What are the real-life applications of Cryptocurrencies? How will these affect my everyday life? These are some of the questions I have received on social media and gatherings over the past few weeks. In order to answer these questions, I will be creating a series where I will be discussing how certain projects aim to disrupt and revolutionize specific industries.
The current financial payment system has a number of drawbacks. However, modern life has evolved in such a way that it’s impossible to not use them daily. Some of the most important issues with the current system include:
Request is a decentralized network that allows anyone to request a payment (a Request Invoice) for which the recipient can pay in a secure way. All of the information is stored in a decentralized authentic ledger. This results in cheaper, easier, and more secure payments, and it allows for a wide range of automation possibilities.
REQ aims to solve the issues found in our current financial payment systems in the following ways:
In order to make a transaction on the Request Network, the gateway will have to pay a fee (in the form of REQ tokens) which will be burned (or destroyed) in the process. This will confirm the success of the transaction. These fees will be adjusted over time depending on supply, exchange rate of supported currencies, etc. One thing to note, however, is that you don’t necessarily need to have REQ tokens; the necessary amount will be purchased (and burned) as part of the transaction.
As an example, a request at the beginning of the system might burned 10 REQ out of the total supply of 1 000 000 000 REQ. Later, after the system has been used for a while, a Request might burn 0.0001REQ out of a total supply of 100 000 REQ.
REQ doesn’t only focus on payment systems. It is building a payment platform were others can build applications in tandem with it. Additionally, it goes even further trying to improve other industries, including, invoicing, audit & accounting, internet of things, and more. I will be discussing these in future blog posts.
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