Many of you may have heard of this widely popular token called Request Network (REQ). They had their sold-out ICO last month, which ran from October 13th to the 15th. In my opinion, it was one of the most professionally managed ICOs in the past few months. A strict KYC check followed by daily individual contribution caps prevented whales from accumulating a large amount and also kept the Ethereum Network from being overly congested.
The total supply is 1,000,000,000 REQ.
Public Sale: 500,000,000 REQ distributed for 100,000 ETH. (1 ETH to 5,000 REQ).
The remaining 50% is distributed according to the chart below (taken from their token launch terms overview).
In simple terms, Request Network is a decentralized payment platform that is going to be very similar to PayPal and Venmo.
You can request or make payments (both cryptocurrencies and fiat) in a secure way through the platform. I will skip the technical implementation details, but I highly encourage you to read through their whitepaper.
If you are not familiar with YC, I suggest you take a quick look at their website. They are a venture capital firm that funds startup companies after a rigorous and very selective interview process. What sets them apart is that in addition to funding, they also provide advice, guidance, and most importantly, connections. Being based in Silicon Valley, YC can get their companies into doors that others can only dream of.
What do Dropbox, Airbnb, Stripe, Reddit, Twitch, Weebly, and Coinbase all have in common? YC invested in all of them. Now, I am not saying all YC-invested startups are successful, but being selected definitely gives them an arsenal of tools to be successful. In short, YC is a BIG deal.
We also know ING Capital is involved in some way, but the actual details are not publicly available at this time. The REQ team mentioned in their Slack channel that they have a meeting with ING in the upcoming weeks and will share what they can after this meeting.
Why create a token?
Many companies and projects are launching ICOs and creating essentially useless tokens in order to raise easy money. However, Request Network’s token (REQ) actually has a use. The REQ tokens are ERC20 tokens which are required to participate in or to use their network.
Just like how PayPal has a fee when you use their service, the fee for using Request will be paid in the form of the REQ token. When you pay the network fee in REQ, the token will be burned (which means it will be gone forever). Burning tokens decreases the overall supply of the token, which in turn increases the value of each token.
Recent news since ICO
Request Network held their ICO during the unfortunate timing of both the Bitcoin Gold hard fork and the general FUD present with all ICOs. Many ICOs were trading under the price they were initially offered at, which of course creates a lot of frustration and distress amongst the ICO participants.
Even with all the negativity from the community, the Request Network team committed to giving an update every 2 weeks. Since then, new advisors have been announced and they even published an update stating that they were ahead of schedule with their “website to interact with Requests” to launch in Q4 2017 as opposed to Q1 2018. In most cases, companies often have delays in their roadmaps after their token sale, so Request Network is definitely promising in this regard.
- November 10 - Request Network Project Update
- November 3 - Introducing Continuous Payments
- October 27 - Request Network Project Update
- October 20 - Request Network announces new advisors
As of writing this article, REQ is still trading slightly under ICO price. REQ can be purchased on exchanges such as EtherDelta and Binance. We think this is currently one of the most undervalued coins on the market, and it will be one of the most promising coins to close out the year leading into 2018. Request Network will be one of the few companies to make it through the potential Crypto Winter (We will have an article explaining what this is. Stay tuned!) coming up. A $120 million dollar market cap would not be surprising when their platform initially launches.
Disclaimer: This article is provided for informational purposes only and should not be taken as investment advice. Please conduct your own independent research before performing any purchase or sale of a cryptocurrency. We currently hold REQ tokens as part of our long term portfolio.
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