Have you known a blockchain system that gives financial solution for undeveloped communities? This is about it. Kora is a popular musical instrument in the Western/Eastern region of Africa frequently played in songs of celebration, or to pass a message of hope. Kora is also a project of hope for billions of people who are underserved by the current financial system. While there has been progress toward financial inclusion, an estimated 2 billion adults worldwide don’t have a basic account. Barriers to account-opening include distance from a financial service provider, lack of necessary documentation papers, and lack of trust in financial service providers. We believe existing platforms fail to address users’ lack of access to electricity, the Internet, or capital to afford a smartphone as well as lack of understanding around technology and finance. we estimate that billions of people cannot grow and accumulate wealth, causing a humanitarian and economic crisis that leaves out a third of the world’’s potential for value creation. The Kora Network is expected to provide a lowcost, financial services platform for all. Accessible by SMS/USSD on feature phones or with Internet via a mobile app and powered by blockchain technology, the Kora Network is expected to lower the cost to serve for lowincome populations and brings them into the global economy. We aim to free the trapped capital, intellect, and creativity of the long tail through selfsustaining, community-owned ecosystems.
Kora(KNT)-The App and Ecosystem
Our blockchain stores identity and transactions, runs software modules, and connects to other blockchains while preserving user privacy. We use TendermintDPoS as a consensus algorithm, allowing for scalability while maintaining decentralization. The blockchain is secured by the Kora Network Token (KNT). eFiat are digital versions of national currencies that users understand and trust. They are 100% backed by cash reserves, and redeemable on a 1:1 basis. CVNs empower users to pool capital for lending or investment, social assistance, financial education and other services.
The Kora Network
The Kora Network draws on the model originally proposed by Ian Grigg in his paper “Financial Cryptography in 7 Layers”. The use of blockchain technology allows us to streamline these the layers into four
Protocol
This fundamental layer denes the basic rules which everyone on the network must abide by. Desirable traits such as immutability, Byzantine fault tolerance, scalability and ACID transactions can be engineered here for higher layers to use.
Data
This layer is where the immutable blockchain database resides, as defined by the protocol layer. This includes identities, attestations, transactions, account balances, token contracts, software stored as smart contracts and their state, and anything else that Users choose to store on the blockchain.
Applications
This layer is where the data stored on the blockchain comes to life. Transaction processing, data feeds, blockchain monitoring and integrations with outside systems happen here. This is the transition layer between other pieces of software and the blockchain.
Access
This layer is how Users access the Network, whether through a full node, smartphone, mobile phone access via a Provider, or anything else. This layer is completely off-chain.
Kora(KNT)-Accessibility for All
The Kora Network will be a platform that provides people, merchants, organisations, and other Fnancial bodies to provide financial services in a cheaper, faster, and profitable way with the ability to reach Users worldwide. The Kora Network itself is not a licensed Fnancial institution nor do we provide these services ourselves. Any Users wishing to provide financial services including accept and issuing tokens on the Kora Network should be a licensed financial services provider or mobile money operator. Providers are also responsible for meeting all KYC/AML requirements and onboarding Users accordingly.The current solutions are not working. Banks have failed to solve this issue. In fact, in countries like Kenya, there are less than 10 ATMs and 5 banks branches per 100,000 people. Also contributing to this factor is financial illiteracy. More than 60% of people in Zambia and South Africa don’t understand simple basic financial terms like ATM, checking accounts and interest rates. 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 and all.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 incurred by the network.Aside from these layers, which are rigorously defined in code, there exists a meta-layer of Governance. We believe a key competitive advantage of decentralization is the potential for decentralized governance, as a platform that is incentivized to maximize value for all participants will result in a more equitable deal than a platform that is designed to enrich a centralized counterparty.Decentralizing governance is a complex task and area of active research. For this reason, in the initial stage the Kora Foundation will be acentralized counterparty that makes decisions on behalf of the Network, in consultation with every stakeholder in the Network.
The most important stakeholder group is the participants on the Network. For major decisions affecting the Network, participants will be polled, with voting power measured in principle through contribution to the Network. Initially this measure will be the amount of KNT utilized in a sliding window of time, including eFiat that has been converted to KNT. Other stakeholders include national governments, Financial institutions, NGOs and other parties who are a ected by the Kora Network, whose views will be circulated through regional forums and coordinators at the Kora Foundation. These inputs will be made public and used by the Kora Foundation for making decisions on the Kora Network. While this is a long way from fully decentralized governance, it does introduce a feedback loop where unpopular or self-serving decisions from the Kora Network can be recognized by all stakeholders, and their decisions to deepen or reduce participation in the Network adjusted accordingly and all.
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Official Web: https://kora.network/
Whitepaper:https://kora.network/downloads/Kora%20White%20Paper.pdf
Telegram:https://t.me/kora_network
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