Introduction to REQ-Request Network

Request is a decentralized network built on the Ethereum network, allowing anyone to initiate a payment request anywhere, and provide recipients with a secure payment method. All data is stored in a decentralized real ledger, creating a financial platform for asset invoices, accounting, auditing and payment standards. It is a financial platform for enterprise-level payment and financial audit based on cryptocurrency and blockchain network.

1. Project introduction

Request is a decentralized network that allows anyone to request payment (Request invoice), and the audience can make payments in a secure way. Some information is stored in a decentralized ledger. This will lead to cheaper, simpler and safer payment methods, and there is also a lot of room for automation.

Project Features

Universality: Request was originally designed to support 100% of global transactions, regardless of currency, law or language. Request is born for lasting effect.
Intelligence: Different from the existing standard accounting books, Request is located at the source of the transaction and integrates a computer transaction code, while also managing many payment terms.

Application scenarios

1. B2B invoice
There are billions of invoices exchanged between companies each year, most of which are still sent in the form of physical or mail. Invoices of this form must be copied and kept on file. This has led to many errors, especially in the use of prepayment rules and tax conditions.

With Request, the company can share these bills directly through the ledger; there is no need to copy the invoices, and the accounting system can also be operated immediately and updated in real time. Companies waiting for payment will immediately notice delays in payment, but such cases will become less and less with the development of invoice payment systems. The company can choose the most suitable date for payment after receiving the request.

2. Online payment
For example, you need to provide a credit/debit card to make purchases on Amazon, which will expose sensitive information. Or, you can select Request when paying, and the user's data will be protected. Amazon will post a request on the Request network, and then the user's account will detect the request and the user will confirm the payment. Such transaction costs are the lowest, and payment information will not be exposed. At the same time, by providing a verification payment process before the payment occurs, this payment method can also help people avoid hidden service fees that may need to be paid during the credit/debit card payment process. Request truly gives people the right to pay.

Compared with the current system, Request has the following advantages:
• Security: Payment information will not be shared, and there is no risk of others intercepting or embezzling bank information.
• Simple: You can pay with one click, no manual input errors are possible.
• Low cost: Without the intervention of a third party (such as Paypal, Bitpay or Stripe), these suppliers usually charge 1%-7% of the transaction amount as a handling fee. Request will reduce this cost.

Job automation: accounting, auditing, expenses

Request will automatically complete the accounting process in real time. Not only can it reduce costs, but it can also provide better and faster financial management services, as well as more information.

The important benefit of Request is to improve the efficiency of this type of audit. In terms of digitization, there is still a lot of room for optimization of the accounting system and company conditions.

With the help of blockchain technology, companies can store accounts in a decentralized, confidential, and shareable database, without requiring annual audits to keep these internal accounts or publish annual reports. All entries will be registered in the register, date backfilling will not be possible, and falsification will not be possible. Annual adjustments will be more credible, and the most important thing is that such benefits will act on the company in real time. Shareholders and external entities can access information in real time. The cost of the audit will be drastically reduced, and the accounting entries will no longer need to be repeatedly checked manually. Finally, when customers and suppliers access the system and use encrypted addresses, the authenticity of financial proofs will never be questioned.

Request is a distributed registration portal and a source of confidence. Eventually, real-time "intelligent auditing" will be realized. Which will contain all the company's buying and selling behavior. People can link purchasing accounts with suppliers, payment behaviors, and bank accounts in the blockchain, instead of having to view these accounts individually as in the double-entry accounting system. The system will provide traceability, stability and authenticity.

Employees and companies can easily share expense reports through Request to avoid misunderstandings or inconsistencies in versions. Employees can submit their reimbursement expenses in real time and receive the remittance after the manager approves them.

Business Logic and Trade Law: Government and Taxation

The government requires companies to submit all transaction records, which may cause the company to deliberately tamper with or create incorrect data. Request allows the government to view specific real-time transactions. In addition, VAT will be levied on the development of modules, such as payments to the other side of the ocean will be automatically redirected.

Simplify business tools: factoring, performance guarantee (escrow)

Request will allow companies or individuals to easily access performance guarantees or factoring tools. Allow one click to pay when the goods are delivered, or to collect the deposit of the apartment in the form of a performance bond, without using the landlord’s account.

Performance guarantees can be automated through the use of oracle. As for factoring, the company will be able to use the best credit scoring system: "on-chain" reputation. By assigning a unique fingerprint to each invoice and publishing it on the blockchain, repeated issuance of invoices can be avoided, because an invoice can only be issued once on the blockchain. The company will be able to cancel the existing request through a smart contract and replace it with a factoring request.

Institutional transparency:
Institutional (government, city hall, association) budget transparency has been included on the agenda of the OECD and the World Bank. this can help:
• Accountability: It is necessary to clarify how funds are spent, and representatives of public figures and officials must also be responsible for efficiency.
• Integrity: Being transparent is the best policy to avoid corruption and ensure the correct use of public funds.
• Inclusiveness: Transparency will facilitate full and inclusive budget policy discussions.
• Trust: We are in the era of open source projects and cooperation. Transparency will promote the birth of a trust-based society, where people can freely express their opinions and discuss the whereabouts of public funds.
• Quality: Just like code reviews, budget reviews can find waste, abuse, and provide insights on how to achieve faster and wider impact.
Request proposes a framework in which organizations can easily achieve their own transparency, and they publish accounts in real time for anyone to audit. As the framework becomes more popular, more tools will be developed (for example, the expense dashboard of your city can also be developed within this framework).

IoT and smart contracts:
The most challenging task in the next few years will be to realize the interaction between objects, machines and artificial intelligence, as well as to realize the automatic negotiation and definition of payment terms between them. They need a payment framework to help define the reasons and conditions of transactions.

It is equivalent to a car with autonomous consciousness ordering a new wheel in a virtual garage, giving a 10% deposit and paying the remaining 90% when the goods are delivered. This transparency can also be used in other industries And help identify the source of some products.

Technology Overview

Three-tier ecosystem:

Core layer
The first layer manages distributed ledger consensus and state transition. It stores basic smart contracts and allows users to create different entities and payment requests. It is also used to detect payment completion time. The core layer is based on immutability (information will never disappear), openness of the system (relevant information can be used by all parties involved) and intelligence (the system "discovers" the ticket rules and "knows"). The core layer is placed on the Ethereum network. Other currencies use Oracles for automatic payment detection. The only transmission cost at this level is for information storage.

Extension layer
Most payment requests go beyond the basic smart contract retained in the core layer. This layer allows some special functions that do not even exist. One of the best examples is the possibility of "continuous billing", however, this layer is chargeable. The fee for each extension is paid to the token holder. The cost will be reduced over time to prevent alternative systems and remain competitive. The cost of the expansion is predicted to be 0.1% to 0.5%, which is enough to pay $500 billion in network financing every day. This layer is 100% open, and everyone can create their own extensions.

Application layer
This layer is placed outside the blockchain. Users can use multiple systems from different companies to connect to the Request Network and create requests or access related data. Accounting, taxation, auditing, recycling and collection, payment systems can all be connected. Once the payment system is connected to the Request Network (Coinbase, Mycellium, Bank of America), it will be able to access the user's bill and make instant payments. The Request Network team will also develop applications, including APIs and interfaces for creation and evaluation. The application layer will also have a reputation system designed to protect users from bad payers and phishing attacks.

2. Comment

Request Network is a distributed platform that allows anyone to request peer-to-peer payments. The goal is to replace payment systems such as PayPal and provide everyone with the most advanced payment terms.

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