Request is a decentralized network built on the Ethereum network that allows anyone to initiate payment requests anywhere and provides a secure payment method to the recipient. All data is stored in a decentralized real ledger to create a financial platform for asset invoices, accounting, auditing and payment standards. That is, a financial platform for enterprise-level payment financial auditing based on cryptocurrency and blockchain networks.

1. Project introduction

Request is a decentralized network that allows anyone to request payment (Request invoice), and audiences can make payments in a secure way. Some information is stored in a decentralized ledger. This will lead to cheaper, simpler, and safer payment methods, and there is also great room for automation transformation.

Project Features

Universality: Request was designed to support 100% of global transactions, whether currency, law or language. Request is created for lasting effect.
Intelligence: Different from existing standard accounting books, Request is located at the source of transactions and integrates a computer transaction code while also managing numerous payment terms.

Application Scenarios

1.B2B invoice
There are billions of invoices exchanged between companies every year, most of which are still sent in physical or mail. Invoices of this form must be copied and archived. This has led to many mistakes, especially in the case of using advance payment rules and tax conditions.

With Request, the company can share these bills directly through the ledger; no longer need to copy the invoices, and the accounting system can operate immediately and get instant updates. Companies waiting for payment will immediately discover the delay in payment, but as the invoice payment system is developed, this will become less and less. The company can choose the most appropriate date to make payment after receiving the request.

2.Online payment
For example, you need to provide a credit/debit card to shop on Amazon, which will expose sensitive information. Alternatively, you can choose Request when paying and the user's data will be protected. Amazon will post a request on the Request network, which will then be detected by the user's account and the payment will be confirmed by the user. Such transaction costs are the lowest and payment information will not be exposed. At the same time, by providing a verification payment process before it occurs, such payment methods can also help people avoid hidden service fees that may be required during the credit/debit card payment process. Request really gives people the right to pay.

Compared with the current system, Request has the following advantages:
• Security: There is no risk of payment information being shared, and there is no risk of others intercepting or misappropriating bank information.
• Simple: You can pay with a click of the mouse, and there is no possible manual entry error.
• Inexpensive: Without the intervention of third parties such as Paypal, Bitpay or Stripe, these suppliers usually charge 1%-7% of the transaction amount as a handling fee. Request will reduce this cost.

Operation automation: accounting, auditing, expenses

Accounting:
Request will automatically complete the accounting process in real time. Not only can it reduce costs, it can also provide better and faster financial management services, as well as more information.

Audit:
An important benefit of Request is that it can improve the efficiency of such audits. In terms of digitalization, there is still a lot of room for optimization of the accounting system and the company's situation.

With the help of blockchain technology, companies can keep their accounts in a decentralized, confidential, and shareable database without the need for annual audits before retaining these internal accounts or publishing annual reports. All entries will be registered and will not be filled in in reverse dates, and it will not be possible to commit fraud. The annual adjustment will be more credible, and most importantly, such benefits will be applied to the company in real time. Shareholders and external entities can access information in real time. The cost of audits will be reduced dramatically, and accounting entries will no longer require repeated manual inspections. Finally, when customers and suppliers access the system and use encrypted addresses, the authenticity of financial proof will no longer be questioned.

Request is a distributed registration portal and a source of confidence. In the end, real-time "intelligent audit" will also be realized. This will include all purchases and sales activities of the company. People can link procurement accounts with suppliers, payment behaviors, and bank accounts in the blockchain, without having to view them separately as in the double accounting system. The system will provide traceability, stability, and authenticity.

Fee:
Fee reports can be easily shared between employees and businesses through Request to avoid misunderstandings or version inconsistencies. Employees can submit their own reimbursement expenses in real time and receive remittances upon approval by the manager.

Business Logic and Trade Law: Government and Taxation

The government requires the company to submit all transaction records, which may cause the company to deliberately tamper with or create wrong data. Request allows the government to view specific real-time transactions. In addition, VAT will be levied for the development of modules, such as payments paid to the other side of the ocean will be automatically redirected.

