Request Network Overview & Ambitions
👋 Request enthusiasts,
Over the last 4 years, Request has made some progress and we’d like to share an updated overview, and give some insights about our ambitions.
A few years ago, when our team was working remotely and traveling frequently it was necessary to open a local bank account in each country if we were going to be there for at least a few months. Since then, things have improved: it’s possible to have international bank accounts, with the rise of neobanks like Revolut. In a few years, it won’t be necessary to open a bank account at all. This improvement will be powered by blockchain, where wallets will replace banks. This will facilitate financial inclusion and more equal access to bank-equivalent financial services.
The Request Network, our core, open-source protocol, is the open network for all payment requests including invoices. It’s a pillar for the DeFi movement, and is needed for businesses to operate. We see the business centered blockchain revolution as just beginning; we call it Corporate DeFi (#CorpDeFi).
Some businesses such as 3Box, Gnosis Safe, Multis, Sablier and Snapshot.page have already begun to make inroads in this burgeoning field of CorpDeFi. We believe that these early adopters will be the success stories needed for larger adoption.
Using Paypal as an example, all transactional information is stored on their databases. You can only access them through their proprietary systems. This is limiting and stunts innovation. Businesses have an additional database of invoices: the one in the hands of Paypal, and they transfer their invoices to their accounting system.
With Request, financial data is stored on the blockchain, empowering the businesses to have full control over their financial data. They can grant access of this data to external services, allowing for increased innovation and interoperable business systems.
While centralized businesses fight each other over the control of their users’ data for financial gain, Request is building an open & fair financial system for all stakeholders.
There is the Request Network (our core, open-source protocol) and there are (d)apps built on top of it.
Request Invoicing is only the first application built on top of the protocol, which allows users to easily generate compliant invoices which can be paid in fiat or cryptocurrency. Using smart contracts, escrow and invoice financing for example can be made available to users around the world. Payments can be automated, escrow can rely on code rather than banks, invoice financing can be done in seconds rather than months. This represents a massive powershift from reliance on banks to the full freedom on decentralized technology.
At the moment we’re helping businesses to make the most out of blockchain technology. Request Invoicing is a working product: at the end of January 2021, around 80 businesses were using the app every month. Here is how it fits in the Request infrastructure. The Maker Foundation, the Celo Foundation and 88mph publicly announced that they use Request Invoicing for their grants and to pay their external contractors.
We believe that the financial system will be open and fair within a few years. Similar to DeFi. By then, RequestDAO will be live as an open invoice technology that can be used for business transactions but also for DAOs, the IoT and smart contracts.
In the meantime, we’re co-building the corporate DeFi movement, a movement for businesses to operate more efficiently, anywhere in the world. Blockchain democratizes the access to financial data. This creates a trustless system. Data is also made accessible, freed from the cages of centralized, proprietary databases. This empowers builders to build and unlock financial innovations.
Phase 1 is all about the adoption of our first app Request Invoicing and the generation of invoices on the Network to stimulate builders capitalizing on this data to improve accounting, auditing, and business fundamentals.
Phase 2 is about encouraging other developers to build related invoicing apps. For example, a Request Invoicing mobile only app for freelancers that would focus on individuals while Request Invoicing serves bigger companies/crypto foundations.
Phase 3 is about expansion to other use cases. The core protocol will be the backbone, powering a new wave of invoicing, accounting, auditing, reputation apps making the most out of blockchain interoperability.
There are a few guiding principles that our development team, our community moderators and enthusiasts apply every day.
For building the technology, we prioritize based on the concrete use cases. For example, Request Invoicing Apps is the main driver for improving Request core technology. At the same time, we keep in mind that we’re not in a traditional competitive environment, we’re in the blockchain ecosystem and the key principles are cooperation, openness & interoperability. This cooperation needs to take place technologically but also within humane networks: we build a virtuous system for our community, users and all stakeholders.
We support the transition to DeFi and open finance for the traditional world and we apply some principles at the team level too, fostering empowerment and autonomousness in a startup-like environment. To succeed, we believe the way is to learn as much as possible, which means we need to respect each other and show genuine humbleness.
REQ is the token behind the technology, making the project independent. Each time an invoice is stored on the blockchain, some REQ tokens are burned (see https://reqtokenburn.com and https://req.network ). If adoption grows, the token supply decreases. We’re driven by achievement rather than by financial gains and we have proven this since 2017. If we have to choose between long term achievement and short term price increase we will choose the first option. However, we have learned over the first few weeks in 2021 that REQ token visibility is positively correlated with the adoption of Request Invoicing. Therefore the REQ token visibility is a challenge we will take in 2021. Incentives will emerge in a few months, such as governance and discounts. Furthermore we’re also exploring options such as staking and nodes incentives.
In 20 years, Request technology will still be live. By then, companies will easily access today’s financial details, even if they have used many different accounting & invoicing tools over time, all this thanks to the Request Network.
Follow Request (REQ):
Telegram announcements: https://t.me/requestnetwork
Are you a small business? Ready to start doing business in cryptocurrency?
We want your help testing Request Invoicing App.
Co-founder at Request