The Request Network refers to a decentralized network constructed upon Ethereum that lets anyone to make payments anywhere. Peer-to-peer payments can be made through this platform which seeks to replace other payment systems like PayPal.
Online payments are exposed to threats because any payment by credit or debit card will involve sharing of sensitive information. When you use Request Network, this data remains safe and protected. There will not be any third party involved and merchant fees are lower. There are still many invoices among companies which are on paper and in emails and need to be copied manually. Using the Request Network, these companies can share the invoices directly through the ledger. Accounting systems can be plugged and updated immediately and there is no duplication. Using blockchain technology for accounting will simplify compliance. Finally, with Request, users can also access tools like escrow for businesses. Requests can be identified and paid in secure ways without any third party involvement.
The request gets saved on an authentic and immutable ledger that is authenticates the accounting or auditing processes. The request integrates trade laws and works on every law and global currency. So, Request will work with all currencies and enables accounting to take place in real time. It makes way for financial audits using smart algorithms in the blockchain. Besides, REQ also lets machines pay one another within a basic framework. The network will consist of three layers. The core layer has the basic smart contracts which can be used for creating and detecting payment requests. The extension layer adds business rules and taxes. The application layer will allow financial institutions to get the invoices and make payments.
The Request Network is meant to be flexible and last many years. It is designed to be compatible with the Internet of Things. The problems it tries to solve are many and therefore its benefits are colossal provided it can live up to its promises. The more people will be using the Request Network, the more important this platform will become. But because peer-to-peer payment payments are the backbone of cryptocurrencies, Request is likely to face stiff competition from others like OmiseGo, Monaco, Token Card, TenX, Pillar etc.
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