Ecosystem Update - November 2024
Alex Stoicescu
Dec 6, 2024
4 min.
Greetings, Request Network community!
Welcome to the Request Network ecosystem update for November 2024.
The Ecosystem Update focuses on protocol usage and our vision to build an ecosystem of decentralized apps for payment requests. Here, you will find our ecosystem updates, major news and announcements, and anything else that interests the community.
The current ecosystem built around the Request Network protocol includes the following builders: Huma Finance (lending and borrowing), Joba Network and TalentLayer (future-of-work platforms), BSOS (supply chain financing), Copra Finance (lending and borrowing), FLock (machine-learning credit scoring), intrXn (payments and invoicing) and Request Finance (invoicing and payroll). If you’re interested in what we are building together with the previously mentioned companies and want to share your vision with us, don’t hesitate to apply to our grants program.
Tech update
Single Request Forwarder
In November, we released a new payment type: Single Request Forwarder
The Single Request Forwarder is a smart contract solution that enables integration with Request Network's payment system without modifying existing smart contracts.
Key Benefits:
Universal Compatibility: Works with any system that can make standard crypto transfers.
No Code Changes: Integrate with Request Network without modifying existing smart contracts.
Exchange Friendly: Enable payments from centralized exchanges.
How it works:
Request: Create a request in the Request Network protocol
Deploy: Deploy a unique Single Request Forwarder for your request
Pay: The Payer sends funds to the Single Request Forwarder
Complete: The Single Request Forwarder forwards the payment to the Payee and emits an event to enable payment detection.
For Details, see Single Request Forwarder in the Request Network Docs.
Request Checkout: Ticketing Demo
Request Checkout now includes a demo ticketing app that showcases the updated Payment Widget which features a more streamlined look. Additionally, the Playground has been updated to be easier to browse all the configuration options the Payment Widget offers.
Request Invoicing: Conversion Payments and UI Updates
Request Invoicing now supports Conversion Payments - where the invoice currency is fiat like USD, but the payment is settled in cryptocurrency like USDC.
It also received several UI updates:
Improved Web Component performance using dynamic imports (lazy loading)
Add Book a Call CTA to TopNav
Make background Gray to highlight white foreground
Create Request Form
Payment Chain and Payment Currency no longer default
Invoice Type field removed from Invoice View
Reduce block confirmations to make payments seem faster (accepting the risk of 1-block chain reorgs)
Fixed email validation
Center the Invoice View
Remove postal address labels
Fix Memo responsiveness
Default payment recipient to payee identity and hide behind button
Invoice Dashboard
Display 5 decimals of precision + Tooltip with full precision
Display checksummed addresses in all cases
Add IN/OUT column
Highlights from November
Devcon Bangkok
November brought the most anticipated crypto event of the year - Devcon Bangkok. The team hosted a lively side event that brought together over 500 developers, businesses, and industry enthusiasts to explore decentralized finance and interoperability trends.
The event featured engaging panel discussions, networking opportunities, and a blend of coffee and pastries. It was a platform to highlight Request Network’s innovative templates and tools, which enable seamless invoicing, payments, and dApp integrations. Check out the after-movie from the event.
In addition to this massive one-day event, the team has attended the main conference and multiple DeFi side events. The contacts list is growing monthly, and we can’t wait to show everyone what we are working on with our new partners!
End-of-year hackathon
The Request Network Summer Hackathon online event was a great success, and it helped establish ourselves as an infrastructure protocol with a technical-savvy community ready to jump in and fix, debug, or create at any moment! So, to carry on the tradition, we’ve launched another online hackathon in November, ending in early December.
The Request Network End-of-Year Hackathon has nearly 200 hackers signed up and dozens of submissions. It’ll end on Sunday, the 8th of December, so the winning projects will be included in the December newsletter.
In the meantime, you can watch the opening ceremony and the two workshops (beginner and advanced) we have already hosted in November.
November community call
Last but not least, we hosted a community call in late November to discuss Q3 accomplishments and future developments (including dropping some hints about tokenomics changes). Moreover, we have answered about a dozen questions sent in by the community.
You can watch the recording of the call here.
REQ token burn
We performed a token burn worth $1232, with 9973 REQ tokens sent to the burn address.
This brings the total number of tokens burned to 485,358, according to the community-run dashboard.
Protocol usage in November
The above visual illustrates Request Network transactions (e.g., invoice creation, approval, and/or rejection).
In November, we noticed a decline in the total number of transactions, mainly due to the slowdown in the beta testing conducted by a potential ecosystem partner. While this is indeed a decline, the overall growing trend is still maintained.
Note: a batched transaction can contain multiple individual transactions (such as in the case of a company’s payroll process). The token burn occurs once per batch transaction.
ABOUT REQUEST NETWORK
The Request Network Foundation’s mission is to re-invent accounting and finance by creating a decentralized network of interoperable apps that promotes transparency and real-time reporting.
We inspire and educate developers, partners, and authorities to use Request Network and build an open-source, seamless, and interoperable financial ecosystem.
We’re building a network that connects businesses worldwide, giving them ways to do business at the speed of the internet.
Be a part of tomorrow’s financial revolution.
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