Request Network (REQ), was recently added to the Metamask decentralized exchange and the Nano Ledger S wallet signaling a move to a bigger customer base and has seen its price rise steadily since then. This new blockchain payment system will be a cheap alternative against 3rd party’s payment systems like Paypal that have long dominated the payment systems industry.
Request Network (REQ) currently ranks at number 90 according to Coinmarketcap market capitalization ranking. This is not a mineable altcoin but had its public sale in October 2017 where 500,000,000 REQ tokens were available during the Pre-sale and the public ICO. The token is traded in major exchanges with Binance leading the pack at a daily volume of $ 20.78 million worth of traded REQ tokens.
Functions of REQ Token
The token aids its users in merchant transactions and commerce payments on the platform. The network is built on a smart contract on the Ethereum blockchain. The ERC20 token functions in five main parts highlighted below:
- Online Payments
This is a feature on the network that works the same as ‘Pay with Paypal’ or using your credit card. However the ‘Pay with Request’ takes on a seamless, cheap and secure payment method than other payment methods. With the commission fees ranging around 1.5% of the fee paid.
Request Network (REQ) platform also enables a real time payment system that involves a peer-2-peer network cutting out third parties. The decentralized ledger system provides a secure and allows the users to create and share their invoices to the business partners. The system operates a highly advanced payment system that has escrow and you can plan your invoice payment in advance.
Request Network will collect the information on its ledger creating a large data source that is decentralized and unique. The network uses the Smart Audit Algorithm which checks through the system and identifies mistakes and irregularities, consolidate accounts and approve transactions in real-time. All that is needed is your verification key.
The network is based on the blockchain technology that is secure, permanent and public. This offers a unique platform in invoicing that can reduce the corrupt cases in institutions, governments and institutions.
- Internet of Things
This refers to the ability to connect basically any device to the internet using a switch that may power it on or power it off to the other device. This will enable the network to handle advanced payments and provide data without having to rely on a third party.
The volatile nature within the crypto arena has not spared the price movement of this Micro Cap coin since its ICO . However,Request Network (REQ) has managed to stay in the low category of standard deviation ranking at 257 out of 361 Micro Cap coins at with 197.92%, 200-day volatility.Request Network (REQ) coin has been slightly bullish over the past week recording a 6.25% average increase in its price over the past 7 days.