What is Request (REQ) and how does it work?

Request is a blockchain-based payment network, according to CoinGecko. It enables anyone to create, store, access, and fulfil invoices in a universal, decentralized environment. The protocol initially made waves back in 2017 as the first initial Coin Offering (ICO) incubated by the storied YCombinator.

REQ is the network’s native currency. It’s a governance token (granting voting rights) that’s also used to make payments. Moreover, REQ serves to secure the protocol by way of validator staking.

Request aims to store payment requests/invoices on a decentralized and immutable ledger. Traditionally, digital invoicing services require payment information to be stored within two distinct data ecosystems, one maintained by the payer and the other by the receiver.

By leveraging the powers of decentralized technology, Request is able to create an environment in which invoice data lives in just one singular place. According to Messari, this enables Request to act as a “single source of truth,” removing many of the inefficiencies associated with more traditional ways and means. These solutions are geared toward enabling anyone to not only create, request, and maintain digital invoices, but also pay/get paid in a wide range of digital assets, including ETH and BTC.

As of April 2022, Request’s services were being leveraged by Maker, Aave, and The Graph.