Convert REQ to JPY

Request (REQ) is a pioneering decentralized payment request network built on Ethereum, designed to facilitate secure, transparent, and automated invoicing and payments for businesses and individuals globally.

Key takeaways

• Request (REQ) is the utility token powering the Request Network, a decentralized platform for creating, managing, and paying invoices on the blockchain.
• Operating as an ERC-20 token on the Ethereum network, it leverages Proof-of-Stake consensus and smart contracts to automate financial workflows.
• A unique deflationary mechanism is embedded where a portion of every transaction fee on the network is used to buy back and burn REQ tokens from the market.
• The primary use cases include creating immutable payment requests, automating accounting and auditing processes, and enabling cross-border B2B payments.
• For Canadian investors, REQ can be traded securely on platforms like BTCC via spot or perpetual contracts.

What is Request? Key Specifications & Tokenomics

Request is a decentralized protocol that aims to be the backbone for financial transactions on the internet, replacing traditional invoicing systems with a transparent, efficient, and borderless alternative.

Who created Request (REQ)?

The Request Network was founded by a team of entrepreneurs with strong backgrounds in finance and technology. The project was initiated following a successful Initial Coin Offering (ICO) in 2017. The core team aimed to solve inefficiencies in traditional payment and invoicing systems by leveraging blockchain's transparency and immutability. While the founding team has evolved over the years, the project's development is guided by the Request Foundation and its community, focusing on building a decentralized standard for payment requests. Their vision is to make financial interactions as seamless as sending an email.

How does Request (REQ) work?

The Request Network operates as a layer on top of the Ethereum blockchain. It uses smart contracts to create standardized, immutable payment requests (invoices). Here's a simplified breakdown of the process:

• Creation: A user (the payer) can generate a payment request directly on the Request platform or through an integrated application. This request contains all relevant details like amount, currency, due date, and the payee's Ethereum address.
• Storage & Security: The request is cryptographically signed and recorded on the Ethereum blockchain, making it tamper-proof and verifiable by all parties. This creates a single source of truth.
• Fulfillment: The payer can then fulfill the request by sending the required payment in cryptocurrency (like ETH or stablecoins) to the specified address. The smart contract automatically verifies the payment.
• Automation & Accounting: Once paid, the request is marked as completed. The entire transaction data is structured, enabling seamless integration with accounting software, audit trails, and automated reconciliation, significantly reducing administrative overhead.

What makes Request (REQ) unique and valuable?

Request's value proposition centres on bringing trust and automation to a fundamental business process. Its key differentiators include:

• Decentralized and Immutable Records: Unlike PDF invoices or centralized platforms, requests on the network cannot be altered or deleted, preventing fraud and disputes.
• Programmable Money Workflows: As a DeFi primitive, it allows developers to build complex financial applications on top, such as recurring subscriptions, milestone-based payments, and automated tax calculations.
• Deflationary Token Model: The network's economic model is designed for long-term sustainability. A small fee in REQ is required to create a payment request. A portion of this fee is permanently burned (removed from circulation), applying deflationary pressure on the REQ token supply as network usage grows.
• Focus on Real-World Utility: It directly addresses a clear pain point for freelancers, SMEs, and enterprises—inefficient billing and payment processes—offering a tangible use case for blockchain technology beyond speculation.

What is Request (REQ) used for?

The REQ token is integral to the network's functionality and governance, serving several key purposes:

• Network Access and Fees: REQ is required to pay for the creation of payment requests on the Request Network. This utility drives its fundamental demand.
• Governance: Token holders can participate in the decentralized governance of the Request protocol, voting on proposals for upgrades, treasury management, and strategic direction.
• Value Accrual: Through the burn mechanism, increased network activity directly reduces the circulating supply of REQ, aiming to benefit long-term holders by creating scarcity.
• Staking (Future Potential): While not currently active, the roadmap includes plans for staking REQ to help secure the network or for earning rewards within the ecosystem.

How Is the Request (REQ) Ecosystem Developing?

The Request ecosystem continues to evolve, focusing on adoption and integration:

• Partnerships and Integrations: The team actively seeks partnerships with accounting software providers, payment gateways, and other blockchain projects to embed Request's invoicing standard.
• Developer Tools: A robust set of APIs and SDKs is available for developers to build custom invoicing solutions, payment apps, or integrate Request into existing platforms.
• Multi-Currency and Cross-Chain: While native to Ethereum, the vision includes supporting invoices in various cryptocurrencies and exploring interoperability with other blockchains to broaden its user base.
• Community-Driven Growth: As an open-source protocol, its development and adoption are increasingly driven by its community and independent builders creating niche solutions on the network.

How to mine Request (REQ)?

REQ is not a mineable cryptocurrency. It is an ERC-20 utility token that was initially distributed through its ICO. New tokens are not created through mining. The only way new REQ enters circulation is through the initial distribution and any allocated team or ecosystem tokens according to their vesting schedules. Conversely, the circulating supply decreases over time through the protocol's buyback-and-burn mechanism tied to transaction fees.

How to keep your REQ Coin safe?

As an ERC-20 token, storing REQ securely follows best practices for Ethereum-based assets:

• Hardware Wallets: For long-term storage of significant amounts, use a reputable hardware wallet like Ledger or Trezor. These keep your private keys offline, providing the highest security against online threats.
• Software Wallets: For more active use with DeFi applications, consider a reputable non-custodial software wallet like MetaMask or Trust Wallet. Always ensure you are downloading the official application.
• Security Hygiene: Never share your private keys or seed phrase with anyone. Be cautious of phishing websites and fake wallet apps. Double-check all contract addresses when interacting with decentralized applications (dApps).
• Exchange Wallets: While convenient for trading, leaving large amounts of REQ on an exchange (BTCC included) means you do not control the private keys. Use this primarily for active trading positions.

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.