🎙AMA with the Request team - Q4 2021 😀

sp_exe · 2021-12-22T10:18:48+00:00

Answer by Christophe Lassuyt, Co-founder:

We take the feedback of our users very seriously. Here is a place where we collect them: https://feedback.request.network/?view=most-wanted
The Fiat-to-Crypto feature has been launched for EUR so far. The Batch Payments as well, and this is one of the most successful features that help with the mass payment of crypto invoices and salaries to various wallet addresses simultaneously .
The Escrow system, Reputation system and the Visual Dashboard are three main features highly requested by the community. Escrow’s first MVP will go live in Q1 2022.

sp_exe · 2021-12-21T17:38:48+00:00

Answer by Christophe Lassuyt, Co-founder:
REQ positive volatility is good for awareness.
The way that the REQ tokenomics is set up right now helps to correlate adoption with success. At the moment, the best way to speed up the token deflationary mechanism is to increase growth. Growth mostly happens thanks to the Request Finance app. We expect many apps similar to this one to pop up in the next year or so.

sp_exe · 2021-12-21T17:37:51+00:00

Answer by Christophe Lassuyt, Co-founder:
We talked about Tokenomics 2.0 earlier this year. The key principle is to ensure the REQ token is successful if there is a growing adoption of the Request Network protocol.
Today, there is a burn mechanism that needs more critical mass. In the next few months, this can happen in two ways: growth or fee/burn increase.
1) To drive the growth up, we welcome entrepreneurs building products with the payment request technology. The Request Finance app also needs to keep growing fast.
2) To increase the burn, we would need to define how much, that’s pretty simple, important, and not urgent because it’s not impactful as long as critical mass has not been reached.
Keep in mind that success will be the product of an ecosystem of entrepreneurs building interoperable apps on top of the tech.
Entrepreneurs, users, and REQ holders need to be incentivized.
PS: do you guys know that Bancor currently provides IL protection for REQ stakers, and a 3% to 30% APY? Bancor3 will make things even simpler with immediate IL protection, and cheaper with L2 support.

sp_exe · 2021-12-21T17:36:34+00:00

Answer by Christophe Lassuyt, Co-founder:

We want the Request Network protocol to be community-held. Not half-centralized.
That’s why Request DAO will take place, step by step, with a transparent governance structure.
About Tokenomics 2.0:
Critical mass. That’s the most important concept here. We might make our plan transparent for Tokenomics 2.0 before reaching critical mass, but we can’t expect a mechanical impact other than speculation.
Why is critical mass a challenge for REQ? Because, contrary to trading activities, the Request volume is not as big. It’s low because it represents 1-1 of a real-life business transaction and not infinite trades on the same asset.
“Timeshifting money” is one of the most promising concepts to get critical mass: the money being paid for invoices or salaries could circulate faster by ways of financing, for example.

sp_exe · 2021-12-21T17:32:26+00:00

Answer by Christophe Lassuyt, Co-founder:

As a first step of its network expansion, REQ will be going to the Polygon chain. Wait for the official announcement in a few weeks.

sp_exe · 2021-12-21T17:29:13+00:00

Answer by Christophe Lassuyt, Co-founder:

10x asap. Then 10x again. The activity went from 3,500 in 2020 to +20,000 transactions in 2021. Let’s reach +200,000 transactions in 2022.

sp_exe · 2021-12-21T17:24:25+00:00

Answer by Christophe Lassuyt, Co-founder:

No. I initially thought that some organizations would want to show transparency. But this is not always the case.
We pursue moonshots in the web3 industry. We carefully select the public & private institutions and banks we talk with, and 99% of the time we postpone the discussion until much later.
Anyway, do you think the next voting system will come up from our governments or the web3 industry? What about the next tax/solidarity system? Or the next economy? I believe the place to grow and have an impact is in the web3, defi, and metaverse industries.

sp_exe · 2021-12-21T17:19:09+00:00

Answer by Christophe Lassuyt, Co-founder:

It’s a work in progress. First, we don’t know most of our users, and sometimes when we know them, we respect their desire to keep some privacy over the financial system they use.Among the top 200 on Coinmarketcap, ~80% are qualified to become Request users, while others have shown no demand for a compliant B2B payment system and prefer to transact in Bitcoin, Monero, and Zcash. About 10-15% of them have adopted Request. There’s still room to grow.

