Cryptocurrency Request Network is one of the cryptocurrencies that Binance handles and is attracting attention.
It is a platform that allows convenient billing, payment, and accounting using the Ethereum blockchain, and its relevance to IoT is also attracting attention.
In this article, I will explain about the crypto currency Request Network.table of contents
- What is Request Network?
- Request Network’s strengths
- Low cost and convenient payment
- Convenient for billing
- Benefits of auditing and accounting
- Can also be used to improve the company’s finances
- High affinity with IoT
- Received support from a major bank
- The future of Request Network
- BINANCE is recommended for Request Network (REQ) purchases
What is Request Network?
The cryptocurrency exchange Binance handles a lot of altcoins, and there are many cryptocurrencies that are talked about, but one of the cryptocurrencies that is attracting attention is called Request Network (REQ). There are things.
Request Network is a decentralized payment platform using the Ethereum blockchain. The currency circulating on this platform is called REQ.
By using the Request Network, the recipient of the money issues an invoice on the Request Network and the payer pays according to the invoice.
It’s worth noting that with the Request Network, there is no administrator like when paying through a bank or credit card company, as they interact through a decentralized mechanism. In other words, it is possible to make payments without giving any personal information such as account information or credit card information to anyone and without paying fees.
This Request Network is a crypto currency that was launched in 2017.
Request Network’s strengths
There are many notable points about Request Network, so let’s take a look at them here.
Low cost and convenient payment
Request Network is a crypto currency that has strengths in billing and payment. As mentioned above, traditional payments require you to give your personal information to organizations such as credit card companies and banks, and also require fees.
However, with the Request Network platform, you don’t have to give out personal information and you don’t have to pay the traditional intermediary fees. Another advantage is that you can make payments online and with just one click.
Plus, you don’t have to worry about security because your personal information is encrypted when you pay.
Convenient for billing
By using the Request Network, invoices can be shared by the blockchain, which makes it easier to issue, accept, and account for invoices.
In addition, Request Network can handle payments such as prepaid and postpaid, late fees, and taxes by using smart contracts (contract automation).
Benefits of auditing and accounting
By using the Request Network, all information is recorded on the blockchain, so it is possible to conveniently carry out accounting for the company. You can also easily look up corporate data by using the blockchain when conducting audits, tax office investigations, financial institution examinations, and so on.
As a company, the speed with which accounting and auditing can be processed can reduce the costs associated with them.
Of course, if organizations such as governments and municipalities use the Request Network, they will be more transparent in their budgets and will be able to produce reliable reports.
Can also be used to improve the company’s finances
In the management of a company, one of the factors that worsen the financial condition is the sloppy accounting treatment. A typical example is the sloppyness of credit management, but if this is automated by smart contracts, artificial sloppyness can be eliminated.
Request Network centrally manages billing, settlement, and issuance of receipts, and there are many parts that can be automated, and records can be retrieved by referring to blockchain data. This can also help improve the company’s finances.
High affinity with IoT
Request Network is a cryptocurrency that supports small payments. Therefore, it is said that it may be applied in IoT.
Currently, development in the IoT field is very active. Since IoT exchanges a huge amount of information and a large amount of small payments occur, it has a high affinity with crypto currencies that have strengths in automatic small payments, so Request Network is also a crypto currency suitable for IoT. I can say.
In fact, because of its compatibility with IoT, the cryptocurrency IOTA is currently so popular that it ranks 9th in market capitalization. For this reason, the Request Network may also ignite price increases due to its connection with IoT.
Received support from a major bank
Request Network is backed by ING Bank, a major Dutch bank, and Y Combinator, a startup accelerator. The support from such organizations is also a factor to consider when investing.
The future of Request Network
Request Network is a crypto currency that is expected to have a future because it is supported by major banks, the system is highly convenient, and it has a high affinity with IoT.
Of course, there are many other excellent cryptocurrencies, and even if they are excellent cryptocurrencies, their prices will not increase unless major companies actually introduce them.
For example, if major sites such as Amazon and Alibaba introduce Request Network, prices will skyrocket. As you can see, it’s easy to draw a scenario where prices will skyrocket because of the excellent system, but there are no signs of it now.
Investing is about investing in something that has potential, so investing in the Request Network may be an option in that sense. However, I think it is necessary to take a thorough risk management stance, such as keeping diversified investment within the range of surplus funds.
Request Network is a cryptocurrency that can be easily understood to be systematically superior to other cryptocurrencies. If the Request Network becomes widespread, it can be used in the lives of individuals, in the accounting of companies, and in the accounting of public institutions, and I think it will become a very convenient world.
Although it is not possible to say whether or not to actually invest, there is no doubt that it is one of the cryptocurrencies that we would like to keep an eye on in the future.
BINANCE is recommended for Request Network (REQ) purchases
Those who want to consider investing in REQ have no choice but to purchase at overseas exchanges because they are not available at global exchanges. Of the several overseas exchanges that handle it, it is probably the wisest choice to buy at BINANCE , which has the highest trading liquidity of REQ.
If you haven’t registered for BINANCE yet, please refer to this article as it is explained.