DeFi

Request Network – Simple Decentralized Payments

Request Network

Today we would like to talk about an ambitious crypto project launched in 2017: Request Network. As the name suggests, Request Network is a decentralized network through which it is possible to request payments in a totally secure and fast way. A sort of PayPal in the crypto space that aims to replace traditional payment methods. It’s a project built on the Ethereum network, the top blockchain in the world, which makes it both secure and fast, hence expectations are really high. 

The Request Network is connected to the REQ token that appeared on exchanges back in 2017 at the initial price of about 5 cents. At the end of the year, however, the price increased a lot during the period of great euphoria of the crypto market, only to fall the following months and stabilize. Today the price is below 2 cents, nonetheless, the team has never stopped working on the project and continue to believe in it. And it seems that 2020 is the ideal year to recover, seeing as the crypto markets are starting to give satisfaction to their holders again. But back to the project, let’s take a closer look at how it works and what plans it has for the future. 

While with traditional payment services like PayPal, Skrill, Stripe and so on, there is a need for a third party to act as an intermediary between customer and service provider, with Request Network this third party is completely removed and replaced by the blockchain. Simply put, as a seller I prepare an invoice and send the payment request on the blockchain. The customer then receives this invoice and sends the payment. Simple. Fast. Safe! 

One of the main improvements compared to PayPal are the commissions.  If until now we were used to paying 3-5% fees, with projects like Request these fees become much lower and in some cases we speak of figures starting with 0 (decimals). These fees may increase in the future when volumes are much higher, but with much lower management costs than PayPal and the like, fees are never expected to become too high. At the moment the project has already processed more than $1 million in payments, though if this payment system gains ground, these figures will surely rise. 

How can I send payment requests with Request Network? Simply access this page and connect your Ethereum wallet (MetaMask in this case). Then you will enter the required amount and you can also fill in two optional fields, i.e. to whom you are addressing this payment request and the reason. Finally, click on create a request and you’re done. Clearly, this method is suitable when you need to request some payment from time to time, but if you need to process a lot of payments we suggest you to access this page dedicated to the integration of Request Network with your website/service. Alle the APIs and all the necessary guides for integration are there. 

Among the companies that have already integrated Request, there are important names like Gnosis Safe, Gilded, Multis etc. (Being a DeFi project the site also uses other DeFi protocols like Maker). You can follow the project closely by checking the roadmap page, which at the moment seems to be at an advanced stage. The features already added are many and at the moment the team is working on the Encryption security audit to improve privacy. For all the other news related to Request, you can follow them on Telegram or Twitter, where the team always publishes the official announcements and seems to be quite active. For the more technical users, we also recommend Discord, reachable at this link! We wish Request good luck and hope that one day we can really replace PayPal with something better and more decentralized!