One of the most exciting startups in the crypto ecosystem is up-and-comer ecommerce platform, Request Network. After hosting its ICO early last month with great demand, Request Network has spend the last month consolidating, and in the post-Segwit2x drama has rocketed back to ICO prices. But potential investors need not be scared off, Request Network has a bright and lucrative future ahead of it.
What is Request Network
Self-labeled as “The future of commerce”, Request Network will simply put host a feature of commerce and auditing software based on internet and blockchain technology. Backed by technology startup incubator YCombinator and Dutch banking giant ING, Request is in a great position take Silicon Valley by storm. YCombinator is well known for its aggressive marketing tactics and has backed projects such as Stripe, Twitch.TV, AirBNB and even Reddit in the past, and has described Request Network as PayPal 2.0.
Their roadmap and yellowpaper has very precise and clear goals, including:
- Q4 2017 – Proof of concept release, API release, Technical documentation release
- Q1 2018 – Request Network Web Release including Pay with Request, Refund, Credit & Purchase Order functionality.
- Q2 2018 – Fiat currency conversion integration, Budget Management module release
- Q3 2018 – Escrow module, Tax module, Down Payment module, Late Fee module
- Q4 2018 – Governance module, IoT framework, Continuous Payment module.
Their social media presence has indicated they are ahead of their roadmap projected timeline.
Request Network will not be a single use payment provider, it plans to develop a full suite of eCommerce, accounting and auditing software! The most fantastic part is that all of this software would benefit from the advantages that building on the blockchain give. With an immutable copy of every transaction stored on the blockchain, auditing and proof of transactions are a problem of the past. It is not hard to see the potential software void that Request Network hopes to fill.
What gives the Request Network Token value?
Short answer, its finite and reducing supply.
Fee’s for using Request Network will be paid in Request Network Tokens (REQ). REQ tokens which are paid in fees are then burned and destroyed forever, reducing the total supply. As the total supply is reduced, theoretically the remaining tokens will increase in value.
Request team members have hinted that REQ token holders may potentially receive dividends in the future, however this is speculation at this stage.
Is it too late to profit off REQ?
With REQ currently trading at approximately ICO, it has a market cap of approximately $40 million USD, placing it outside of the top 100 by some way. Request Network has not experienced the rapid growth other projects in the sector have seen, and it is plausible that we will see this growth as they release more technical details about their product.
Social Media Indicators
While early adopters are quite vocal about the potential of Request Network (myself included), the project itself seems to have avoided the hype cycle (and the correlated pump & dump cycle) thus far, perhaps due to it’s release during the Bitcoin Segwit 2X saga. For example, the Request Network subreddit has a meagre 2000 followers at the time of this articles posting, and while the occasional post or comment may mention it, Request Network has somehow avoided wise-spread attention in the cryptoverse.
Over the following months, I believe there will be a sharp increase in Request Network’s attention, especially as they release more technical information about their upcoming releases.
While it is impossible to speculate with any certainty the future price, it is most feasible for us to see a rapid but stable increase in price. Similar payment processing companies with similar progress to Request Network have similar blockchain funding ICO’s and are worth magnitudes more then REQ’s marketcap. For example Omise and their Ethereum blockchain OmiseGo, are worth a whopping $830 million USD, over 20 times great then Request Network’s current market cap.
Could Request Network ever be worth that much? Tentatively yes if they continue to achieve their milestones!