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The Request Network, a decentralized payment network built on the Ethereum digital currency, says it is now live on the main network used by Ethereum.
This development enables requesting and sending cryptocurrency payments for goods, services, or as peer-to-peer payments, Request Network says. These initial digital-currency payments are available only as ether, the native currency of Ethereum. Request Network anticipates adding Bitcoin and other digital currencies, as well as fiat currencies, as part of future upgrades.
To do this, Request Network acts like a management hub to handle invoices. All transaction data is stored in its blockchain to allow for formal accounting and auditing.
“This opens cryptocurrency invoicing and payments to be used more easily in a business setting,” a Request Network statement said. “The technology offers a wide range of use cases including, but not limited to, sending payment requests, invoicing, auditing, accounting, and fundraising.”
Costs are between 0.1% and 0.005% of the transaction value, with a maximum of $1.50 per transaction.
Earlier this week, Request Network announced a partnership with PricewaterhouseCoopers France and Francophone Africa to develop professional services for blockchain technologies.
Ethereum, as well as other cryptocurrencies, have suffered through a bad week. The total market value of the top five currencies stood at $194.1 billion as of mid-day Friday, down 15% since March 18, according to Coinmarketcap.com. Ethereum has been especially hard-hit, down 25% to $38.3 billion, followed closely by Bitcoin Cash (-24%) and Litecoin (-20%). Number-one currency Bitcoin has also eroded in value, down 10% in total market capitalization.
Reasons vary from bearish sentiment among investors to tax-driven moves to cash out positions ahead the Internal Revenue Service’s April 17 deadline. Also, moves by organizations to stop acceptance have hurt some of the currencies. One prominent example is Reddit Inc.’s Reddit news-and-commentary portal, which this week said it is no longer accepting Bitcoin as payment for its Reddit Gold premium service, according to media reports. Reddit has accepted Bitcoin since 2013.
—With additional reporting by John Stewart
