Request in 2020: our focus and strategy
This post is for anyone who did not know about Request before, or who has been following our progress over the last 3 years. We aim at giving an overview of what we are currently focusing on and what we can expect for the future.
In 2017, we created the Request Foundation with one specific purpose: let everyone decide what to do with his own financial data, such as his history of payments.
We have built a working version of Request core technology. Now we are building application(s) on top of it. So far, we have built the “Request Core Layer”, a working version of an innovative invoice technology, in an open-source way. This helps to automate finance, accounting, and audit, especially by following an ecosystem strategy where projects integrate each other. Gnosis integration of Request technology is an example of an application. To stimulate the ecosystem strategy further, we build applications ourselves. This starts with the Request Invoicing web application.
We are currently developing the Request Invoicing web application.
We observe recent trends that are market opportunities.
- Stablecoins adoption is increasing fast. They answer the need for faster and traceable payments, which are cost-effective.
- People decide their rhythms, people work more often as freelancers.
- There is an increasing number of companies paying freelancers in stablecoins.
- Accountants are adapting. Their knowledge of crypto transactions is improving. They are starting to understand the power of blockchains compared to traditional systems.
- Confidence towards governments, banks, and currencies is low. Risks of devaluations are increasing. Some countries prevent their citizens from getting the currency they want. People want more freedom from their institutions.
Right now, we are building the Request invoicing app for freelancers to receive stablecoins such as DAI, USDT, and USDC, and companies to pay in the currency they prefer. We provide a simple way to send an invoice online and follow the payments. It is a new product in the Request ecosystem.
An early version of the app generated more than 1 million USD of paid invoices. Request Invoicing app will allow a certain number of innovative features such as:
- The ability for the creator of the invoice to request a specific currency and for the payer to pay in the currency he prefers (the conversion is happening in-between)
- An escrow functionality without a third party. This does not exist in the finance industry yet.
With Request Invoicing there are many benefits for the user, including these 3:
- The user gets paid fast. One-click crypto payments.
- The user owns his financial data, eventually being able to make money by sharing data with the services the user wants. The user decides who can see his invoice(s) and payment(s).
- The system is open. The user can access the data from another product, as long as it’s connected to the system. The user can decide to switch to another invoicing app overnight.
As Richard Brown, from MakerDao puts it, this is “tremendously useful boring stuff”. We want the usefulness to be at its highest and at the same time provide a smooth user experience. As an example, the integration within Gnosis-safe.io allows users to create and pay their invoices right from their banking app, without sharing data.
What we can expect for the future. Request cooperative strategy will help to gradually increase pace throughout the run.
For the years to come, we are building stuff together with other members of the Decentralized Finance industry (DeFi). With interconnected technologies and products. The actors in the industry are pursuing an ecosystem strategy too. This will result in useful applications. Request technology will bring UX improvements in the industry thanks to its integration into crypto wallets and innovative banks.
The technology is open and allows cooperative strategies to be successful. For example, an invoicing app can add a company’s invoices to the unique database. And a financial institution can, under the acceptance of the company, get access to those reliable invoices to provide a simple loan to the company. No loss of data for the invoicing app. Easier financing for the company. More guarantees for the financial institution.
Request technology is here to stay. In 2017, we created the Request Foundation, one of the best legal setups for durable organizations. We intend to do even more for Request durability. Over time, we aim to share our control over Request technology. A decentralized governance system will foster both scalability and sustainability. Our team’s resilience and ambition will keep making progress. We are building an ecosystem that relies on a state of the art technology. It is open-source and promotes interoperability. Request Invoicing is the next pillar of the project. We are proud to give users control over their data.
Get in touch with us:
Etienne, Yoann and Chris