Request Network Project Update (April 13th, 2018) — Digix partnership, Kick Start of Crowdfunding and Accounting DApps, New Listings
The Request Network Foundation promotes the adoption of blockchain by providing a framework which allows everyone to develop their own financial solutions based on the Request Network technology. The Foundation establishes a standard for blockchain transactions, shaping the future of payments (i.e. invoices, loans, payments, salary, donations) and their compliance for accounting, tax and audit integration.
The Request Mainnet launched exactly two weeks ago. Since then 107 requests have been created. With the Request Network protocol live, you can send and receive payment requests to anyone. As a merchant you can now implement cryptocurrency payments on your website by using the Payments solution here.
Have you tried making your first request yet? Try it out now!
Partnership with Digix allows paying invoices with gold!
With great pleasure we’ve announced our partnership with Digix Global, an asset tokenisation company that brings real gold to the Ethereum blockchain in a fully transparent and secure manner. Due to this partnership we will see the gold-backed Digix gold (DGX) tokens available as an option for invoicing on the Request Network. This will allow anyone in the world to digitally send and receive invoices which can be paid with real gold!
More information about this partnership can be read in the official press release here.
Using tokenized gold (DGX) to pay invoices allows you to pay in a currency which is rather stable compared to volatile cryptocurrencies.
This is a solution for when we are reluctant to use a bullish cryptocurrency to pay invoices. Instead we can now choose to pay with democratized tokenized assets such as gold.
Kickstarting the Request Network crowdfunding Decentralized App (DApp)
Raising funds through crowdfunding has seen a large surge of interest lately. New ways to raise capital by using cryptocurrencies has proven to be successful and is now often used for Initial Coin Offerings (ICOs).
However, there is still no all-in-one solution that both allows cryptocurrency payments and is easy to integrate. Many companies struggle with the technicalities of managing cryptocurrencies to raise funds. Current crowdfunding solutions have high fees and an intermediary that controls your information. As we’ve explained in our last update of March, we want to take a role in decentralizing the way crowdfunding works today. We are currently building a crowdfunding DApp on top of the Request Network protocol.
The objective of this DApp is to provide an easy way to raise funds and/or donations paid with cryptocurrencies. The DApp will allow anyone to set up a crowdfunding campaign that is either campaign-based (within a specific timeframe) or continuous (open until paused).
Built on the Request Network protocol, there are two main advantages of the DApp:
- Raising funds in a decentralized way so that the funds go directly to the organization or the project leader without the need of a third-party.
- Fees are significantly lower compared to those of the current crowdfunding actors.
The first release of the DApp will allow NGOs and project leaders to start their crowdfunding campaign and create a detailed presentation of their project. This presentation is then viewable for donors or investors. The donor/investor can send funds towards the crowdfunding campaign. After funding successfully, the donor/investor receives a Proof of Donation which can be used for tax declaration purposes.
The first version of the DApp is slated for end of May. The best part is that we’re working closely together with several organizations that will use the product once it goes live! This way we’re making sure that the DApp is responding to real business needs.
Future updates of the first version will include:
- Track and deduct taxes.
- Customization such as set hard cap, soft cap, start date, end date.
- KYC management.
- Whitelist management.
- Reward system implementation (i.e. automated tokens/assets).
- Fundraise tracking dashboard.
- Escrow to secure transactions.
- Multi-crypto management which allows fundraising in multiple cryptocurrencies.
- Cross-crypto management which allows a donor to send funds in her/his favorite. cryptocurrency to automatically convert into preferred cryptocurrency by fundraiser.
Are you looking to start a crowdfunding campaign soon? We’re very interested to get in contact with you, so we can create the best crowdfunding tool tailored to your needs.
Visit us on http://crowdfunding.request.network
Modeling the Request Network accounting DApp
Accounting and tax management of cryptocurrencies is another big priority use case the foundation Request Network will focus on.
We aim to provide an easy way for organizations and businesses to leverage the benefits of the revolutionary distributed ledger technology. This includes helping people declare their cryptocurrencies assets to their local tax system and helping businesses to record and integrate crypto financial flows into their formal bookkeeping.
As we build the DApp, our scope extends but is not limited to:
- Invoices: provide a right way to send and receive invoices in cryptocurrencies.
- Salaries: provide a formal way to pay your employees with cryptocurrencies.
- Data formatting: export bookkeeping-friendly data from your financial blockchain activities.
- Real-time accounting: monitor and access financial statements in real-time.
- Automated tax: instantly calculate and declare VAT & taxes.
- Escrow: secure your cryptocurrency financial flows.
- Late fees & Client recovery: manage your unpaid invoices & automate late fees.
- Auto-accounting: automatically generate and receive your bookkeeping.
We’ve already started the integration of metadata options into payment requests. Data formatting allows a business to export all requests and integrate them directly into its current bookkeeping software. This is a crucial first step that is necessary for an accounting DApp to work as it allows anyone to document and track their financial flows on the blockchain.
We are very interested in hearing your needs regarding both small and large scale cryptocurrency asset management. Want to get involved? As an individual, a business or an organization, please reach out at:
http://accounting.request.network
REQ now available for trading on Bitfinex and Coinspot!
After Huobi Korea last month, Bitfinex and Coinspot are now also offering trading pairs for the REQ token. Coinspot offers Australians to trade REQ with AUD, while Bitfinex offers REQ/ETH, REQ/BTC and REQ/USD pairs.
Request Network at Consensus 2018
Both Etienne Tatur and Robbin Mazurel will be attending Consensus 2018, scheduled for 14–16 May in New York City. Apart from attending pre-scheduled meetings, we will be attending the main event to get inspired and meet new and exciting people during the three days of blockchain conference.
If you happen to be around the Consensus event this year and want to meet up with one (or both) of us, you can get in contact with us by sending an inquiry towards the contact form. This way we can schedule any meetings in advance.
Not around? Follow our adventures on Twitter 🐦
The Foundation team is looking for talent!
At the Request Network Foundation we’re scaling fast. Are you passionate about blockchain technology, do you want to contribute to a better tomorrow and do you feel connected with our Culture?
We’re still actively looking for talented people that want to bring their unique skill set to the team. Have what it takes? Apply today by mailing your resume & motivational letter to jobs@request.network!
