Request - $REQ, Asset Review
Figure A
Request Network has solved a prominent problem in the payment space with the use of the blockchain. Payments. Request Network has cut down transaction costs, created automatic auditable entries, and all the while recorded accounting for each transaction on the blockchain. I forgot to mention the best part, any invoices that are B2B(business to business) may detect and automatically pay taxes on that invoice. All invoices are completed with the click of a button for Alice in Figure A. Fascinating.
Content:General Information-What is Request
Request Background
Request Funding/Collaboration
Token Information-Tokenomics
Governance/Staking
Additional Information-
Request Products
Technical Analysis
Conclusion
General Information-
What is Request
Request Network is an easy p2p(peer-to-peer) payment system and is utilized for business invoices. Request Network makes it easy to get paid in crypto. I am sure we have all heard this promise time and time again. But what’s special about using request network? Improving auditing, real-time accounting, and automatic taxes. That’s what. Today, as a p2p option if you were to use PayPal it's expensive to utilize. As a business, not only is using PayPal expensive but by the end of the year, you have to pay auditors and accountants to ensure bookkeeping is properly done. Meanwhile, Request has made this all simple and that’s why 1,000+ companies use this service. The sweetest part is, every month, activity on the Request Network reaches a new all-time high per Figure B.
Figure B
2. Request Background
Request is a project-based out of Berlin, DE, and founded by Christophe Lassuyt, and Etienne Tatur. Both founders have relevant experience in the payment industries so they understand the friction between modern finance and the crypto world. The CEO stated in an interview “money transfers is an industry that exists because the banking system is inefficient…people who are transferring money they just want to pay an invoice in a different currency.” This inefficiency birthed Request as it is a more secure, private and simple to use platform.
3. Request Funding/Collaboration
Request has been through a seed funding round with YCombinator and Plasma Capital for $120,000 in March 2017. Later, Request held an ICO in October 2017 that raised ~ $33 Million by selling half of the $REQ supply. Request Network has gained the trust of 1,000+ companies like Maker, Aave, Sandbox, and more that utilize Request Network for making payments. Request Network has also shared its roadmap publicly, which hints at the integration of Quickbooks in the future. The trust and collaboration that Request Network has from its users and partners is nothing short of excellence with a long roadmap of more features arising.
Token Information-
Tokenomics
$REQ(Request) tokens total supply is 1 billion tokens with a circulating supply of 998,846,320. 50% of all $REQ were sold during the ICO. 20% of the tokens were sold to early backers and contributors. 15% of the tokens were retained for development and the remaining 15% was for the team and advisors. As for the fund allocation, there is a research, marketing, partnerships, operational, legal, business, and a developmental side that will build out the Request Network. The network also has a deflationary mechanism and so far ~153k $REQ tokens have been burned.
Figure C
2. Governance/Staking
$REQ is the native token for the Request network. Currently, $REQ is used for transaction fees, governance, staking, and may offer token holders discounts for upcoming products. At the time of writing, there are not many places to stake $REQ except using Bancor for .9% APR. One would believe that over time there will be more options for staking, however, that is difficult to say because the remaining supply is low. Additionally, token holders will be able to participate in proposals on the Request Network that help determine long-term success.
Figure D
Additional Information-
Request Products
Request Network has three main products on their homepage that are built on their network. These three main products are the driving force behind the network as a whole and we will briefly highlight each one. Request Finance is like the dashboard for network participants. It's where users can issue invoices and choose what cryptocurrency they want to get paid in. Request Finance supports over 70+ cryptocurrencies and stable coins. Request Create is where users can go and create a request in a matter of a minute via the use of the application. Users can simply connect their wallets and customize where they receive the funds. WooReq is for e-commerce businesses to accept payments in cryptocurrencies via a plugin. The plugin is 100% free, secure, and seamless. These types of use cases are the main drivers behind the network since 2017.
Figure E
2. Technical Analysis
Figure F
$REQ has had an amazing run from $.004 to $1.20 yielding ~290x returns! Ever since $REQ hit all-time-highs, we have seen the price fall towards a high time frame demand zone (blue box) which should act as a support region. Price is likely to consolidate in the blue box before making a new move. The way the correction subdivides will give hints on how the next move plays out. Bottom structures typically take a long time to form and reverse when the bears are exhausted, so it's best to stay patient for a clear pattern. All in all, the price action of this chart is very bullish over the long term, and holding the support will be crucial.
Conclusion-
The biggest growth for the blockchain space is payments. So, the use of networks like Request is strongly needed and impactful. Request solves many problems that modern payment companies struggle with. List of the reasons why I am bullish on Request Network. (1) Request offers cheap transactions for their users, business, and governments. (2) Request makes it easier to audit transactions. (3) Request automated real-time accounting on a ledger for entries. (4) Request may detect and automatically pay taxes on an invoice. I can go on and on with many other reasons but it's best to keep it simple. These four features make the network superior to modernized payment companies and Request is far ahead of the pact. The transaction count speaks for itself as it grows, and there is a lot more coming like the integration of Quickbooks which will disrupt the accounting/auditing industry. Request has found a strong niche in the crypto payment space and have done extraordinary. Lastly, while I am excited to watch what Request Network will do next, it is important to note that I believe the network will grow it isn’t correlated to the value of the $REQ token.