Request Coin, the utility token of Request Network, is a cryptocurrency responsible for ensuring the performance and stability of the Request Network.
What is Request (REQ)?
Request (REQ) is a network that allows everyone to easily create, share, or fulfill a payment request.
When creating a payment request, the user defines which address the request should be allocated to and what amount should be paid. Optionally, the user can define terms and conditions for the payment request, upgrading a simple request into a bill payment.
Once the request is created, the user can share this payment/bill request to ensure it is paid by the other party. All these steps are documented and stored on the Request network. Thus, everyone involved in the transaction can easily track their invoices, receipts, and payments for personal accounting purposes.
In addition, the Request network uses decentralized networks like Ethereum and IPFS, providing increased security, privacy, and data ownership for the user, hence small fees are necessary at every step of the transaction. These costs are generally referred to as transaction fees. Transaction fees are used to encourage blockchain operators, i.e., miners, to reach a consensus on the status of the network, ensuring data is consistent and reliable.
An additional fee is required when creating a payment request using Request and broadcasting the payment request on the network. After it is broadcasted, this fee is sent to a smart contract called “Burner” on Ethereum, and all the fees paid to create the request are collected here.
Additionally, the advantages of Request Coin are listed as follows:
- Anti Spam: When creating a new payment request or invoice with Request, a small fee is required before publishing it on the network. This fee keeps malicious individuals away from the network, cleans the network from spam, and ensures the platform remains high-performance for its users.
- Governance: Since the Request network is a decentralized protocol, a governance structure is planned to be implemented that allows network participants to vote on decisions critical for the long-term success of the network.
- Staking: The implementation of a staking mechanism as a requirement for deploying and running a node is planned. Node operators can deploy a node to provide a valuable service abstracting the complexities of IPFS and Ethereum for their end-users by locking a certain amount of REQ tokens.
- Discounts: Owners of REQ tokens benefit from product discounts. The given discounts vary depending on the product.
- Independence: The REQ token allows the Request Network to be transported without harming the core mechanisms of the network, operate on multiple blockchains simultaneously, and even run on its own private blockchain. This makes the network independent both in terms of currency and technical infrastructure provided by others.
REQ Coin Analysis
Although the Request platform is mentioned as a promising platform, it seems that REQ does not attract much interest from investors. However, this situation does not affect the fact that Request Coin received great interest in its early stages.
Additionally, with the recent rise in cryptocurrency prices, an increase in the value of REQ coin is observed. However, investors seem relatively reserved about Request coin.
At this point, it could be beneficial to look at the price charts related to REQ coin.
As of the time this article was prepared for publication, according to CoinMarketCap data, REQ Coin is trading at 0.0240 dollars and 0.00000136 BTC against Bitcoin (BTC). Also, with a market value of 24,083,425 USD, Request (REQ) is ranked 322nd and its long presence in the market is noticeable.
It is also worth noting that Request Coin reached its lowest level at 0.0046 dollars on March 13, 2020, and a record level of 1.18 dollars on January 6, 2018. According to CoinMarketCap data, 999,966,001 REQ coins are in circulation, and the total supply will be 999,983,984 REQ, which is an important point.
How to Buy Request Coin?
Request Coin can be quickly, reliably, and easily purchased via Binance, the largest cryptocurrency exchange in terms of trading volume.
It is worth noting that REQ coin was listed on the Binance exchange on October 27, 2017. Currently, Binance users can perform their transactions in REQ/BTC and REQ/ETH trading pairs.
