With China having its own messenger payment system (WeChat), and India going to the route of having google tez and WhatsApp payment , it was not long people needed a blockchain solution that could be used around the whole wide World. A lot of people do not have money in the bank and a lot of people cannot get paid through proper wiring channels even if their relatives are abroad. This is correct not only for Africa, but also for a lot of Latin America and South East Asia countries, and then, of course, the other countless places in the World. Normally you would need internet access and a smartphone to get this type of payment, let alone using the blockchain. Blockchain used to be seen as a very technical platform with a high degree of difficulty. This ICO and their platform suggest that using SMS for normal phones, and an app for smartphones, even the poorest of poor people can receive and send money, digitally, through blockchain. Because it is immutable and the ledger is publicly available, the people using this cannot be cheated by officials and if they are, there is a public record of it. The recipients and the senders are anonymous in the blockchain, so the users do not have to register like they are registering their bank accounts. If they were purchasing bitcoin, ether, and other crypto assets, they would have to go through KYC proceedings just like they do in banking because this is something the countries require nowadays. However, using this platform, anyone can send and receive money using the KNT token, which is central in securing the network, and holding KNT mean having a partial role in the Kora Network.
The platform is Low Cost because it will support everyone regardless of the level of wealth. All they need to do is have a phone, any phone really, meaning that it does not have to be a smartphone. It means that the platform has Universal Access and it is accessible without internet or a smartphone. The network has very good community engagement because it empowers existing communities instead of disrupting them.
This is their youtube video and it is one of the most successful and explanatory videos I have ever seen in the ICO world:
Using this system, identity problems are taken care of, because the users can prove they are who they say they are and they can prove the validity of their activity. The platform will bring in secure storage because the users can protect their funds from being stolen or devalued. If someone has to carry large sums of cash around, then they are vulnerable to all kinds of theft or threats. Holding private keys to bitcoin or ether is not very different, but with this system, they can protect themselves better compared to carrying cash around. The money transfer is a lot easier because the users can transfer money to each other quickly and securely. Because the platform will include a marketplace, the users can easily access venues to exchange money for goods, services, and capital.
Farmers will be one of the key users of Kora. The platform already partnered with a farming aggregator in Nigeria who works with 25,000 farmers to profitably yield crops. Here is the link to the page where they show how the system is solving major problems for farmers:
https://kora.network/usecase.html
Here are some links for further information:
Website: https://kora.network/
Twitter: https://twitter.com/Kora_Network
Reddit: https://www.reddit.com/r/koranetwork
Telegram: https://t.me/kora_network
My bontyhive : sarath