Simplified commercial tools: factoring, performance guarantee (escrow)

Request will allow businesses or individuals to easily access performance warranty or factoring tools. Allows payments at the time of delivery of goods by one click or a deposit for the apartment through performance deposit without using the landlord's account.

Performance guarantees can be automated by using oracle. As for factoring, the company will be able to use the best credit scoring system: “on-chain” reputation. Repeated is avoided by assigning a unique fingerprint to each invoice and publishing it on the blockchain, as a single invoice can only be published once on the blockchain. The company will be able to cancel an existing request through a smart contract and replace it with a factoring request.

Mechanism transparency:
Institutional (government, city hall, association) budget transparency has been included on the OECD and the World Bank agenda. This helps:
• Accountability: It is necessary to clarify how to spend money, and public representatives and officials must also be responsible for efficiency.
• Integrity: Keeping transparency is the best policy that can avoid corruption and ensure the correct use of public funds.
• Inclusion: Transparency will contribute to adequate and inclusive budget policy discussions.
• Trust: We are in an era of open source projects and cooperation, and transparency will promote the birth of a trust-oriented society, and people can freely express their opinions and discuss the whereabouts of public funds.
• Quality: Just like code reviews, budget reviews can detect waste, abuse, and provide insights into how to achieve faster and wider impacts.
Request proposes a framework in which institutions can easily achieve their transparency by posting accounts in real time for anyone to audit. As the framework becomes more popular, more tools will be developed (for example, the cost-expense dashboard in your city can also be developed within this framework).

IoT and Smart Contracts:
The most challenging task in the next few years is to achieve the interaction between objects, machines and artificial intelligence, and to achieve automatic negotiation and definition of payment terms between them. They require a payment framework that helps define the reasons and conditions of a transaction.

The equivalent is that a car with autonomous consciousness ordered a new wheel in a virtual repair shop, gave a 10% deposit and paid the remaining 90% when the goods were delivered. This transparency can also be used in other industries and helps identify the source of some products.

Technical Overview

Three-layer ecosystem:

Core layer
The first layer manages distributed ledger consensus and state transitions. It stores basic smart contracts, allowing users to create different entities and payment requests. It is also used to detect payment completion time. The core layer is based on invariance (information never disappears), openness of the system (relevant information can be used for all parties involved) and intelligence (the system "discovers" the bill rules and "knows"). The core layer is placed on the Ethereum network. Other currencies use Oracles for automatic payment detection. The only transmission cost of this layer is used for information storage.

Expand Layer
Most payment requests go beyond the basic smart contracts retained in the core layer. This layer allows for some special features that are not even present. One of the best examples is the possibility of a “continuous bill”, however, this tier is available for charge. Fees for each extension are paid to the token holder. Fees will decrease over time to prevent alternative systems and remain competitive. The cost forecast for the expansion is 0.1% to 0.5%, which is enough to pay $500 billion in online financing per day. The layer is 100% open and everyone can create their own extensions.

Application Layer
This layer is placed outside the blockchain. Users can use multiple systems from different companies to connect to the Request Network and create requests or access related data. Accounting, taxation, auditing, recycling and collection, payment systems can all be connected. Once the payment system is connected to the Request Network (Coinbase, Mycellium, Bank of America), it will be able to access the user's notes and make instant payments. The Request Network team will also develop applications, including APIs and interfaces for creation and evaluation. The application layer will also have a reputation system designed to protect users from bad payers and phishing attacks.

2. Commentary

Request Network is a distributed platform that allows anyone to request peer-to-peer payments. Its goal is to replace payment systems such as PayPal and provide state-of-the-art payment terms to everyone.

Related links:

https://request.network/en/
http://www.qukuaiwang.com.cn/szhb/2530.html###
https://bitcointalk.org/index.php?topic=2224943.0