Colossus’s Frequently Asked Questions (FAQ)
This is the FAQ of Request’s main demo feature and 1st version built on Ethereum and working on a testnet at https://app.request.network.
Which currencies are supported when I send a request?
Currently, you can only pay a request with ETH (Ether). Starting in Q1 2018, you will be able to pay a request with BTC, ERC-20 tokens, and fiat money thanks to the use of Oracles.
Within what timeframe do I have to pay a request?
There currently is no time limit to pay a request.
Payment terms can be added to requests as of Q1 2018. This will give the creator of a request the ability to indicate a payment due date. If you haven’t paid the request at the due date, the request remains unpaid on the network with an additional late payment fee such as on a normal invoice.
Besides, the reputation system for good and bad payers will give you an incentive to pay a request on time.
How does the reputation system work?
A reputation system for good and bad payers will be implemented in order to detect phishing and give an incentive for users to pay their requests on time.
As a payee, it’s easier for you to get paid and allows you to detect unreliable users.
As a payer, you improve your credit score which results in an easier access to financing and investment.
To determine the credit score of a payer, several criteria are taken into account within the reputation system: the effective payment, the timing of payments (on time or late), the number of requests received, and the status of the requests (accepted or declined).
Can I pay a request in multiple terms?
Yes, you can pay a request in multiple terms. The request will remain ‘in progress’ until the total payment is received.
Can I pay a request in the currency I want?
Currently you can only pay with ETH (Ether). In Q1 2018, you will be able to pay with BTC (Bitcoin) or any ERC-20 token. With the multiplication of currencies and tokens, it is likely that someone asks you to pay in a currency you don’t own. For these situations you will have two options: convert (with 0x Project) and pay the request, or pay the request with the desired currency by letting Kyber Network handle the conversion.
Can I pay more than the amount of the request?
Yes. If you do so by mistake (an overpayment), you can ask the payee for a refund. If you want to pay more than the request amount indicates (i.e. give a tip), you can add it to the payment.
Are there fees to use Request?
To create a request, around 0.1% of the request amount has to be paid in Request tokens (REQ) as a burning fee. In addition, there is a fixed Ethereum gas cost depending on the gas price you set which will be reduced over time. A maximum fee cap of 1$ is set.
Do I have to sign up for an account to use Request?
You don’t have to create an account with Request to create and send requests. You simply connect to your wallet: currently, Request exclusively supports Metamask, and soon (Q1 2018) Ledger Nano S, your private key, and/or a JSON file.
Do I need REQ tokens to create a request?
No, you don’t need to own REQ tokens to create a request.
Can I create a request as a payer?
At the moment, you can only create a request as the payee.
In a future version of Request Network, you’ll be able to create a request both as a payee and as a payer.
As a payee, your request will need to be validated by the payer.
As a payer, the request status automatically changes to ‘accepted’. No validation from the payee is needed. However, if the payee doesn’t agree with the request, s/he can cancel and refund it.
Can I update my request?
Once the request is accepted by the payer, you can’t increase the amount of the request. However, you can update your request by adding a subtract (i.e. discount) in case of a negotiation afterwards.
Can I cancel my request?
As a payee, you can cancel the request if it is not accepted by the payer yet.
If the request is accepted by the payer, you can only cancel your request if it is not paid yet.
As a payer, you can decline a request when you receive it. Once accepted, you can’t cancel a request without the payee’s agreement.
Can I save a draft of a request?
No, if you don’t finish the creation of a request, no draft will be saved.
Can I send estimates/quotes to my clients?
Not yet. Request Network is a decentralized ecosystem, so everyone can build on top of Request to provide additional features to the network. Take a look at our Tech Mindmap to check out all the possibilities for you to develop on top of Request.
Do I have a dashboard of my requests?
Yes, you have access to a dashboard with the history of your previous requests (issued and received), along with their details and statuses. You can look for a specific request by using the search box.
Can I export my requests as PDF and/or Excel files?
This feature is not yet available today. However, since Request Network is a decentralized ecosystem, everyone can build on top of it to provide additional features to the network. Take a look at our Tech Mindmap to check out all the possibilities for you to develop on top of Request.
Can I create an invoice request?
You currently can only create a standard request. In future versions, you will be able to create different types of requests such as an invoice request, a salary request, a loan request, and a crowdfunding request (read an in-depth explanation in this article).
