Request Network project update (February 16th) — Ledger Support, Multi-recipient & Misc
Request Network is committed to develop a financial platform for payment requests with the ambition to become a standard for invoices, accounting, audit, and payments in crypto and fiat assets. Request allows people and businesses to get paid in any cryptocurrency in a cost-effective, simple, and secure way.
Ledger Hardware Wallet now supported
In addition to Metamask, a connection with a ledger wallet is now available on the first app of Request Network (app.request.network).
Multi-recipient management flows
Request Network is not bound to the current limitations of the financial system and aims to tackle the reality of payments best. Today, when you pay somewhere, your money is split between different payees — we usually count at least 3 payees between the payment provider, the taxes, and a seller/provider. In many cases, this results in having some parties incur a debt with another one at the moment of payment (company debt to tax office for example).
Using the smart programmable money capability of the blockchain, we have the possibility to split the payment right at the moment of payment.
Within the next 2 weeks, we will release an update of the core and currency smart contracts to let developers create specific additionals, subtract payments, or change the expected balance of a specific party. If a refund is needed, every party will have their own responsibility to reimburse.
In other words, we are building the smart contracts in a way that allows one payment to be split between several wallets.
Separation of ID and wallet
In the blockchain world, an address can take on different meanings. What we have seen in the previous months is the distinction between ID and wallet address becoming clearer and clearer, notably when looking at the EIP725 and EIP735.
This change is also very interesting for Request as you could imagine requesting money from an account that identifies you or your company, but would like to receive the payment on another address. This turns out to be useful especially when you are using another currency than Ether or an ERC20 token.
We have now integrated this distinction inside the smart contract of Requests.
In other words, the payer will receive the requests sent to his ID and will be able to pay with another address if needed. The payee could request money and attach the Request to their ID and receive the payment on a different wallet.
Following the separation of IDs and wallets, we updated the statuses by making the ‘accepted’ status optional. The two mandatory statuses are created and cancelled.
This is especially important in two cases:
- in the case someone wants to pay with an address different from their ID
- in the case of a payment other than ETH and ERC20 tokens.
New decentralized exchange listing
The REQ token is now tradable on Kyber Network DEX as one of the 10 selected ERC20 tokens.
Congratulations to the Kyber team for launching their Main Net, we’ve never seen such a smooth process to exchange tokens.
We’re glad to have received many applications to the Request fund. They’re still being processed to learn more about the projects and teams we’re willing to kickstart. The application program is still open: if you have a serious project for which Request is necessary, you can apply here. And feel free to spread the word!
We’re still receiving applications for the full-stack developer position. If you have a strong interest in blockchain technology, open-source, decentralization, security, testing, and in designing the best user experience, we very much look forward to your application. Check out the position here.