Request Network’s Frequently Asked Questions (FAQ)

Frequently asked questions

What is Request Network?

Request is a decentralized network which allows anyone to request a payment (a Request Invoice), where the recipient is able to pay in a secure way and all the information is stored in a decentralized authentic ledger. This results in cheaper, easier and more secure payments and allows a wide range of automation possibilities on top of it.

What problem does Request Network solve?

The whole payment system is inefficient and not ready for the digital and IoT (Internet Of Things) revolution that is taking place.

How is Request Network different from OmiseGo?

Projects are complementary. Here is a detailed analysis.

How does the Request Network protocol work?

Request can be seen as a layer on top of Ethereum which allows requests for payments satisfying a legal framework. More details in the whitepaper.

When is the Token Launch?

On 13th October 2017. Please refer to our blog posts about timeline here.

How to participate in the Token Launch?

You need to be on the whitelist. To be on the whitelist, you need to join our slack here.

Who will be eligible for participation in the Request Network Token Launch?

You need to be in the whitelist, i.e. on the slack group before it closes. Here are explanations.

Who can participate in the Token Launch?

Everyone, except US non-accredited contributors and people on sanctions’ lists.

What kind of ID do you accept?

Passport is the best way. If you can’t provide a Passport, an ID or driver license could work.

Is there a whitelist?

Yes. To be on the whitelist, you need to join our slack here.

What is the total supply of REQ?

There will be 1,000,000,000 REQ. More details here.

What is the hard cap ?
100,000 ETH.

Are there limits in the contribution per person?

There will be an equal individual purchase cap for registrants during the first 24 hours on October 13, with Individual cap = Total public cap/ Number of approved registrants. Afterwards, caps will be doubled every day until the hard cap is reached:

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
Each transaction will have a gas price limit up to 50 GWEI.

More info here.

What will the Token Launch proceeds be used for?

• Development: 55%
• Research: 15%
• Marketing & Partnerships: 15%
• Operations & Business: 10%
• Legal: 5%

You can refer to our blog post about Token details here.

What will be the initial distribution of REQ Tokens?

• Crowdsale: 50%
• Early Backers & Contributors: 20%
• Retained by Request and external Development Fund: 15%
• Team and advisors (current & future): 15% (will be vested for 2 years).

Will there be a lockup period for REQ Tokens sold in the Token launch?

The Tokens will be available instantly. They will become transferable 1 week after the beginning of the token launch.

Will there be a lockup period for Tokens allocated to the founding team?

Yes. There is a 2-year-vesting schedule for every team member.

Which cryptocurrencies will be accepted in the Token launch?

ETH.

When will Request Network be live?

You can view our prototype on our github: https://github.com/RequestNetwork/Request_SmartContracts. In Q4 2017, we plan to have the first version of Request working with Ethereum on Test Net. On Q1 2018, the first iteration of Request working with Ethereum on Main Net will be live. The roadmap is here.

Where can I find a development roadmap?

The roadmap is here.

Where is Request Network based?

The team is 100% based in Berlin, Germany.

How can I get involved?

Join us on Slack here.

Why the name Request Network?

The project builds a network allowing to pull payments. Anyone can request payments in a decentralized way.

Which are the official Request Network channels for information ?
Slack: requestnetwork.slack.com . Invitation link here.
Medium: blog.request.network