What is Request (REQ)?

REQ is the utility token of the Request network, a protocol designed for storing payment requests. It addresses the issue of blockchain transactions lacking context regarding their purpose. Users of the Request protocol can specify the address for their payment and define the transaction's terms and conditions. They can then send this request to their counterparty for payment. This innovative setup transforms a basic payment request into an invoice, aiding financial institutions in proving their on-chain financial activities and supporting income-based services such as loans, insurance, and fundraising. Additionally, it enables automatic auditing, triple-entry accounting, and automated tax reporting.

The REQ token powers the payment system of the Request network. As an ERC-20 token, users can utilize REQ for various purposes within the network. To initiate a new payment proposal, users must pay a nominal fee in REQ. Additionally, all other transaction fees on Request are also payable in REQ tokens. REQ holders have the power to vote on crucial decisions impacting the network’s future. Although REQ does not have a fixed maximum supply, its initial supply was 1,000,000,000 REQ.

How Does Request (REQ) Work?

Request connects the payer to the payee, sometimes with a third party, securely and in a decentralized manner. Either the payer or payee, signs the request containing the details of payee, payer, currency, amount and payment. The raised request persists in the smart contract of the platform and can be encrypted so that only the payee, payer and the approved 3rd parties can view its content.

The payee can optionally cancel the raised request or change the expected amount. The payers can accept the request to hint that they intend to pay it post which they derive a “paymentReference” from the requested contents and call a function on the payment network smart contract. While they do it, they also pass on address, amount and other details thereby initiating the payment process.

To facilitate this workflow, Request utilizes a layered architecture consisting of four layers: Request Logic, Transaction, Data Access, and Storage. Each layer serves a specific technical function:

1. Request Logic Layer: Defines the data structure of a request, including its properties and actions.
2. Transaction Layer: Converts actions within a request into a series of transactions and vice versa. It also optionally encrypts and decrypts these transactions to ensure only authorized entities can read them.
3. Data Access Layer: Organizes data into the correct format before passing it to the storage layer.
4. Storage Layer: Manages the storage and retrieval of data.

This structured approach simplifies the process for users, allowing them to easily extract specific information from their transactions whenever needed.

How to Buy Request Network (REQ) crypto in India?

There are many platforms where you can invest and Buy Request tokens in India.

One such platform is Flitpay. To buy REQ in INR, you have to sign up to Flitpay, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy REQ crypto and execute the purchase.

You can instantly convert Request (REQ) to INR and INR to REQ and withdraw your INR through bank transfers whenever you want

Flitpay also keeps introducing timely rewards for its users.

What to Do After Buying Request Network (REQ)?

REQ can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the REQ till it reaches a high price, and then you can sell it through Flitpay's OTC order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

FAQs

What is a Request token (REQ)?

REQ is the native token of the Request protocol. It powers all the transactions that take place on the platform, including the fees and incentives. Users who wish to raise a request on the platform also pay a fee in REQ tokens. The holders of REQ can vote on the proposals associated with the Request protocol’s future. It has no capped maximum supply.

What is the Request (REQ) price in India?

Check out the INR price of REQ crypto in India today on Flitpay.

Which is the best cryptocurrency exchange in India to buy REQ?

Flitpay is the best cryptocurrency exchange in India to buy Request (REQ), buy Ethereum, or your favourite cryptocurrencies. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

How to buy Request Network in India?

You can easily buy Request Network in India on the safest crypto exchanges like Flitpay, with the lowest fees.

To buy Request (REQ) coin in India:

1. Register on Flitpay and create an account.
2. Verify your identity through Know-your-customer (KYC)
3. Add INR or Fiat currency, corresponding to the amount of REQ you want to buy.
4. Instantly buy Request (REQ) with the deposited funds.
 

What are the benefits of Request Network (REQ)?

The Request is a protocol for storing payment requests that provide context to blockchain transactions and allow users to define payment addresses and terms. It upgrades the simple requests to invoices, aiding financial institutions in proving on-chain activity and enabling income-based services like loans and insurance. Adding to its abilities is the efficiency of providing automatic auditing, triple-entry accounting, and automated tax reporting. Being the native utility token of Request, REQ is the lifeblood of the Request ecosystem. Every platform user needs to pay a fee in REQ.

Is it safe to invest in Request (REQ) in India?

Yes, investing and trading REQ is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying REQ crypto. It offers real-time prices and advanced investing features.

Where can I deposit and withdraw Request (REQ) crypto in India?

Your search for secure crypto deposits and withdrawals ends here. Flitpay is India's most trusted exchange to facilitate hassle-free and Instant deposits and withdrawals of all the top cryptocurrencies with minimal or no fees.