Request Network project update (November 24th, 2017)— Tech ecosystem, Request core, Kyber Network partnership
The Request Network team is committed to create a financial platform with the potential to become the standard for invoices, accounting, auditing, and payments in cryptocurrencies and fiat assets. You can learn more on our website and on our blog.
Over the last two weeks, we have focused on
- The refinement of our technical mind map.
- Designing the Core features of a request for the release of Request Colossus.
- Building relations with potential partners and their ecosystems.
Tech mind map
Many developments will be possible on top of Request once the Core protocol is finished by the team. Take a look at our Tech mind map to have a full picture of the Request Network and the upcoming roadmap.
To develop the ecosystem in the best way, the Request Network foundation pledge to spend the necessary time to ensure Security and Decentralization.
- The foundation will release projects open source when it does not interfere with security.
- The foundation will design the software to be able to be launched entirely client side without the need of a server when possible.
- The foundation will finance innovation and development and focus on attracting developers towards the ecosystem.
The foundation will do this with a first focus in mind, to make it easy to work with crypto-currencies as a business (Online payment, B2B Invoices, Salaries…)
Request is not an app but a financial platform on which many projects can be developed. It is a layer on top of Ethereum simplifying the development of many features in the crypto finance space. We want to structure cryptocurrency payments, finance and accounting areas. Our goal is to build a platform to operate payment requests applicable for every financial flow, and structure it by allowing external systems and software to plug into the platform through the use of our APIs. Thanks to a decentralized payment request, we can recreate all the platforms existing in the FIAT world and apply financial features in the crypto world such as invoicing, salaries, payments and many others.
Each point in the mind map represents a project by itself. For example, developing the open source and client side ‘Salary’ software is an exciting project to pay an employee in cryptocurrency (we’ll be our first users). The accounting part is also a huge project. Crowdfunding via Request is an interesting one (with a possible use case being future ICOs).
2018 will be a busy year for us and the community members who are going to build on top of Request. Our plan is to create an ecosystem and encourage teams and projects to work on top of Request. We’re currently defining the hiring process of ecosystem builders and will communicate our progress on our blog.
In our last project update, we showed the first visuals of the website to create, send and interact with Request. Over the last two weeks, we were focused on designing Request Core and its functionalities.
Below the state diagram of a request.
There are 3 on-chain status for a request:
There are several actions that can be done to a request:
- Pay (partially or entirely)
- Add an additional (tips,..)
- Add a subtract (refunds, discounts…)
All of these Actions can be done by specific people at specific moments.
Both the payee and the payer can create a request. When a request is created by the payee, its status is ‘created’ until the payer accepts or declines it. If the payer directly creates a request, then no validation from the payee is necessary.
A payment request is not only for invoices. We have to make sure that the model can be applied to every financial flow such as a salary, a loan, a donation and more. More in-depth information on this subject will be shared in an additional blog post.
We started an incentive program for the ‘non-tech’ part, such as communities, influencers, sales channel, partners and others. It works retroactively, so feel free to help where you find it necessary and help the ecosystem in a qualitative way (community management, translations,..).
Announcing our partnership with Kyber Network
We are very pleased to announce an important partnership with the Kyber Network team. This collaboration will improve both the currency automatic conversion system and the fee system of the Request Network protocol.
The cross currency automated settlement system
With the multiplication of currencies and tokens, people will often be asked to pay in a currency they do not store. To pay a request without owning tokens of the requested currency there are 2 solutions:
-Convert and pay (0x project): the wallet or the bank storing the user funds could convert the tokens and pay. This is a good use case for 0x as we can interact with offchain systems and select orders to fill.
-Pay with any tokens and let the request manage (Kyber Network). The user will be able to simply pay the request with the equivalent amount of its own tokens. The request contract will forward the funds to the Kyber Network contract and exchange them transparently to finance the request. This is possible thanks to the Kyber Network decentralized exchange which facilitates instant conversion of crypto-assets with guaranteed liquidity.
Both options are interesting depending on the context and users/developpers/wallets will be empowered to choose the solution filling the best their need.
The fee system
To onboard new users on the protocol smoothly, we have been working on designing solutions to let people pay the network fee in another currency while burning the REQ tokens on the background automatically. The Kyber Network contract help us solves this challenge in an effective and simple way to provide new users of the Request Network protocol a seamless experience.
When paying the request, a part of the paid amount will be transferred to the Kyber contract, used to buy REQ tokens on the market and forward them to a burning contract.
Users who will prefer to pay their fee in REQ will also be able to do so by giving an allowance to the Request Contract. In this case, the Kyber Network Contract will be used as an exchange rate oracle to determine the corresponding amount of REQ to burn for a request denominated in another currency.
More information on Kyber Network: https://kyber.network/
We’re proud to announce that our team will be moving to Singapore early next year. We plan to spend a few months in Singapore’s impressive ecosystem, and work closely with Kyber’s friendly team there. The Asian blockchain ecosystem is growing quickly and we want to tie connections with many companies and communities on this content, aside from the connections we are already building in Europe.
Well done! Our social media community (excluding Slack) has grown with 14% in the last two weeks — from 14,586 to 16,691 active participants.
The number of token holders has increased towards 12,000 REQ token holders. That’s 3,000 more than a month ago; a great sign that the Request community is experiencing healthy and long term growth.
That’s it for this biweekly! The next biweekly will be published on the 8th of December 2017.