payment request. Once the request is made, it gets noticed by the recipient via the network. After that, the request is settled immediately after checking the rules and taxes. The invoice produced on the decentralized ledger can be thereafter seen to confirm, certify or verify payments.
The official whitepaper further states that the Request Network strives to maintain the process uncomplicated, private, scalable, and safe. Users can utilize request gateways without thinking about contracts, libraries, or Ethereum gas fees.
The majority of data on the Request Network is held on the InterPlanetary File System (IPFS) which is facilitated by Filecoin (FIL). This permits the network to maintain enormous throughput and low cost. Apart from that, the data accumulated is protected by utilizing elliptic-curve encryption and is only available to involved parties.
In extension to this, the request network utilizes a layered architecture where per layer accomplishes a distinct task. As such, these layers can be modified or elevated without impacting the remaining of the network. There are four layers of conception:
- Logic layer: This layer describes the data systems of the payment request.
- Transaction layer: This layer describes the transactions which are transmitted to the data access layer and manage the encryption.
- Data Access Layer: This layer handles the structure of data before a repository
- Storage layer: This layer describes data storage and retrieval.
What is REQ Token?
REQ is an ERC-20 token. This token can be used to use the Request Network. According to its website, the REQ tokens’ primary supply was 1,000,000,000. The supply has been successfully decreased to 999,877,117.
The REQ tokens are available on major cryptocurrency exchanges. Users must always check and confirm that the REQ address is this one: 0x8f8221afbb33998d8584a2b05749ba73c37a938a.
The request network token (REQ) enables various operations. The following are some:
- Anti-spam: When starting a new payment proposal or invoice with Request, a nominal fee is needed before posting to the network. This fee prevents people to utilize the network wickedly, maintaining the network pure from spam.
- Governance: The protocol has enforced an off-chain governance system on Snapshot that permits network participants to vote on conclusions that are necessary for the network’s long-term win.
- Staking: Staking REQ is achievable on Bancor. This is one token liquidity providing, loss security.
- Discounts: Owners of REQ tokens profit from product deals once they become public in their products. The discounts given differ per product.
- Independency: Users that presently form a request are set a minor fee in ETH, the native currency of Ethereum, which is switched into REQ after. The REQ token permits the Request network to move, simultaneously operate on numerous blockchains, or even operate on its own reliable blockchain, without damaging the root instruments of the network. This makes the network autonomous from both the money and technical infrastructure supplied by others.
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REQ Token Price Analysis
At the time of writing this, the REQ price is sitting at $0.1137. The price is decreased by almost -5.5% in the last 24 hours. As per the analysis, the REQ price could touch the level of $0.14. By the end of 2022, the Request is anticipated to touch a minimum price of $0.14. In addition, the REQ price is competent for reaching the highest level of $0.15. Request (REQ) can be purchased on various cryptocurrency exchanges such as Coinbase, Binance, Bitfinex, and gate.io.
How to buy REQ Token?
One can purchase REQ on various exchanges. This section is explaining how to buy REQ on Binance.
Step 1- The first step is to open an account and verify the identification. Users can
- Register via the Binance App
- Register via the website using email
- Register via the website using a mobile number
Step 2– In the next step, Click on the “Buy Crypto” link on the top left of the Binance website menu. Once clicked, it will show the known choices in the users’ country as per the availability. For instance, for a new user, a Credit/Debit Card is the most comfortable alternative to a purchase Request (REQ). Binance supports both Visa and MasterCard.
Step3– Now, in this step, users have 1 minute to verify and confirm their order at the present price. After 1 minute, the order will be recalculated based on the present market price. Users can click Refresh to witness the latest order amount.
Step 4– After buying the crypto, users can hold it in their crypto wallet or just hold it in their Binance account. Users can also exchange for other crypto or stake it on Binance Earn to generate passive income.
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