Convert REQ to CNY

Request is a decentralised protocol built on Ethereum that enables users to create, manage, and pay invoices and financial requests in a transparent and trustless manner.

Key takeaways

• Request is an open-source protocol for creating and managing decentralised payment requests and invoices on the Ethereum blockchain.
• The REQ token is an ERC-20 utility token used to pay for protocol fees, which are subsequently burned, creating a deflationary mechanism.
• It aims to streamline B2B and peer-to-peer payments, offering features like automatic escrow, multi-signature approvals, and immutable audit trails.
• The ecosystem is developing with integrations into accounting software, DeFi platforms, and tools for developers to build custom payment solutions.
• REQ tokens can be securely traded on major exchanges like BTCC.

What is Request? Key Specifications & Tokenomics

Request is a decentralised network designed to facilitate invoicing, accounting, and audit processes through immutable payment requests on the blockchain.

Who created Request (REQ)?

The Request Network was founded by a team of entrepreneurs with backgrounds in finance and technology. The project's origins are closely tied to the team behind Moneytis, a money transfer comparison platform. The core vision was to leverage blockchain technology to create a more efficient, transparent, and global standard for financial requests and invoicing, moving away from traditional, often siloed, payment systems. The founding team aimed to build an open protocol that any developer or business could integrate, fostering a new ecosystem for decentralised finance and commerce.

How does Request (REQ) work?

The Request protocol operates by allowing any user or business to create a cryptographically signed "payment request" on the Ethereum blockchain. This request contains all necessary details such as the amount, currency (crypto or fiat), due date, and the identities of the payer and payee.

• Creation & Signing: A payee generates a request, which is signed and stored immutably on-chain, creating a single source of truth for the transaction.
• Fulfilment & Payment: The payer can then fulfil this request by sending the specified payment. The protocol can interact with various payment methods, including direct crypto transfers or integrations with traditional systems.
• Fee Burning: A small fee in REQ tokens is required to create a request on the main network. This fee is permanently burned (destroyed), reducing the total supply of REQ over time and creating a deflationary pressure on the token.
• Automation & Extensions: Smart contracts enable advanced features like escrow services, recurring payments, and multi-signature approvals, automating complex financial agreements without intermediaries.

What makes Request (REQ) unique and valuable?

Request's primary value proposition lies in its focus on creating a universal standard for payment requests, bridging the gap between traditional finance and crypto.

• Immutability and Audit Trail: Every invoice and payment request is recorded on the Ethereum blockchain, providing a tamper-proof and transparent audit trail. This is invaluable for accounting, compliance, and dispute resolution.
• Deflationary Token Model: The REQ burn mechanism directly ties the token's utility to the network's usage. As more invoices are created, more REQ is burned, potentially increasing scarcity.
• Interoperability and Open Protocol: Being an open protocol, it allows any third party—from accounting software like Xero to other DeFi applications—to build on top of it, fostering a broad ecosystem rather than a closed product.
• Reduction in Fraud and Costs: By automating and securing the invoicing process, it reduces the risk of fraud, late payments, and the administrative overhead associated with traditional billing systems.

What is Request (REQ) used for?

The REQ token is the utility fuel for the Request Network, with its primary use case centred around accessing and powering the protocol's services.

• Network Access Fee: REQ is used to pay the protocol fee required to create a payment request on the mainnet. This fee is subsequently burned.
• Governance: While initially more centralised, the long-term roadmap includes decentralised governance, where REQ holders may participate in deciding the future development and parameters of the protocol.
• Staking and Security: Future developments may involve staking REQ to help secure specific components of the network or to earn rewards for providing services.
• Ecosystem Incentives: REQ can be used to incentivise developers, integrators, and other participants who contribute to the growth and utility of the Request ecosystem.

How Is the Request (REQ) Ecosystem Developing?

The Request ecosystem is evolving from a core protocol into a broader infrastructure layer for decentralised finance and business operations.

• Mainnet and Tooling: The core protocol is live on the Ethereum mainnet, with developer SDKs and APIs available for easy integration.
• Strategic Integrations: The team has focused on partnerships with accounting software platforms and payment service providers to drive real-world adoption among businesses.
• Layer 2 and Scalability: To address Ethereum's gas fees and scalability, the project is actively exploring and integrating with Layer 2 solutions like Polygon to offer cheaper and faster request creation.
• DeFi and Cross-Chain Expansion: There are ongoing efforts to integrate with various DeFi protocols for advanced payment functionalities and to explore cross-chain capabilities, allowing requests to be created and paid across different blockchains.

How to mine Request (REQ)?

REQ is not a mineable cryptocurrency. It is an ERC-20 utility token issued on the Ethereum blockchain. All REQ tokens were created at genesis and are in circulation. New tokens are not generated through mining. The only mechanism affecting the supply is the deflationary burn of tokens used to pay for network fees. Therefore, the only way to acquire REQ is through purchasing it on a supported cryptocurrency exchange.

How to keep your REQ Coin safe?

As an ERC-20 token, REQ's security is dependent on the security of the wallet storing it and the user's practices.

• Hardware Wallets (Cold Storage): For long-term holding of significant amounts, a hardware wallet like Ledger or Trezor is the gold standard. They keep your private keys offline, immune to online hacking attempts.
• Reputable Software Wallets: For more active use, consider established, non-custodial software wallets that support Ethereum and ERC-20 tokens, such as MetaMask or Trust Wallet. Always ensure you download these from official sources.
• Secure Private Keys: Never share your wallet's seed phrase (recovery phrase) or private keys with anyone. Store them physically in multiple secure locations, not digitally.
• Beware of Scams: Be vigilant against phishing websites, fake support agents, and unsolicited offers. Always double-check URLs and official communication channels.

How to buy REQ Coin?

REQ is a cryptocurrency listed on several exchanges. However, it is recommended to trade on a major platform like BTCC for higher liquidity and better customer support.

1. Register a BTCC Account: Sign up using your email or mobile number and complete the KYC verification to unlock more features and benefits of the platform.
2. Deposit Funds: Deposit fiat currency (via bank transfer, card, or third-party payment) or transfer USDT from an external wallet into your BTCC account. You can follow this guide.
3. Start Trading: Go to the trading page and search for the spot trading pair REQ/USDT or the perpetual contract REQ/USDT.
4. Place an Order: Enter the amount of REQ you wish to purchase and submit the order. For contract trading, you can also choose to go short (sell) and adjust the leverage multiplier according to your strategy and risk tolerance.
5. Confirm Your Purchase: For spot purchases, check your personal account to see if the coins have arrived. For contract trades, check the trading page to see if your order was filled successfully.