On Friday, the Request Network Foundation continued its recent spate of encouraging news, releasing the inaugural version of their mainnet on top of the Ethereum main network.
The beta of their mainnet enables users to send or request cryptocurrency payments. Whilst initially running on the Ethereum network, Request Network pleased readers by reaffirming that indeed, they “will extend Request Network so it is fully functional with all blockchains and payment/state channels,” because doing so complies with the Foundation’s “main mission” of wanting “to accelerate blockchain adoption in the financial industry.”
This first version of the Request Network protocol recognises popular wallets like Metamask and Ledger. Users can create, send and pay a request in ETH (and ERC20 soon), as well as check all outstanding and incoming requests associated with their ETH address (among other features).
With the mainnet having gone live, it implies that the company’s inaugural web-based app is also launched, that is, Request Network Payments (powered by Request Network). This technology allows for the acceptance of cryptocurrencies natively on your website.
In an effort “to incentivize and accelerate ecosystem growth,” the Request Network also introduced a Burning Mechanism on Friday. This means that native REQ tokens are now burnable, and so, circulating supply levels can progressively begin to decrease; placing upward pressure on the price of REQ (ceteris paribus). Implementing a Burning Mechanism encourages long-term investment, which should mean the REQ token’s price becomes more stable with time.
The Request Network Foundation also used Friday’s announcement to publicly welcome their newest member of the app development team, Benjamin Shafii, who will take on the role of Full Stack Developer; joining the Foundation team at its Singapore headquarters.
The expansion of the Request Network Foundation’s app development team comes at a time when the company is preparing to construct three separate applications. These apps, which at this stage will concern payment/remittance, crowdfunding, and accounting/tax management, will provide valuable insight and feedback re: the plausibility of building dApps using the Request Network protocol.
Of course, all this news comes days after the Request Network announced a breakthrough partnership with PricewaterhouseCoopers (PwC) France (which includes Francophone Countries of Africa). This strategic alliance will, per Christopher Lassuyt (Co-Founder, Request Network Foundation), help establish “a bridge between the corporate and blockchain industries.”
At the time of publishing, REQ is valued at $0.168 (84 percent off January all-time high). Indeed, no matter if Bitcoin (BTC), Ethereum (ETH) or any other altcoin, market prices continue to sink further over these finals days of March.
Image From Shutterstock
