What is Request Network? The future of payment systems
Request Network is a platform that seeks to act as an intermediary in transactions between parties with all the advantages of blockchain. This results in greater privacy, reduced costs and automatic accounting. Its own token is necessary for its use.
Very low transaction costs
Payment systems such as iDeal and PayPal charge for each order placed by the selling party. For example, PayPal charges between 1.5% and 3.4% per transaction.
Blockchain technology makes it possible for Request Network to not need to request transaction costs (fees). A company like Amazon, which had a turnover of $136 billion that same year, could save billions of dollars by avoiding these costs.
Additional possibilities
At the moment, many people think that Request Network is nothing more than a simple payment system where low transaction costs are charged and your personal data is safe. However, his plans go much further. Just as Ethereum is currently seen as a platform that can decentralize the Internet, the team behind Request Network Token wants to establish a platform that enables a completely decentralized accounting system. It is not just an Ethereum-based application (decentralized application), but can be seen as a platform that can offer innovation for the entire (online) accounting world.
The token (REQ)
To pay with Request Network, you need these tokens. On the one hand pay the fee (very low) and on the other hand convert one currency to another. With each payment, the used tokens are “burned”. This is therefore deflationary – there are fewer and fewer tokens in circulation.
