TL;DR
Request Network is a promising payment solution protocol that offers something not seen often enough in this industry. A unique project designed around real-world utility. These types of protocols can change how businesses operate on a fundamental level. As one of the only full-suite payment solutions ready to go, the Request Network is patiently waiting for governments to give the green light to crypto, levelling the playing field and enabling real-world assets to make their way onto the blockchain. In the meantime, they’ve been grinding away at building one of the best business services the market has seen. That is since Lark first reviewed Request Network over 5 years ago.
Accounting software is a pretty big deal. The dominant distributor of this software stack is currently Intuit and their Quickbooks program, netting the company over $3 Billion in revenue the past year. That’s because you can’t have a functional business without bookkeeping. Every penny that goes in and out needs to be properly documented for auditing purposes. But this Quickbooks standard leaves a lot to be desired. You can’t pay invoices directly from Quickbooks and users are constantly battling poor integration and synchronization with banking institutions.
This leads to considerably more manual entry work, costing businesses additional time and money. Something that could easily be avoided with better software. The type of software that Request Network is currently distributing.
What is Request Network?
Starting on the Ethereum Network in 2020, the Request Network introduced a simple payment solution protocol for international business transactions. Since most businesses don’t want to store private information on a public network, Request introduced a new way to manage first and third-party payments through its Request Invoicing service. All invoices are encrypted using Request Network Technology to obfuscate information from any party that does not have direct involvement with the invoice.
This helps cut down the steps needed for a business to get paid for its services and pay others for theirs. Through the use of InterPlanetary File Systems (IPFS), Request Network can distribute these invoices in a decentralized and gasless way. Not requiring its services to rely on Ethereum or any other network to function. This is made possible by a series of nodes set up on various networks. Allowing Request Network to batch transactions together and avoid debilitating gas fees.
So far, Request Network has enabled payments using Bitcoin, Ethereum, Optimism, Arbitrum, Gnosis, Polygon, BNB Chain, Celo, Fantom, Avalanche, Moonbeam, Ronin, Mantle, and Near Blockchains. This means that businesses can use any of these networks to access Requests encryption and invoicing services. Request Network has built-in services like Lending, Insurance, and Fundraising, making it far more easy for businesses to integrate blockchain services into their accounting process.
What is Request Finance?
Request Finance is the front-facing service offered by Request Network. Allowing businesses to pay a nominal monthly fee and obtain access to Request Networks invoicing and bookkeeping services.
Request offers three different plans to…
Head of Research Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin. As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom. “The swarm is headed towards us” -Satoshi Nakamoto
