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
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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