Request Network, a Y-Combinator backed project, has officially launched a financial applications technology allowing anyone to easily request and send cryptocurrency payments for goods, services, or simply conduct money transfers between friends, family and businesses.
Request Network acts like a management hub to handle invoices, with everything stored on an immutable blockchain ledger to allow for formal accounting and auditing. This opens cryptocurrency invoicing and payments to be used more easily in a business setting. The technology offers a wide range of use cases including but not limited to sending payment requests, invoicing, auditing, accounting and fundraising. From empowering NGOs to providing budget transparency, Request Network’s potential applications are extensive. Network usage cost of the Request Network are between 0.1% – 0.005% with a maximum of $1.50 per transaction, a fraction of banks and money transfer services.
Request Network’s code is open source, fully auditable, and allows developers to build their own financial applications. This supports the mission of Request Network, making cryptocurrency payments and invoicing widely accessible and easy to use. Its open source design will foster innovation as project teams capitalize upon the cryptocurrency payment ecosystem created by Request Network.
The foundation has also announced a $30 million grant program to fund the development of products with their technology. In addition to the Request Network Hub, the community of builders, developers are invited to submit applications to the Request Fund. The fund dispenses $30 million in grants over five years to spur the development of financial applications on top of the Request Network technology.
“We’re very excited to see the ways in which developers connect with the technology, and use it to make cryptocurrency payments mainstream, both B2B and B2C. Thanks to the Request Network Hub, developers will be able to interact with a community of builders to share knowledge and collaborate on projects, all of which will help to further strengthen the Request Network ecosystem.” Request Network Foundation lead developer Vincent Rolland said.
With the official launch of their technology, Request Network initially enables requests and payments in ether, the native currency of Ethereum. Future upgrades allow payments in bitcoin, other cryptocurrencies and fiat currencies.
The Request Network Foundation has recently announced a partnership with PwC to shape and collectively develop the future of professional services, like auditing, taking a leading role in offering solutions to clients’ needs of onboarding blockchain to their business practices.