Request Network is a decentralized platform for payment requests that is built on top of Ethereum. There are no third parties involved in this project, rather it uses an immutable ledger, and can support virtually any global currency across the world. The good part is that the platform is built to be compatible with the IoT.
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An Introduction to Request
Built on top of Ethereum, Request Network is a decentralized network and the future of commerce. It not only allows users to create Request invoices for payment, but also allows recipients to pay in a secure manner. All the data is stored in a decentralized authentic ledger, which allows more secure, cheaper and easier payments. This platform creates multiple automation opportunities and creates a financial system that can potentially become the standard for invoices, auditing, accounting and payments for cryptocurrencies.
Prior to building the Request Network, the Request team created a money transfer company, Moneytis, which was backed by Y Combinator (largest accelerators in Silicon Valley). The good part is that Request is not just a “payment processing” platform, but also provides multiple other benefits like identity protection, efficient and automated invoicing, fast and cheap value exchange, smart auditing, cross-currency transactions.
How does it all works?
Request Network platform is compatible with Internet of Things. It does not involve any third parties, but the project uses an immutable ledger, and it can virtually support any global currency across the globe.
Right now, there are several use cases of Request Network.
Online payments using this platform are secure, seamless and cheap.
Invoices on this network can be created and shared by anyone on the Request Network ledger instantly. The users can even deal with more advanced payment conditions, like taxes, late fees and so on.
The unique source of data for accounting and auditing in Request Network enables real time accounting. This is a feature that many service providers are looking forward to.
This platform also allows to switch accounting providers without dealing with data migration, as everything is recorded on an immutable chain.
Advanced payment condition is the native part of Request ecosystem. This combined with availability of decentralized data can open up doors to many opportunities.
Request platform provides unprecedented transparency and is of a great value to the governments and NGOs.