Token: REQUEST
ICO: 13th October 2017
“A decentralized network built on top of Ethereum, which allows anyone, anywhere to request a payment”
TOTAL 18 / 25
1 Business opportunity: 4.5/5
The business opportunity is here:
More than $5Tn is exchanged every day and the flows are poorly optimized.
The coin will be used for transfers.
Use cases:
- B2B invoicing
- Online payments
- Automation: accounting, audit, business expenses
- Very ambitious on the audit part as it aims at replacing the manual audit made by companies such as Deloitte, EY, etc…
- Business Logic and Trade Laws
- Aims at directly sending the VAT to the states
- Simplification of commercial tools: Factoring, Escrow
- Transparency of institutions
- For NGOs
- IoT and smart contracts
Business model: it is based on Ethereum so usual fees will be charged for the use of this network: gas + storage of information. On top of that: a fee will be paid to tokens holders: at the beginning from 0.1% to 0.5% of the transfer. In the long term this percentage is expected to be less than 0.1% just in order to finance the security of applications and their development.
Advantages of the blockchain compared to the existing schemes:
- Less expensive if enough liquidity of the crypto currencies
- Transparency
- Speed of transactions
https://blog.request.network/omisego-vs-request-network-a-detailed-analysis-779d1f66675b
Main competitor: Omise Go for the transfer part, already big with a clear roadmap. Audit & accounting is not the focus of OMG.
Main risk: they need to be accepted by a country in order to gather the VAT for them. Same for audit.
2 Technology: 3/5
Whitepaper: https://request.network/assets/pdf/request_whitepaper.pdf
No real details on the technical point of view. The WP gives an overview of the project and how it works. It is a classic blockchain use case which shows the advantages of using a decentralized scheme compared to the usual one.
However: Github prototype here: https://github.com/RequestNetwork/Request_SmartContracts
A technical yellow paper to come.
3 Team: 3.5/5
It seems the team has no experience in the blockchain world. However, they already worked on a similar project: Moneytis. See below for more information.
Dev guys seem to have a good track record.
CEO has some years of experience in consulting.
CTO is interested by blockchain but no real proof of work done in this topic.
Pros: several awards + Y Combinator promotion
Request is the pursuit of their previous project, Moneytis, but they want to go to the next level: a money transfer comparator. It offers you diverse solutions for money transferring from one country to another either it’s for personal or professional reasons.
10,000 users in August 2016 according to this source: https://www.lesechos.fr/29/08/2016/LesEchos/22264-094-ECH_moneytis--le-comparateur-de-transfert-d-argent.htm
Moneytis is based on crypto-currencies according to this source: https://blockchainfrance.net/2015/12/03/moneytis-transferts-argent-blockchain/
But nothing is mentioned on their website.
4 ICO details: 4/5
- 100k ETH to be raised in ICO. Total supply: 200k ETH
- 20% to early investors
- KYC Process
- 15,000 contributors maximum
Process of the sale:
- Day 1 individual cap : Total public cap / number of approved registrants
- Day 2 individual cap: (Day1 individual cap)*2
- Day 3 individual cap: (Day 2 individual cap)*2
- Day 4 individual cap: (Day 3 individual cap)*2
5 Community & Communication: 3/5
Big buzz around this project.
Slack users: +20,000
Very active on the Request blog, i.e. their medium. They communicate a lot on the blog/medium: 520 followers
6 Verdict
- Positive in the short-term
- Selling strategy: wait for it to be on the exchange and sell when X2 at least
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