Have you known a better offer to join all the people to economy? This is about it. Kora Network aims to build hope for the underdeveloped communities. It is the project that seeks to provide access to financial services to those who do not live in areas that have easy access to financial institutions. Millions of citizens in underdeveloped countries are excluded from basic public services due to simple reasons like high costs, poor financial institutions, lack of trust, and difficult access to internet. The Kora network is a decentralized blockchain wonder that stores identity and transaction data on nodes and modules that will carry the exchange throughout the network. It promises privacy to users who will only use the identity provided by the network instead of the arduous registration process with multiple documents. It is a system that deploys a consensus algorithm which allows it to operate with scalability while operating in a decentralized manner. The blockchain technology is backed and secured by the Kora Network Token (KNT). It will be offered as the digital currency that are backed by cash reserves and are redemable.
Kora(KNT)-Create Financial Chnage
Trivial reasons effect and alter the quality of life in remote areas and lead these populations to lag behind in terms of development index. The Kora Network will offer a revolutionary network based on infrastructure that is made of four layers low cost, financial services accessible via SMS, or any phone with internet access. Imagine a community where the local markets and shops accept a coin method that is based on low costs and high acceptance rate. It will make communities self-sustainable and prevent them from the exclusion of services from the outer communities. Users of this network will create the ecosystem by themselves by spreading its influence through usage in their daily exchanges. In time, it will build social pressure for the vendors who are not using Kora Network who are losing to their competitors that are actively accepting Kora from their customers.The Kora team identifies the missing parts of the existing financial systems and offers a visionary project to improve the experiences of people in the backward parts of the world. After extensive research, the team noticed that nearly two billion adults could not have primary financial accounts due to distance problems, lack of documentation, and most importantly, trust in service providers. Moreover, service providers do not offer permanent solutions to problems such as lack of electricity or internet access to people. Some people around the world can notget smartphones and access to education technology or finance. For this reason, many people are not part of world value creation and can notimprove their living standards and gain wealth.
The defining and realizing purpose of living facts, gudenKora, will be designed to serve as a low-cost financial services platform for people all over the world, including low-income populations. Blockchain technology will strengthen the platform and service cost will be low due to user friendly mobile application. The team aims to develop capital, intelligence and creativity that develops ecosystems that self-discipline and the community has.It is essential to understand the current problems before going to the properties of Kora. In fact, there are many problems in existing financial systems, such as high service costs, misunderstandings that reduce value, lack of confidence, technological understanding and financial literacy. To solve the problem, Kora plans to create a platform where people can enjoy the majority of critical roles in the ecosystem and enjoy the increased wealth in the community. The Kora Network will present eFiat, a digital version of national currencies (backed by cash reserves and redeemable on a 1: 1 basis) to boost user experience and confidence. Under the country's regulatory decisions, users will be able to access financial services through mobile transfer or money operators. Thanks to the contributions of KYC vehicles, users will benefit from services as well as cash points where they can exchange e-commerce and physical money.That’s why many blockchain projects arose to solve this issue since blockchain can transfer and store values with low cost. However, a great understanding of blockchain and with costly internet access is required to access such blockchain services. A fixed internet plan cost $39 which is about 39% of the monthly income of an underserved person in Africa.
What Problem Kora(KNT) Will Solve?
Kora is here to combat these issues by providing low-cost financial services through a financial service platform. Kora Network is a project of hope to the underserved people in Africa and other parts of the world.Kora will provide users access to financial services on the network. Merchants will be industries that accept eFiat as payment methods. The kora network is built on Ethermint. Ethermint supports the Ethereum community which is one of the largest communities on the blockchain. Kora token referred to as “KNT” or “Kora Network Token.” The token will be the medium to pay for the costs the incurred by the network.
Kora(KNT)-The Expectation
Kora Networks is the project that provides a lot to the poor with little to none requirements for use. It is designed to be simple and effective while being backed by an impeccable technology. There’s a widespread belief by financial service providers that the poor can’t save money, do not earn at constant rate, or do not earn enough to pay their service fees which lead them to neglect building services in remote areas. Kora would be the torch that brings light to the forgotten and neglected communities which the rely on simple and trivial means of financing. It will increase the interactions with those communities and eventually lead their economy to grow. Formal representation and record of wealth and financial management will provide opportunity for the underserved people who don’t have access to financial instruments. The world bank and UN estimate that there are two billion people who are living remotely and the lack access to a proper financial system. Kora Network will lend a hand to those who have been neglected and allow them to grow their prosperity and accumulate wealth. These populations will no longer buy commodities and make exchange simply on ‘trade and the barter’ basis. It’s a cheap and accessible process that will be provided to these communities, where by using Kora individually, each member will lead to the prosperity and development of their society. Kora will bring security, accessibility and convenience to the underprovided communities. It will cut out the middleman which used to be financial institutions that charged hefty fees to operate. Individuals will now be able to make decisions easily about their finances and control their own prosperity.
Official Links for More Details
Official Links for More Details
Official Web: https://kora.network/
Whitepaper:https://kora.network/downloads/Kora%20White%20Paper.pdf
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