Introduction
How development works in a society is a complex subject but a basic theory about how inequality hinders the development is practically seen all over the world. Inequality breeds many social problems in a country. Limited resources distributed unequally is a cause for concern for humankind since centuries. There has been a continuous effort to bridge the gap but ironically it has been a dream till now. Multiple International organisations have gathered rich data to examine and research about the causes and effect of it on the countries especially developing and poor nations, who are at the bottom of the scale. Financial wellbeing is connected to every aspect of life and securing our financial independence is one of the main goals of our life.
People in every stratum of society strive hard to bring themselves to the realities of their financial dream. Sadly, most of the population has failed to do so due to many reasons. The banks and the financial institutions play a big part in this failure as they are the intermediary between people and their financial freedom. Lack of identification is considered to be one of the prime reasons besides the high cost required to provide financial services to the people living in remote places of the country.
They are understood to be of little value by the banks and other service providers, but as many studies and research seem to support that given the financial services required they have performed better than others. The lack of financial literacy and technological understanding is another key hindrance to the global financial security for the majority of the population. Not getting an opportunity to prove your worth is one of the saddest moment of life, and the people have been in the same situations for decades with a little improvement in the sector.
SOLUTION OFFERED
KORA saw an opportunity in this domain and created a stepwise, multi-purpose, reliable and secure program to curb out the difficulties faced by the people and the access to the financial services. They are working to build a universal financial access for everyone with universal identification services.
A new community called Community value network(CVN) is created in which existing communities can be easily integrated which are driven by Delegates. The KORA networks work on four layers of financial infrastructure which are protocol, data, access and applications. There are many use cases in the industries for services being offered by the KORA network.
ICO INFORMATION AND TEAM
To create a platform for sustainable future for everyone which involves inclusive financial freedom, they need support from the public. 755,007,338 KORA NETWORK TOKEN (KNT) is created for the project in which 45% of the token is reserved for the token sale.
50% of the collected funds will be utilised for the development of the platform while 30% will be utilised for the network development. The team is working tirelessly to bring the project to reality.
Conclusion
Biggest use cases of the product launched by the KORA can be an informal sector. People involved in this sector will have access to the basic financial services which will directly benefit their progress and development. The biggest challenges of the humanity are poverty and KORA can play a huge role in the alleviation of it by enabling the people to access transparent aids, provided by the multiple international organisations. KORA believes that creating a transparent payment mechanism based on the blockchain technology which can serve people, who are residing in any part of the country will bring financial revolution.
Not only payment network but also the lending process will also become reliable and transparent. I think that they have decided to create a revolution for the people who were thought to be undeserving by the banks and financial institutions by providing them one of the most secure applications for basic financial service based on the blockchain technology.
We may see a new ray of hope for people across all the regions of the world where they do not have to pay high commissions to third parties and Intermediaries. The success of the platform will depend on the performance of it in the market, where it is looking to target.
To know more visit:
Website : https://kora.network/
Whitepaper : https://kora.network/downloads/Kora_Vision_Paper_International.pdf
Published By: Kishan748
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