I am looking into REQ after all of the Shilling that goes on in here. I have some questions that I am hoping someone can answer:
1) why would any corp adopt this- it is just cash accounting? No major corps use cash accounting, its all accruals based. Therefore it will never alleviate the need for month-end processing, internal and external audits etc. If widely adopted, it could reduce the amount of time required for these processes, but that is years away.
2) Does anyone have any details on this PwC partnership apart from the fact that they are "partnered"? Are there any other Partners lined up?
3) Why wouldn't major corporations such as PayPal etc just copy the REQ whitepaper/yellow paper and release their own version...? I get that REQ has first mover advantage but dont understand why another established company doesnt just beat them to it...
4) The whitepaper reads very shilly...
REQ..why would any major corps adopt? Srs discussion only
It's cheaper
/thread
fpbp
what about scaling?
just fuck off nigger
REQ has been out for 6 months already
DYOR
REQ is crap in a gold foil, it will never happen.
The point is that any transaction can be stamped in an immutable manner on the blockchain, this is the essence of auditing. People knew that auditing was the prime use case of blockchain years and years ago, but the problem with making it work was back then people had to make new blockchains for specific functions, so "auditcoin" would have to be a specific blockchain and the miners who secured it would have to be paid by the companies who's transactions they were stamping, creating a conflict of interest.
Fast-forward to today and we have general-purpose chains like ETH that any coin can hitch a ride on, eliminating the conflict of interest. I don't think you have any idea just how long these ideas have been in the works for and just how massive the audit industry is, how much of a cost saving something like REQ can provide and how disruptive it could be. Read their yellow-paper and their concept of smart-audits and real-time audits.
Could retards please kindly stay out of this thread. If you dont have any value to add or my questions perplex you, just stfu.
Would have thought they are general questions that could be easily answered given the number ot REQ marines patrolling this board.
1: Request Network would be the first triple-entry accounting system in the world allowing for the biggest financial innovation in 700 years. REQ is also a non-profit and the fees are as low as technically possible while third parties can build all kinds of Dapps on top of it or integrate it into their internal programs. It will cut down on costs.
2: PwC partnership is with PwC France which is the spearhead of the innovation branch of PwC. Due to Brexit separating PwC headquarters in London from the single EU market and the fact that France has better crypto laws it was the best choice to partner with PwC france. The partnership is focused on the triple-entry accounting abilities of Request Network and the automated auditing potential it offers.
3: PayPal wouldn't be able to compete with Request Network as PayPal has to answer to its shareholders and be a profitable company. Request Network is a non-profit and has fee as low as technically possible to deter competition from being able to compete with them. Tripe-entry accounting also needs a decentralized system without a controlling party to work PayPal would never give out a part of their company away from their personal control.
4: Read the yellow-paper instead. request.network
Ask away if you have any other questions. I can probably answer any you have. I have extensive accounting and auditing experience so you can also get technical if you want to.
Agreed, this will never partner with something like the Big Four, I noticed the lack of potential during my extensive research on this crap in a gold foil coin. A report I came across from Black Block Research confirmed my trained eye and veteran insight. Black Block Research is a trustworthy source and thanks to this organization I have doubled my $1500 initial investment since September so I don't take their advise lightly.
do you work in the industry? Of yes how many people know about REQ?
Do big players know about REQ?
ask chad and stacey brah.
Were you the guy posting yesterday?
I'm not as knowledgeable as that user, but fuck, give it some time. The project is like half a year old.
Triple-entry accounting has been the holy grail in accounting for centuries now. It's essentially like how "turning lead into gold" was for alchemists. Since the 90s internet boom people have been anticipating that some day "soon" it would become a reality.
Now that Request Network has a valid partnership with PwC people are actually talking about it. Mostly negative because the implication is that all accountants/auditors will lose their jobs if it actually succeeds. But that's a good thing. If people are getting mad that means they are actually afraid.
I knew my job was going to be automated away in a couple of decades anyway so I don't hold a grudge. Adapt or die, I am just buying it to profit from the situation.
Yes big players know about REQ PwC is the #1 accounting firm in the world everyone has there eyes on them, especially as PwC is on the leading edge of innovation and just a couple of decades ago it was called the "big 8" and now only the "big 4" due to PwC outcompeting the other 4 through being the first to adapt computer and internet technology at the time.
Most of the people that know about REQ are 30-40 though.the 50-70 year old usually don't care but I feel like that is because they are anticipating that they will retire before it'll be integrated into the global economy. I think they are wrong.
Pump soon?
Thanks for the posts, user. Can you talk a bit more about what exactly triple-entry bookkeeping is? I recall that double entry bookkeeping is where every transfer of funds is written in two places, as a withdrawal in one and a deposit in the other. How does REQ expand on this and why is that important?
Also, I have to ask the standard Veeky Forums question: how much will the REQ token become worth?
are you the accountant nerd.
You're doing gods work user.
Thanks for your helpful response. Have you read this report? docdroid.net
I am looking into it as I am intrigued about the technology. My experience is in audit at a Big4 firm and none of my clients are speaking about this...yet. Given most entities operate on an accrual rather than cash basis, i cant see how its all that different to having a program such as SAP which tracks and allocates cash transactions to various general ledger accounts automatically each day, depending on the nature of the transaction. Big corps with deferred and accrued income, provisioning, deferred taxes, pension balances, goodwill etc will all still need to have formal accounting and auditing processes in place. The blockchain wont solve this. I can see for micro and small businesses operating on a cash accounting basis that this could be invaluable. However, i see that even then there are challenges on integrating new and existing clients onto a platform such as REQ.
kek
>nobody's talking about that new technology that few people understand and will potentially leave us jobless
And that's why accounting is a job for brainlets circlejerking themselves into believing their smart because they can set equations on excell
Posts like this is what make Veeky Forums great. Thanks user. Do you have an estimate at how much would be REQ in a few years? Do you think the no-implementation is a possible scenario?
Questions for insiders:how automated is accounting/auditing already?
I mean I have a hard believing operations are made manually etc.
>Posts like this is what make Veeky Forums great.
>Do you have an estimate at how much would be REQ in a few years?
And posts like this are what ruins it. Why be a faggot and instantaneously go back to price?
Agree. I have already bought REQ but dreaming is free.
>SAP
You seriously need to get a better understanding of blockchain technology