Smartphones and Internet has became a very important part of our lives as it provides a lot of features that make our life way easier. You can do literally anything on your smart devices and internet. Ordering services and gathering information, having conversations at anytime of the day, it’s all possible for us, due to our devices and internet. But a lot of people exist who don’t have access to these utilities, a study shows that only 70% in developed and 50% in developing countries have access to smart devices.
One of the biggest problem due to this is, around 2 Billion people don’t have access to financial help and services. Internet has already made sending money easier, but now with blockchain technology, sending money process is becoming decentralized, transparent, faster. But it’s all connected to Internet and you need smart devices to access it.
The problem is how will the rest 2 Billion people access these services and gain financial freedom, this is where Kora comes into action.
Kora has made possible to use these services on even on a very basic functional phone.
Kora will use SMS , USSD code Interface to connect to it’s blockchain and make it possible to use financial services to the people who don’t have access to smartphones or internet.
Blockchain doesn’t have a limited scope and hence it is used in many industries for using smart contracts, ensuring safe transactions. Kora is using blockchain for a similar purpose, they are building a infrastructure for inclusive financial system.
What is Kora Network and How Will it Work?
Here is a short video firstly about Kora, that I would appreciate if you watched so you would better understand the project.
Till now, you must have understood that Kora is trying to bring more than 2 billion people in the global economy which are not counted as of now as their status is under the poverty line.
The question was if these people lack access to smart devices and internet connectivity then how will Kora work? Well, Kora can even function on a very basic phone and connect to the services via SMS, USSD code interfaces. Kora would also be accessible through smartphones and in-person access.
Kora also intends to work within government rules and procedures and will also accommodate within the boundaries of financial system.
Who is Eligible to Use Kora Network?
Kora Network can be used by anyone and neither there are any geographical limits for joining Kora Network. Anyone with a basic function phone, can access and join Kora.
Kora will take care to make the transaction costs very low for the users, so there will no be heavy fees and the transactions would be fast too with the help of blockchain technology.
What Kora aims to do is to connect all the people who never had access to these utilities in the past and help them gain financial help and freedom and that without any hefty investments or without any expensive gadget or service.
If Kora really tries to solve this problem, they can bring over billions of people who are currently under the burden of lack of financial freedom and are not served by the current system well to a state where they have access to all the financial help or services needed to make their day-to-day business or life more easier and would resolve the need for complex, expensive, inconvenient, underserving financial services and solutions.
How will identification process work?
The Kora Network will have KYC (Know Your Customer) process, so all the people on the Kora network would have their identities registered.
To register on Kora Network you would have go on with whatever identification they have at the first place such as Government ID, Bio metrics, Company IDs. The transaction limits, credibility on the network will increase as the KYC process is completed.
What is KNT Token and Why is it Required?
Kora website offers an answer to this question,
KNT is central in securing the network, and holding KNT means having a partial role in the Kora Network. Holders use it to vote on who produces blocks, and providers require it to pay for network fees.
The goal of our token sale is to decentralize ownership of KNT to ensure the cryptoÂeconomic stability of our network, and to exchange KNT for capital to execute on our vision of unleashing the world’s potential for wealth creation.
Kora KNT Token Distribution
45% will go towards the Token Sale to raise funds
20% will go towards establishing partnerships and growth of Kora
20% will go for R&D to improve the Kora protocol
15% will go to the team
A few details about Token sale sourced from their website.
Pre-Sale : $3 Million Sold Out
Public Sale : $20 Million starts at 20% Discount
Public Sale Dates : 23rd April 12 pm UTC - 21st May 12 pm UTC
Token Supply : 755,007,338
Tokens For Sale : 339,753,302
1 KNT = $0.10
Payment Method : BTC & ETH
Kora Network token (KNT) is based on the Ethereum blockchain and will be a ECR20 token. All the unsold tokens will be burned.
The Kora Network is built on Ethermint, which implements the Ethereum Virtual Machine with Tendermint consensus. Which will add more advantages to the project.
Kora Roadmap
Kora Road map update from 2018. There were road map events also from 2017 which don’t appear on the following image. To see the complete road map, you can visit their website.
Kora Roadmap events for 2018-19Kora Roadmap events for 2018-19
The roadmap looks promising, and we see in August 2018, the first launch for the product will take place in Africa.
Kora ICO Conclusion
Kora is about bringing the unaccounted into accounted. They are offering financial help and services which are undervalued or are under the poverty line as of now. To get all the details about how they plan to accomplish this, you can find more information on their website and their whitepaper. One of the proposition which I like about this project is, they are going to accommodate under the rules of government and also the product which would be even accessible on a simple function phone.
If the team takes this project seriously there is a lot of potential and this token can get a good value in the future. If you are looking for a view for as in a investor, I think this investment will be good for a mid-long term period.
There are things explained very well on their website and whitepaper, I would really recommend reading it. This article is just to give a brief idea about the project and take a look at what they are offering and a simple ICO review.
Also if you are looking for an example use case for this project, they have mentioned it their website here.
If you like what you read and want me to cover more ICO reviews, please follow me and upvote for the post. That really gives me much inspiration to work on this!
Website: https://www.kora.network/
Whitepaper: https://kora.network/downloads/Kora%20White%20Paper.pdf
Telegram: https://t.me/kora_network
Twitter: https://twitter.com/Kora_Network
Facebook: https://www.facebook.com/thekoranetwork
Reddit: https://www.reddit.com/r/koranetwork
Medium: https://medium.com/@KoraNetwork
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