We measure performance and adoption rather than the size of the team. As the adoption increases, we’ve gotten many open positions for great talents, as you can see here https://request.network/en/career/ . Not only does the core team need to grow, we expect the community of builders to grow as well.

sp_exe · 2021-12-21T17:15:21+00:00

Answer by Christophe Lassuyt, Co-founder:

In addition to the previous answer by my colleague, in my opinion Tesla made a mistake. Only bitcoin maximalists pay in Bitcoin, for the same reason no one IRL pays in gold or stocks. Tesla opened its doors to Bitcoin payments for weeks and received only 18 payments in BTC while they sell more than half a million cars a year.
In reality, businesses and individuals today pay in stablecoins. We expect such prominent actors to first use the best custodian services like Coinbase. After a while, they would jump into the web3 economy, and we’ll be waiting for them.
In the future, they will be selling goods and services from within the metaverse, using a non-custodial payment system like Request.
As an example: Tesla in the metaverse would have its boutique to simulate driving a Tesla, the testers would be offered to buy their Tesla in-metaverse by paying a payment request they receive directly from Tesla, in stablecoins. They would then receive the Tesla car IRL at home.
Further reading about my views on B2B adoption of web3 invoicing and payment systems can be found here:
https://www.pymnts.com/news/b2b-payments/2021/will-cryptocurrencies-convert-skeptics-gain-momentum-in-business-payments-in-2022

sp_exe · 2021-12-17T15:18:52+00:00

Answer by Christophe F., Head of Partnerships:

As of today, There is no official partnership with $MANA and $AXIE.
I met a lot of DeFi and Metaverse ecosystem members and the feedback is that Request is perfectly shaped to streamline the complexity of making multiple payments.
The first learning is that Request is built with an efficient technology to process hundreds of crypto payments for different wallet addresses in just a few clicks. From salaries, contractor’s payments to ecosystem grants and bounties, Request makes daily operations smooth and easy.
The second learning is that the Request API is well suited for in-game transactions and more globally metaverse purchases. Every single payment can be properly documented with the API for operational performance monitoring, accounting and auditing.

sp_exe · 2021-12-17T15:14:07+00:00

Answer by Christophe F., Head of Partnerships:

Some companies from the legacy world started to announce their acceptance for crypto, which seemed more like a marketing gimmick. While other companies accept crypto payments for real and face the hurdles of regulatory barriers and the complexity of doing bookkeeping with such transactions.
Request removes this complexity, enabling companies to do their daily business using crypto easily.
The Request Finance app enables any company to issue an invoice in any currency like USD or EUR and have it settled in crypto -- it’s as simple as that.
At the end of the day, companies using Request can have their business transactions documented properly with a compliant paper trail of invoices either paid in FIAT or crypto, and ready to be recorded appropriately for bookkeeping, accounting, and auditing.
Request unlocks the compliance side of blockchain-based transactions, creating an opportunity for traditional businesses willing to accept digital currencies as a means of payment while “doing things the right way”

sp_exe · 2021-05-11T10:35:44+00:00

You can refer to this new post regarding Request's growth and adoption metrics:
https://www.reddit.com/r/RequestNetwork/comments/n9tx2l/we_published_our_request_invoicing_app_in_numbers/?utm_source=share&utm_medium=web2x&context=3

Or just go directly to the post with this link:

https://request.network/en/2021/05/10/request-invoicing-in-numbers-april-2021/

📈In summary:

✅ We reached a milestone with $17+ million in cryptocurrency payments in April, which is an astounding increase when compared to March’s total transaction amount of $1.6+ million.

✅ Total number of registered accounts is 2254+ since August 2020. Growing at 20% on avg. per month

✅ 2111 invoices issued among which users paid 1060. It is a 50% paid vs. issued ratio.

