Request Network Project Update (August 21st, 2018) — Accounting App Presentation, Joining the Accounting Blockchain Coalition, a Reddit Tipbot and Listing on Paradex
The Request Network Foundation promotes the adoption of blockchain by providing a protocol 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.
This blog post includes:
- A deep-dive into the Accounting app
- Request Network Foundation joining the Accounting Blockchain Alliance
- A Reddit tipbot now created on top of Request Network
- REQ/DAI trading pair available on Paradex
An introduction to Accounting — powered by Request
TL;DR — Watch the full introduction to the Accounting app in the video below. If you prefer reading, we’ve summarized the video in text below.
Today we are giving you a sneak peek into the Accounting app built on top of Request Network codenamed: Boundless.
Accounting faces problems when it comes to managing cryptocurrency flows:
- Spreadsheets are often used to track transactions. This requires manual input which is prone to errors.
- Certified Public Accountants (CPA) and accounting experts have no regulatory guidance when it comes to accounting with cryptocurrencies.
- Regulators are still deciding on how to integrate tokenized assets into traditional accounting.
The end result is that businesses do not know how to manage their cryptocurrency assets and properly book them into an accounting system.
The solution: Accounting on Request Network
Request provides individuals and businesses with a solution to easily manage their cryptocurrency accounting and taxes. The accounting app’s primary function is two things:
- Allow people and companies to send invoices and get paid in cryptocurrency.
- Manage the accounting of those transactions.
We allow people and businesses to send dynamic invoices that can be paid with the cryptocurrency of their choice with the click of a button. These invoices include integrated metadata that provides the necessary details for the transaction to be compliant with all existing accounting regulations. This unlocks:
- A universal standard for cryptocurrency transactions — transactions are automatically integrated into an accounting system.
- An immutable record — the record of transactions are stored on the blockchain, creating a tamper proof and permanent record.
These benefits create an integrated system where invoices and payments are automatically recorded, and entered into an accounting system. With this system, the payment is linked to the invoice.
This has multiple benefits:
- No more manual data entry: In the current system, when an invoice is sent it requires two actions: the filing of the invoice, and then later, the actual payment. With an accounting system built on Request Network, the payment is automatically detected and embedded in the invoice. This allows payment to be done natively from within the app.
- This payment processes immediately, providing instant proof of the transaction being completed. This enables real-time accounting.
- This payment history allows for a reputation system of good and bad payers using the most up to date data.
So… What does it look like?
Simply enter your public wallet address on the homepage and we do the rest. By automatically detecting all invoices and payments made through your address, you can manage accounting of your crypto-flows and assets.
Connect your Ledger or MetaMask account to unlock more information and perform actions such as creating invoices and applying late fees.
The balance dashboard shows an overview of the value of your cryptocurrency assets. Here you can keep track of your wallet portfolio in an easy and user friendly way.
The income dashboard shows the net revenues of your wallet address. This allows you to track your income in real-time. This is a great way to have clarity on sales done over a specific period of time (monthly, weekly, daily).
The customer dashboard allows you to:
- Show a summary of all the entities you have done business with.
- Find information normally included in traditional accounting software, such as total amount of invoices sent and which have been paid to date.
- Export a list of paid & overdue invoices in CSV format, which can be imported into a spreadsheet or other accounting software.
- Actions can be performed, such as applying late fees and sending invoices straight from within the app.
- The reputation system allows you to see information on your customers such as average payment time and a payment reputation grade.
We look forward to any feedback or questions about the accounting solution on our Discord channel.
The Request Network Foundation joins the Accounting Blockchain Coalition as a charter member
We have joined the Accounting Blockchain Coalition, an alliance dedicated to educating businesses and organizations on accounting matters relevant to digital assets and distributed ledger technology, including blockchain. As a charter member of the ABC, we will collaborate with industry leaders to evolve into the leading, objective, industry resource and community for organizations involved with blockchains in accounting. We will also collaborate with other member organizations to help them develop solutions built on Request Network technology.
Want to learn more about the ABC and the role we will play as a charter member? Read the full press release now: https://blog.request.network/the-request-network-foundation-joins-the-accounting-blockchain-coalition-422e7e3fa048
A decentralized Reddit tipbot now available to use on all subreddits
Mike Ryan, a developer from our Request Hub community who also developed a Python library for Request, has successfully created and launched a Reddit tipbot built on Request Network. This bot allows you to tip other redditors in cryptocurrency. Find out how it works by visiting the Crypto Tip Bot website here: https://requestnetworktipbot.com/help
Request Network token (REQ) now paired with DAI on Paradex
The Request Network token (REQ) is now available to trade against the DAI stablecoin on Paradex, a peer-to-peer trading platform focused on speed, reliability and non-custodianship.
Looking for talent
We are currently looking for talented individuals to work at our office in Amsterdam:
- HR Manager
- Growth Marketer(s)
- Product Manager(s)
- Back-end developer(s)
- Full-stack developer(s)
Do you think you’d be a valuable addition to the foundation in a different position? We are always reviewing open applications. Send in your resume and motivation to join@request.network.
Do you want to use Request technology to build a financial product or integrate cryptocurrencies into your existing application? Get started with the list of resources below:
- Use the official documentation page to find everything you need about the Request Network ecosystem.
- Join the Request Hub on Slack to collaborate with active developers and builders that contribute to the overall Request Network ecosystem. Share knowledge about your project and receive insights from other community members to collectively improve development.
- Have you developed an MVP and are you looking to take your project to the next level? Apply to the Request Fund to receive financial and educational support directly from the Request Network Foundation.
Learn more about Request Network on our website and blog. Join the Request Network community on:
