Blockchain technology disrupts every sector in our lives, and the financial sector has not been left behind. Of particular is cross-border payments, which have seen the development of various blockchain platforms aimed at streamlining cross-border payments through decentralization. One such platform that is looking to facilitate global payments by creating a decentralized network for payments, is the Request Network (REQ).

The platform allows payees to make a payment and get paid via the network. Both the payment request and the payments are registered as a single ledger entry, ensuring transparency and immutable records.

The project has been causing lots of buzz in the crypto space thanks to its incredible global payments concept. Here's an in-depth review of Request Network

Request Network Explained

The Request Network is an innovative project that has leveraged the Ethereum network to create a decentralized payment system for requesting, sending, and receiving money seamlessly and affordably. The platform seeks to replace third-party solutions to give consumers a more secure payment solution that is inexpensive and compatible with all global currencies.

Request Network allows users to pay and get paid in cryptocurrency by sending compliant invoices as a freelancer or business. On the platform, users can accept payments in currencies like Bitcoin, ETH, DAI and USDC. In addition to providing payment solutions, Request Network offers immutable accounting and auditing services. Request Network also integrates additional functionality, including B2B, invoicing, IoT, and accounting and auditing services.

The Team Behind Request

The Request Network team is led by Christopher Lassuyt. The Request Network team is transparent and very active on social media platforms providing bi-weekly progress.

Request Network Ecosystem

The Request Network was built on top of the Ethereum network and deploys a three-tiered architecture, i.e., the core layer, extension layer, and applications layer, to provide the necessary flexibility on the platform.

The Core Layer

The Core Layer is the foundation of the Request Network. The core layer is developed on top of the Ethereum Network and primarily functions to manage basic payments. Since it's built on top of the Ethereum network, it can detect any ERC-20 based invoices. It also integrates other types of invoices via the use of oracles.

The Extensions Layer

The Extension Layer functions to handle more complex payments other than a basic invoice. The layer can process more unconventional payment terms such as rent plus make multiple payment calculations, including tax calculations, advance payments, escrow payments, etc. It achieves this via extensions added to standard invoices from the Core Layer.

The Applications Layer

The Applications Layer consists of external applications (third-party) which exist outside the blockchain. This layer is a gateway for taxes, invoices, and more, where payments are conducted instantly with little or no transaction cost. The Application Layer integrates a reputation system to prevent malicious attacks. i.e., phishing and censor those who don't pay accepted invoices on time. Besides, the layer supports application development allowing developers access to a standard API and an interface.

Features of the Request Network

Request Invoicing App

Request Network features an invoicing app that allows users to pay and get paid in cryptos by sending compliant invoices as a freelancer or business. Users can accept payment in different currencies, including ETH, USDC, and DAI. The invoicing app generates exemplary professional invoices that are in line with industry standards thus can be accepted by 3rd party products & services.

Cross-Currency

Request Network is a cross-currency platform meaning that it supports both fiat currency such as EUR, USD, GBP, and cryptocurrency. Invoice payments can be fulfilled in cryptocurrency such as BTC, ETH, DAI & USDC. In essence, Request Network's platform was developed to be compliant with every cryptocurrency, which can be integrated upon request.

Notification System

Request Network integrates a notification system to automatically send reminders to payees on predefined time slots, ensuring that they get paid on time.

Escrow

Request Network is working on launching an escrow service that guarantees users that the client has deposited money and put it on hold to pay for work in advance.

Payer Reputation System

Another incredible feature that will soon be available in Request Network is the payer reputation system-a smart system that will monitor and keep track of a payer's reputation score, enabling payees to adjust the payment terms accordingly.

Other features on the platform include invoice branding, Gnosis Multisig, Stripe Integration, Declarative Bitcoin invoices, and Declarative fiat invoices. Some of the upcoming features on Request Network include payment of fiat invoices with crypto, integration with Xero, visual invoice dashboard, integration with QuickBooks, and compound interest.

REQ: The Token that Powers the Request Network

Request Network is powered by the Request Token (REQ). The token ensures the authenticity of transactions on the Request Network plus allows it to be blockchain agnostic or run on multiple blockchains. REQ token makes the network independent from both the currency and technical infrastructure of service providers.

Request Network implements a burning mechanism that creates a correlation between growing adoption & REQ value appreciation.

The burning mechanism will certainly make REQ token grow over the next few months. The platform is also looking at possibilities of implementing a REQ staking mechanism to improve user experience plus allow holders to earn passive income.

At the time of writing, REQ token price stands at $0.144 with a market cap of $143M.

Benefits of Request Invoicing Platform

Low Transaction Costs

In the age where global payments attract hefty transaction fees, the Request Invoicing platform keeps transaction costs low, enabling businesses to save big plus enjoy the benefits of cryptocurrencies.

User Friendly

Request invoicing platform supports straightforward payments eliminating inefficiencies and errors in manually creating spreadsheets and invoices. The platform enables payees to effortlessly create invoices in less than 8 seconds and pay a client via a single click.

No Third-Party Involvements

Request Invoicing decentralizes global payments eliminating third-party involvement. In turn, it facilitates safe payments considering that payments are made directly to payees' crypto addresses.

Conclusion

Request Network is a unique blockchain-based payment platform that integrates other functionalities, including accounting, auditing, invoicing, notifications, and payer reputation system, among others. While some of its incredible features are still under development, the platform is already revolutionizing global payments by leveraging blockchain technology. Going forward, Request Network will certainly unseat current top platforms in the global payment sector attributed to its excellent payment concept with added functionalities.