Request Network just published their Token Sale terms and process

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blog.request.network5y ago

Request Network’s Token Launch Terms Overview Use of token, total cap and use of funds

We published a first article specifying the token launch process which answers the main questions about the whitelist, the timeline and who is eligible here.

Synthesis: Amount to raise: 100,000 ETH for 500,000,000 REQ Total number of tokens: 1,000,000,000 REQ Token Price 1ETH = 5000 REQ

Dear Request early members, we are delighted to announce the terms of our Token Launch. We have seen a strong interest and received great feedbacks. We didn’t expect to see so many people joining our slack before even talking about the token launch. Last week we were 40 to discuss, today we reached 1500. We feel really glad about it.

We are committed to make this token launch one of the smoothest and most secure process and made a number of choices to allow everyone to participate without rush. To make this process a mutually beneficial one, we capped the fundraise and the maximum number of participants (TBD; high enough to allow interested people to join us; low enough to keep a strong community).

In order to grow organically with the community and attract the people who are really interested in our technology we advise you to share Request only to other people who will understand our technology and its long term goal.    The Request Network is raising 100,000 ETH for 500,000,000 REQ. The tokens will be available as soon as the token launch is over.

Token Distribution: Crowdsale: 50% Early Backers & Contributors (including prelaunch strategic buyers): 20% Retained by Request and external Development Fund: 15% Team and advisors (current & future): 15% (will be vested for 2 years). Token Distribution Funds Usage: Development: 55% Research: 15% Marketing & Partnerships: 15% Operations & Business: 10% Legal: 5% Funds Usage

Request Network is an ambitious financial project. We are structuring our strategy to get into the market on the short term and grow to one of the widest-used protocol. To reach this level our road map is well filled and we will give a strong presence to IT Development and partnerships.

Use of REQ token

REQ tokens are ERC20 tokens which are necessary to participate in the network, create advanced Requests and reward various parties who will help build the request ecosystem. When using the network, the participants will need to pay a network fee in REQ which will be burned​. Burning the tokens could potentially increase the demand on the remaining REQ tokens.

In world Trading volume, 5 Trillion dollars are exchanged back and forth among the world economy participants every single day and we believe that the Request Network can solve many of the problems faced today by marketplaces, payment providers, audit companies, accounting system, B2B providers and customers.

The token will also be used as a way to be currency agnostic, for governance, technical independence and for Requests compensation (auto settlement process). Read more about the usage in our whitepaper.

Legal

The Request Network project will be operated by the “Request Network Foundation”, a Swiss foundation. (same as Ethereum and Tezos Foundations)

Secure your token

If you plan to hodl your tokens until our protocol is widely used, you can use a traditional wallet managing ERC20 tokens. REQ tokens are also compatible with the hardware wallet Ledger which is in our opinion one of the best way to secure your funds.

[Warning Message]

We will NEVER request public contributions before the token launch date on October 13.

There is ONLY ONE official channel affiliated with Request Network: our slack requestnetwork.slack.com. Our slack is our whitelist, join the slack with this invitation link here.