Request allows creation, storage and access of payment requests on a decentralized network. In this way, it provides the only reliable source of information for service providers such as accounting, billing, payment processing, and invoice validation. The network is based on blockchain technology, no one owns the network, and the data remains immutable. Key features of the network include:
Simple: By using request gateways, users need not manage different contracts, specific libraries, and Ethereum gas fees.
Private: Request data is safeguarded using elliptic-curve encryption on a public blockchain and is only accessible to involved parties
Scalable: Bulk of request information is stored on IPFS instead of the blockchain enabling high throughput and low cost
Secure: Built on top of Ethereum, which ensures data cannot be modified or deleted as data exists on each node
Request Protocol :
The purpose of the protocol is to record request data on a distributed ledger and when required, retrieve the data in an efficient way. Request uses layered architecture patterns to organize these purposes. Each layer within the protocol is responsible for a specific task and specific level of abstraction. In addition, the architecture allows packages reusability i.e. it makes the protocol easy to upgrade. For example, Request can switch from IPFS, their current data storage solution to a newer one by simply creating a new storage layer on a different solution. The four layers of architecture:
Request logic: The layer defines the data structure (business logic) of the request.
Transaction: The layer converts actions into transactions to be sent to Data-Access and also handles the encryption.
Data Access: The layer organizes the data in the right format before storage.
Storage: The layer is responsible for where the data is stored, how to store data and how to retrieve data.
Use of Native tokens in the ecosystem: REQ can be stored on wallets such as Metamask, Argent etc. It is used for payments and transactions.