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Partnerships Boost Request Network’s Potential

It’s been a big couple of weeks for “Paypal 2.0”

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Described by many as Paypal 2.0, Request Network acts as a public ledger that allows anyone to create a request for payment. In the last few weeks Request, which trades under the ticker REQ, made a few major partnership announcements that has the cryptocurrency community very excited.

How Does Request Network Work?

Request Network is a public ledger that helps individuals request cryptocurrency fund transfers, and allow payers to quickly accept and pay those requests.

For example:

Bob asks Alice for a payment, then he creates an (invoice) request and relays it to the blockchain; Alice’s wallet detects the Request and processes the payment. In the case where Bob was on Amazon and Alice was making a purchase, Amazon creates a Request on the blockchain, Alices’ phone analyzes the blockchain and detects the request, sends a notification, and she agrees to pay.

 

Request becomes particularly exciting when you think about the the IOT applications. For example, one of the coolest use cases the white paper mentions is a second scenario, in which an autonomous car connects to a smart garage contract to buy a new wheel. They negotiate by algorithm, and agree upon a payment with deposit and escrow (money blocked until delivery). To interact financially, the machines and IoT require a payment framework.

The Ecosystem

The Request ecosystem has Four core layers.

  1. Ethereum Blockchain, which serves as the settlement layer for transactions.
  2. Request Core Layer, which is the immutable open, and real time detection layer for multi currency payment.
  3. Extensions Layer, which people can start to conduct more complicated transactions that can factor in immutable rules that describe transaction, such as taxes, escrows, advances, interest, etc.
  4. Application Layer, which take place outside of the blockchain. Here outside Systems from different companies can connect to Request to create requests or access information.

There are an infinite number of applications that can be built with Request Network. And because the value of the token is directly correlated to the number of people using the network, enterprise adoption of the platform is one of the most important indicators of success for the ecosystem.

REQ’s New Partners

The First major partnership announcement came out on March 26th – in which Request Network announced a partnership with PwC France and Francophone Africa.

As one of the Big Four professional services networks, PwC is experiencing a surge in demand for blockchain transformation. The partnership between PwC France, Francophone Africa and the Request Network Foundation will serve to accelerate research and development and increase the firm’s’ adoption of real world financial blockchain solutions. Having shared interests and advanced knowledge will help PWC drive customers to adopt Request Network into their businesses when applicable.

Ultimately, this means that Request Network has built a channel partnership with PwC, which helps PwC bring their solution to PwC customers. As one of the four largest accounting firms in the world, this is a hugely impactful announcement and indicator of how serious the accounting world is taking blockchain as well as how serious they are taking Request Network.

On April 11, the Request Team announced a partnership with Digix, an asset tokenisation company that aims to bring real gold onto the Ethereum blockchain in a fully transparent and secure manner.

This allows anyone in the world to digitally send and receive invoices which can be paid with gold. Soon, all users of the Request Network will be able to request an invoice to be paid in DGX tokens, which are backed by gold cast bars. Having gold-backed tokens available as an invoicing option allows users to receive and send payments in a stablecoin, whose value is not subject to the high volatility of the cryptocurrency market or to foreign exchange fluctuations.

Ultimately this provides Request users with a hedge against volatility.

Adoption Is Critical

These two moves are fantastic announcements for the request community. The PwC partnership gives big credibility to the strength of the Request technology and team. And the partnership with DIGIX is a massive win for allowing more people to adopt blockchain technology.

Because the token is burned by participants with each interaction on the Request Network, ensuring enterprise level adoption is critical for the future of this company. In a time when many companies in the space have been pretty quiet with their partnership announcements, Request Network continues to push forward with strong alliances. With each great partnership, we become more and more excited about how Request Network can become an integral layer for worldwide blockchain adoption.

If you are a big fan of Request, let us know in the comments!

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