Nowadays, not every person has access to the active financial system. Despite rapid advances in technology, around 2 million people of age do not even have a personal bank account. The basic reasons for that are: lack of trust to financial institutions; remoteness from the financial services provider; lack of the documents required. All these factors have a negative impact on the increase of people’s income.
The majority of modern platforms are trying to tackle this problem. However, they do not succeed due to certain downsides. That is why a new project called Kora Network was created. This project will help solve the current problem.
Goals of Kora Network project
The developers define the following basic goals of the new platform:
- to reduce the cost of financial services;
- to provide access to financial services for all population groups with various potential in all parts of the planet;
- to cooperate with active providers of financial services;
- to provide an opportunity to make transfers to any location in the world;
- to store funds safely;
- to enhance opportunities of the financial market;
- to provide personality identification process requiring minimal number of documents.
It should be noted that Kora Network is not supposed to replace the existing providers of financial services but intends to cooperate with them in order to enhance their opportunities.
How it works
Kora Network platform augments the income of all stakeholders of its ecosystem. eFiat currency will be used within the platform to execute financial calculations. This currency is a digital version of current fiat currencies and is 100% secured with financial reserves. Thus, platform users will be able to use the currency that they know and comprehend.
Kora Network’s ecosystem includes 4 types of participants:
- users;
- service providers;
- agents;
- traders.
Any person can start using Kora Network. All one has to do is connect to the platform’s network.
In most cases, banks, mobile transfer operators, microcredit organizations and other providers of financial services will act as service providers.
Agents will issue funds by converting them from eFiat to real money at an equal 1:1 ratio. Small local enterprises, that accumulate funds, such as stores, gas stations etc. will act as agents.
Traders will accept funds in the form of eFiat.
Users of the system will be able to accept transactions with minimal fees and take credits based on trust without providing collateral and huge piles of documents. At the same time, regular cell phones with SMS messaging can be used.
Transaction of funds within the network is done by the following scheme:
- sender converts fiat funds to eFiat;
- sender indicates the addressee in any location in the world and sends the funds;
- the recipient visits a local store or a gas station where there may be no ATM machines or institutions that provide financial services and withdraws the funds.
Thus, users can withdraw money in any town or small village where there are no financial institutions.
Credit extension also differs from the one provided by the banking system. A member of the network does not have to present copies of documents or credit history. All one has to do is ask other members of the network for help. They will be able to collect the required sum of money that will be given based on trust. KNT tokens of the ERC-20 format will be levied as a fee for operation. These coins will also grant the right to manage the network.
ICO dates and details
To implement the given goal, a decision to hold ICO was made. During the ICo KNT tokens will be distributed. A total of 339 million coins will be released. 1 coin equals 0.1 dollar and it will increase with the growth of platform’s popularity.
ICO will be held from March 1 through March 31, 2018. Unsold tokens will be burnt. Hard cap is 20 million dollars.
Conclusions
Kora Network project is rather appealing for investment as it will provide financial services to people who do not have access to them. Not only will this project improve financial position of people living in poor countries, but will also improve world economy as a whole.
The site and all the documentation can be found at the links below:
Site | Whitepaper | Telegram | Kora Bounty
Links to my accounts:
/ Twitter / Telegram / Facebook / Bitcointalk / Mail - egs26ib@gmail.com / Bountyhive username - NikNeo /