What is a Request Digital Currency? In this article, we will provide you with information about REQ currency. Now that the cryptocurrency market and the purchase of digital currency are booming, it’s better to have an overview of this area before entering into our main discussion.
With the expansion of the digital world and its presence in all walks of life, financial markets and monetary transactions also provide a new work environment in the digital context.
In this way, digital currencies came into being and became more and more popular due to their features. Digital currency, as its name implies, is a special kind of money that is entirely securely encrypted based on mathematical science.
Digital currencies have no external existence and operate only on the Internet. It means that there is no physical equivalent to it.
On the other hand, the attractiveness of digital currencies is increasing day by day, and public awareness and increasing acceptance of these types of currencies have caused their prices to rise. But this area is still scary for newcomers because most processes and terms are not tangible and clear.
With the expansion of the cryptocurrency market, many digital currencies have entered this market. They are in different categories based on their performance. One of the most common categories for digital currencies is based on their field of activity.
What is req?
Request with the abbreviation REQ is a digital currency or digital asset, an open-source payment network decentralized to invoices. In this way, using the Request network, each invoice can be paid directly without the intervention of any intermediary, which reduces transaction costs.
The request currency is an ERC20 token on the Ethereum blockchain. Request Network has created a decentralized payment system for sending and receiving money. It is also possible to register requests.
This project tries to be compatible with all significant Fiat currencies so that users will have many options to send and receive money. In addition, the Request Network currency is trying to comply with the laws of all major countries in the world.
The REQ model is like PayPal, except that the Request team strives to achieve big goals. As we said, the REQ currency is an ERC20 inflation reduction token that meets the payment network requests.
It means that the supply of REQ tokens decreases in proportion to the increase in the acceptance of the request network and ensures the performance and stability of the request network.
In addition, the REQ token can pay for transaction costs on the request network. These tokens are also a tool for token holders to participate in governance and vote on decisions critical to the network’s success.
How does req work?
As we have said, Request Network has created a decentralized payment system for sending and receiving money, allowing you to submit requests. REQ is very simple. The Request Network is looking to become a payment platform to send bills to a blockchain.
This platform allows everyone to collect and send payments anywhere in the world. Although it is also possible to send payments through regular state-owned banks, banks cannot transfer digital currencies.
So, if you want to get money from someone in the form of digital currency like bitcoin, you can do it with the Request network.
Request digital currency feature
Crypto Request is a functional token that ensures network performance stability and standards. This network is a decentralized payment system based on Ethereum.
This feature allows people to request payment and receive money securely. It also eliminated third-party monitoring requirements. This factor is an important detail because it is one of the fastest ways to reduce transaction costs.
Also, using Request digital currency can gain the audience’s trust in the company. Through this, users can have much confidence in receiving their profit. In addition, the structure of this digital currency uses three parts, one of which includes the core, the extension layer, and the applications layer. In the following, we will examine the work tasks of each of these parts.
Request Network Ecosystem
The request network is built as a layer on top of the Ethereum network. To adapt to the flexibility required for different cases, the team uses a three-tier platform architecture:
· core layer
The core is the foundation of the request network and is done in the Ethereum blockchain. For this reason, it can automatically detect ERC20-based factors. Other types of elements are automatically identifiable but require Oracle.
This layer manages the most basic types of payments. This layer contains smart contracts
for simple online invoicing when they are completed.
· Extension layer
The Extensions layer is mostly used to perform taxes, deposits, prepayments, and more
advanced payment terms. This layer is one of the items added to the common factors.
· application layer
The Applications layer is outside the blockchain. Third-party applications that operate
through invoices can use this layer to view or view any related information. This layer helps
protect networks from phishing attacks and pays timely non-payment penalties.