The Request Network is an Ethereum-based, decentralized payment system in which everyone can request payment and receive money in a secure manner. In a nutshell, the Request Network tries to compete with PayPal as the number one worldwide payment system. But Request Network is much more than that. Request wants to be involved in all types of payments; invoices, IoT, B2B, governments, etc.
Christopher Lassuyt and Etienne Tatur founded Request and lead the team as CFO and CTO. Both Lassuyt and Tatur have extensive experience in these positions that play a similar role in previous companies in their careers.
The bulk of the team has previously established Moneytis, a global platform for the transfer of capital. Although Moneytis had a growth rate of 20%, the team chose to set up the Request Network token. In their work with Moneytis they discovered that the majority of the money transfers were invoices and they have therefore chosen to focus on Request Network.
Request has also partnered with the 0x project and Kyber Network to help with cross-currency payments. In addition, the platform will also use Civic and Aragon technology.
REQ is an ERC-20 token that is used to use the Request Network. The team explains in the whitepaper that the costs for a transaction will remain between 0.05% and 0.5% and fall as the system grows. The total circulation of the REQ coin is 999 million.