REQ is an ERC-20 token that helps power Request Network, a decentralized protocol that allows users to create, share, and fulfill payment requests or invoices.
Request Network users can create and share a simple payment request or create an invoice with additional stipulations, including specific payment terms. The network is designed to store all transaction information, giving users a full account of transaction requests in one secure location.
As a utility token, REQ is used for a variety of functions, which include voting and staking. Users must also spend REQ when creating new payment requests and invoices, which serves as a deterrent against spam transaction requests. Read the following section for more information on all the different ways REQ can be used.
What is Request (REQ)?
REQ is an ERC-20 utility token that performs the following functions:
- Anti-Spam. To discourage spam payment requests, the network imposes a small fee, payable in the form of REQ tokens. The collected fees are periodically burned, which grant REQ the characteristics of a deflationary token.
- Governance. Token holders can vote on key governance decisions to influence the development of Request Network.
- Staking. Users can stake REQ to earn additional token rewards.
- Discounts. Token holders will receive discounts on future products that are pending availability.
- Independency. To ensure Request Network can operate on multiple blockchains while also being able to run on its own independent blockchain, the network imposes a small fee in Ether (ETH), which is swapped to REQ. As a cross-chain compatible token, REQ ensures Request Network’s can operate independently from the token itself.
How to buy Request (REQ) on Binance.US
Trade REQ on the REQ/USD and REQ/USDT pairs.
Buy Request (REQ) with Bank Transfer (ACH), Debit Card, or Wire Transfer once trading goes live.
Note: This article was last updated on March 24, 2022. Deposits for REQ first opened on March 23, 2022 at 5 a.m. PDT / 8 a.m. EDT. Trading opened on REQ/USD and REQ/UDST pairs 24 hours later, along with the "Buy Crypto" functionality.
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