Request is a decentralized1 network that allows anyone to request a payment (a Request Invoice)for which the recipient can pay in a secure way. All of the information is stored in a decentralized authentic ledger. This results in cheaper, easier, and more secure payments, and it allows for a wide range of automation possibilities. To become the backbone of world trade, Request integrates a general ledger (in the accounting sense of the term), which is:
Today, their absence makes the whole system inefficient and absolutely unready for the digital and IoT (Internet Of Things) revolution that is taking place.
Request can be seen as a layer on top of Ethereum, which allows requests for payments that satisfy a legal framework.It is also possible to see currencies as tools to complete Request transactions. In this sense, Request is more global than any currency.
- The request can be detected and paid in a secure way, without the need to involve a third party settings - The request is saved on an immutable, authentic ledger, which acts as a unique source of truth for accounting and auditing processes settings - Request integrates a trade law system and works across every legislation settings - Request works with every global currency settings - Request is designed to be flexible, to last hundreds of years, and to work with IoT, whilst being compatible with any future systems.
Q3 2017 Request Pyramid
Q4 2017 Request Colossus
Q1 2018 Request Great Wall
Q2 2018 Request Stonehenge
Q3 2018 Request Colosseum
Q4 2018 & after Request Petra
Attention. There is a risk that unverified members are not actually members of the team
Opportunities:Request is the first ICO project incubated by YCombinator. YCombinator has funded over 1,400 startups and those companies have a combined valuation of over $80 billion.The problem that Request is trying to solve is huge so the upside is substantial if Request can deliver on its vision.The other company that the team is running, Moneytis, has received 6 rounds of funding from 2015 to 2017. This could be an indicator that the company is growing throughout the years, which speaks to the execution skills of the team.Network effect is present. The more people use Request Network, the more valuable the platform becomes.
Concerns:Request has not released any proof of concepts for their product, so this is a white paper project. The only two milestones prior to the ICO are “release final draft of white paper” and “launch the Request Network website”.All the team members are working on Moneytis and Request at the same time. It is unclear how the team allocates their time between the two projects.Since peer to peer payment is the backbone of cryptocurrency, the project faces competition from many blockchain projects in one way or another: Status, Metal, Monetha, OmiseGO, Everex, TenX, Monaco, Centra, Token Card, Pillar, and many others.20,000 Ether was sold to early investors and strategic partners with 20% bonus (this is not part of the 100,000 ETH hard cap). This may create selling pressure once tokens are listed, as those participants are willing to sell at a lower price than people who contribute in the public crowdsale.
Conclusion:Overall, we like this ICO for its short-term potential but are neutral about its long-term potential. Our thoughts of the tokens for short term and long term are as follows:For short-term holding:Good. The project, being the first YCombinator-backed company going through an ICO, created a lot of market awareness. It is expected that the company needs to close the whitelist early to avoid too many participants so there should be unmet demand.For long-term holding:Neutral. The project is at a very early stage, essentially a white paper idea. The white paper is attractive with many use cases, but it is unclear if the team can deliver on their promises.
The network is looking to reshape commerce and change the level of efficiency that online systems operate on. Effectively improving the blockchains functionality through the use of new contract types will be one of the key components to the success of the Request network. This is a great system with an excellent team, if you want to learn more about the team – head to Request.Network to learn more.
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