REQ is listed on Coinbase, Binance, crypto.com, KuCoin and many other exchanges.
The REQ token powers the Request Network open-source protocol via a few mechanisms: anti-spam; governance; staking; discounts; independency.
The Request (REQ) utility token, launched in 2017, ensures the performance and stability of the Request Network. The Request Network itself is an Ethereum-based decentralized payment system where anyone can request a payment and receive money through secure means. It removes the requirement for third parties in order to provide a cheaper, more secure payment solution that works with all global currencies.
The original whitepaper is available here.
When a user creates a request for payment, they define to which address the payment needs to be allocated and what the amount is. The user can also define the terms and conditions of the payment, upgrading a simple request into an invoice. Once this is completed, the user can share their request to be paid by their counterparty.
Every step is documented and stored on the Request Network, allowing everyone involved to easily keep track of all the invoices and payments for accounting purposes.
Request is also integrated with legislation across the world to remain compliant with the trade laws of each individual country.
Request Network (REQ) is a protocol for storing payment requests, aiming to address the issue of lack of context in blockchain transactions. By breaking financial data silos, it empowers everyone to own their financial data and enables unprecedented use cases. The protocol stores the information necessary for businesses to run their finances on-chain while maintaining compliance and privacy, offering unique opportunities for companies to access revenue support services. Users can share payment requests through secure standards and immutable storage media, facilitating a global collaborative financial system while retaining full control over financial data and choices. Request Network has grown into the largest decentralized payment request database, supporting multiple payment types on over 20 EVM-compatible chains and NEAR.
How to Buy RED
1. How to Buy RED on Exchanges
Step 1: Choose a reputable exchange platform
Select a trustworthy platform from numerous exchanges to make your purchase. Some trusted platforms include Coinbase, Binance, OKX, among others.
Step 2: Register an account
Create an account on the chosen exchange platform. You may need to provide personal information (such as phone number, email) to complete the registration process.
Step 3: Complete identity verification
For security reasons, some platforms may require you to undergo identity verification. Follow the platform's instructions, providing necessary identity information (such as country/ID number) and undergo facial recognition if prompted. Once your identity is confirmed, you'll receive notification.
Step 4: Link your bank or payment method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing RED.
Step 5: Purchase RED
Find the option to buy coins on the exchange platform, select the C2C buying process, then input the amount of cryptocurrency you wish to purchase. Typically, you'll choose to buy USDT first and then proceed with the purchase method. Simply place your order, make payment to the seller, and you'll receive the cryptocurrency. Once the payment is completed, you can use your exchange assets to buy RED.
Step 6: Store your RED
After purchase, you can choose to store RED in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Tips
To protect your exchange account and RED assets, it's essential to use strong passwords and enable two-factor authentication.
How to Buy RED via Over-the-Counter (OTC) Trading
Over-the-counter (OTC) RED trading occurs directly between buyers and sellers, bypassing exchanges or other intermediaries. Here are the general steps for OTC RED trading:
Step 1: Find an OTC trading channel
Start by finding a reliable OTC trading platform or service provider. These platforms typically offer online marketplaces or ways to connect with brokers for trading.
Step 2: Register an account
Sign up for an account on the chosen OTC trading platform. You may need to provide some personal information (phone/email) to complete the registration process.
Step 3: Complete identity verification
For security purposes, some platforms may require you to undergo identity verification. Follow the platform's instructions to provide necessary identity information (nationality/ID) and undergo facial recognition or other verification steps.
Step 4: Browse the trading list
After logging into your account, browse through the platform's trading list to find RED trades that interest you. You can choose trades based on the trader's reputation rating, trade volume, price, and payment methods.
Step 5: Select a trading partner
Once you find a suitable trade, click to enter the trading page and carefully review the trader's terms and conditions. Ensure you understand and agree to the trader's requirements, such as trade amount, payment method, trade time, etc.
Step 6: Negotiate trade details
After reaching an agreement with the trader, you can negotiate trade details such as trade amount, payment method, trade time, and location.
Step 7: Make payment
According to the agreement reached with the trader, use the chosen payment method to pay the RED purchase amount to the seller.
Step 8: Confirm receipt
Once the trader confirms receiving your payment, they will release RED to the RED address you provided. You can check your RED wallet balance after the trade to confirm its success.
3. How to Buy RED through Decentralized Exchanges (DEX)
Buying RED on decentralized exchanges (DEX) differs from purchasing other cryptocurrencies on centralized exchanges. Here are the general steps for buying RED on DEX:
Step 1: Choose a RED-supporting wallet
Create a new wallet supporting RED assets, then select a decentralized exchange that supports RED.
Step 2: Connect your wallet
Before using the DEX, you need to connect a wallet supporting the RED blockchain. You can connect your wallet to the selected DEX via browser extension or mobile application.
Step 3: Deposit funds
In your wallet, select deposit and choose the asset you want to deposit (such as stablecoins). Follow the wallet prompts to complete the deposit process.
Step 4: Find the trading pair
Search or browse for the RED trading pair on the DEX. Typically, you can find a search box or a list of trading pairs on the exchange's homepage or trading interface.
Step 5: Place an order
Once you find the RED trading pair, you can choose between market or limit orders and input the quantity you want to purchase. Ensure you input the correct price and quantity in the order, then confirm the order.
Step 6: Wait for the trade to execute
Your order will be submitted to the RED blockchain and wait for confirmation and execution by miners. Once the order is executed, you will receive the purchased RED, which you can view in your wallet balance.
Step 7: Withdraw funds
After completing the trade, you can choose to withdraw the purchased RED to your wallet for safer storage of your digital assets.
4. Official Channels for RED Project Team or Community
Sometimes, the RED project team or community may launch official channels for direct RED purchases. This may include private placements, presales, or other forms of direct sales.