Summary
Project name: Request Network
Token symbol: REQ
Website: https://request.network
Whitepaper: https://request.network/assets/pdf/request_whitepaper.pdf
Hard cap: 100,000 ETH (public crowdsale ICO contributors own 50% of total token supply if hard cap is reached)
Conversion rate: 1 ETH = 5,000 REQ
Maximum market cap at ICO on a fully diluted basis: US$59 million if hard cap is reached assuming current Ether price of $295
Bonus structure: None
Presale or white list: Whitelist was closed early on September 25 as their Slack channel hit 21,000 users. To participate, please sign up on the wait list on their website.
ERC20 token: Yes
Crowdsale date: October 13, 2017 (please refer to Request Network’s website for the most up-to-date information)
Token distribution date: Distributed instantly after contribution and transferable 1 week after the beginning of the token sale
Project Overview
What does the company/project do?
Request Network is a decentralized platform that allows anyone to request peer-to-peer payments. Its goal is to replace payment systems such as PayPal and make the most advanced payment terms available to everyone.
There are many use cases for Request Network:
Online payment
Online shopping currently requires payment by credit/debit card, thereby exposing sensitive information.
With Request, the user’s data remain protected.
There are no third parties involved, so the merchant fees can be lowered.
B2B invoicing
Many invoices between companies are still being sent in paper and email format and have to be manually copied.
With Request, companies can share these bills directly via the ledger; there will be no more duplication, as accounting systems will be immediately plugged in and updated.
Automation of jobs
Accounting – the ledgers of Request automates the accounting process as things such as payments and VAT refunds are done and recorded automatically.
Audit – the use of blockchain for accounting is an opportunity to simplify compliance.
Simplification of commercial tools
Request will allow easy access to tools like escrow or factoring for businesses and individuals.
Users can choose to pay only upon delivery of a product or service, for example, or to secure the deposit of an apartment on escrow, rather than crediting the account of the landlord.
Below is a mockup of the mobile app for the request functionality:
Request Network app mockup
How advanced is the project?
Request was accepted in the Winter 2017 batch of the YCombinator incubator program. The company hasn’t released any proof-of-concept for their products.
Below is the roadmap for the project:
Q4 2017
First version of Request working with Ethereum on Test Net.
Proof of concept: Request Core working with a Bitcoin Oracle.
Release of the API to create, read and update Requests.
Q1 2018
The first iteration of Request working with Ethereum on Main Net.
Deploy the web site to create, visualize and interact with Requests.
Add Request management of accounting concepts such as refund, credit note and purchase orders.
Q2 2018
Proof of concept of Scaling Request through a Plasma chain with PoS.
Proof of concept of Privacy using ZkSnarks.
Add management of fiat-currencies to Request.
Q3 2018
Deploy more extensions such as Escrow, Tax, Down Payment, and Late Fees.
Q4 2018 and beyond
Deploy a governance system.
Deploy inter-currency settlement through REQ token to facilitate international payments.
What are the tokens used for and how can token value appreciate?
REQ tokens are required for the operation of Request contracts and especially the extension layers for advanced features such as Escrow, Tax, Down Payment, and Late Fees.
The fees are distributed between REQ token holders (70%) and the extension developer (30%).
The costs are expected to be 0.1% to 0.5% of transaction value per extension and several extensions can be accumulated for each request.
As all transactions that use extensions require REQ tokens, the more usage the Request platform has, the more valuable REQ tokens should be.