Request Network + Kyber + Chainlink
I’ve seen talk about how these three help form a payments ecosystem.
Can someone explain how they all complement one another?
Trying to decide if I want to take positions in them during this bear market.
Posted Dec 27, 2018, 8:04 PM UTC
285
Request: Invoices. Request are focused on invoices, which in practice means they need to also build a cryptocurrency payments network. To implement fiat they will likely need to have a payment processor integrate Request.
Kyber: Decentralised exchange, can be used for crosscurrency, e.g. Pay in ETH, merchant receives DAI (currently limited to Ethereum ecosystem). They are currently developing their own woocommerce plugin for webstores.
Chainlink: Decentralised oracle. An oracle is used to look at data outside of the blockchain, so in this case the expectation is that Chainlink would be used to confirm fiat payments have occured. It is unclear how this will work, since Chainlink would need reliable access to the payment data to confirm it occured.
Thanks for this summary. It sounds like the woocommerce plugin is in direct competition with the plugin Request has available. What’s stopping Kyber from jumping into the invoices game as well?
Nothing stops them aside from dev time really, they could develop their own invoice system. It isn't a simple matter though, you need to be able to record transactions from multiple blockchains, then store this transaction data. To store the invoice on a blockchain (in this case Ethereum) you need to pay the fee, which means your user must hold ETH. This is why Request are moving to a centralised solution for v2, it wasn't possible to add non-Ethereum currencies while retaining a good user experience.
We also haven't actually seen their payment flow, Request is easy to use and smooth. Kyber are releasing next year sometime, so we'll have to wait for more information. It's worth bearing in mind from an investment point of view that the role of their token in the payment app hasn't been explained.
It's worth bearing in mind Request is a platform, the intention is for other developers to build their projects using the Request libraries. It isn't limited to webstore payments.
Nice explanation.
Sounds good. Thanks for the clarification.