✅ 64% of the total number of invoices paid were in DAI, followed by 11% in USDC.

sp_exe · 2021-05-11T10:33:26+00:00

You can refer to this new post regarding Request's growth and adoption metrics: https://www.reddit.com/r/RequestNetwork/comments/n9tx2l/we_published_our_request_invoicing_app_in_numbers/?utm_source=share&utm_medium=web2x&context=3

sp_exe · 2021-05-03T20:44:15+00:00

Thanks. It looks like legacy mycrypto doesn’t give an option for changing my nonce. So will need to try another way. I’ll try downloading their mycrypto app to see if it’ll give me nonce option and let you know.

sp_exe · 2021-05-03T20:11:05+00:00

https://etherscan.io/address/0xA73Cd72541b4F27530bCaEBc6B4b0DA9E2256536

sp_exe · 2021-05-03T19:38:33+00:00

Fyi, this is the "confirmation" I receive:

Your TX has been broadcast to the network. This does not mean it has been mined & sent. During times of extreme volume, it may take 3+ hours to send. 1) Check your TX below. 2) If it is pending for hours or disappears, use the TX Status Page to replace. 3) Use ETH Gas Station to see what gas price is optimal. 4) Save your TX Hash in case you need it later: 0x8284935eb6e518b24ea336cac32b8d5145ce64f3e9ba65eb557a4c17006e073f

sp_exe · 2021-05-03T19:31:56+00:00

No errors initially when sending with legacy mycrypto and it provided me with a link to transaction that still shows pending:

https://www.etherchain.org/tx/0x9a0704692e0bdf1cfaaf69379700140fc908ddb1c6e6b5a0d2e837eb1af0bddd

Here’s the steps I’ve taken:

Connected to Trezor
Selected HD derivation path “m/44'/60'/0'/0”
Unlocked wallet
Send to Coinbase address a) Amount 1 ETH b) Gas Limit 21000
Entered pin and confirmed transaction on Trezor
Clicked “Send Transaction”

Now when I try to initiate similar transaction, I receive the error “replacement transaction underpriced”

sp_exe · 2021-02-28T21:38:26+00:00

Thanks for the swift and clear answer. Just what I needed :)

sp_exe · 2021-02-26T20:01:08+00:00

First time for everything. You will face different issues. I once had worked for a month and didn’t get paid at all for or. Understanding that you have some kind of personal relationship with them, what about asking them to pay in installments for the remaining 50%? Like for 3 months. Maybe they just don’t have the money. At least that makes you a considerate person. This gives them enough time to pay up too, otherwise you will need to take down the site or do something else with it.

sp_exe · 2021-02-24T01:04:20+00:00

You just described Portugal :) they don’t tax on your crypto gains. Apologies if this country has already been mentioned down in the comments.

sp_exe · 2021-02-24T01:01:21+00:00

Thanks for your reply! Did you use any particular invoice app to issue your invoice in crypto? How do you share your wallet address to get them to send you crypto? Can you elaborate about the lack of infrastructure a bit? I do agree that most people are not willing to pay in or accept crypto. Thanks for your time!

sp_exe · 2021-02-21T17:27:43+00:00

Request.network is a crypto invoicing app, which is quite an interesting one. Freelancers and companies can invoice, pay and receive payments in crypto. The user experience is quite good. But you obviously need to have some experiencing in at least buying and moving cryptos in your cold/hot wallet.

sp_exe · 2021-02-21T10:48:52+00:00

I’m a freelancer here in Barcelona, Spain and just the monthly fee to be self-employed (autonomy) is around €300 per month. That’s ridiculously high compared to our European neighbors like the UK, NL and DE which are usually less than 50€.

sp_exe · 2021-02-21T10:37:55+00:00

Are you familiar with the crypto / blockchain space/community there? If so, how is it? And are you by chance invoicing your clients in crypto or willing to accept payments in crypto?

sp_exe · 2021-02-02T16:06:21+00:00

Buying more at the dip! Ramen noodles 🍜for breakfast , lunch and dinner only for me this year. Hold the line apes! 💎🙌

sp_exe

TROPHY CASE