Have you known a blockchain system that gives access to everyone? This is about it. Kora Network is planning big and challenging for bringing on community owned financial systems, which will be working within the community ecosystem, serving local and global purposes both. The company is thinking to provide all sorts of tools required to form community-owned, self-sustaining ecosystem that will perform transactions of capital within a community. In a nutshell, Kora is concentrated around building up an advanced infrastructure that will aide a community with financial system that will help accumulate and circulate capital, do identification, storing/lending money and also making payments via that identity. The system will also feature value-added offers such as access to diverse marketplaces, lending offers, digital education, benefit distribution and all these without internet connection.
Kora(KNT)-Network Innovation and technology
Kora is laying out the infrastructure on blockchain (similar to other ICO tokens such as (ODEM, Requitix, Shping, TV-TWO, Signals, Gamblica, LocalCoinSwap) and they claim it to do transactions, store user identities, Making connections with other blockchains, run software while it securing user privacy. Kora network has been using DPoS as their consensus algorithm, whose specialty is to adapt to any demands while keeping up decentralization of the process. The entire project is set to be powered by Kora Network’s native crypto-token, KNT (Kora Network Token). How helpful this could be?
Problems that led to the formation of Kora Network
· Revolutions are integral in the world possessed and controlled by human brains. Lately, there’s been a thundering revolution, what is now known as digital revolution. Transforming the entire world by infusing new technologies and innovations, today each sector of our society feels progressive. Technological presence has evidently furthered the way we used to work, communicate, eat, bank and even do business. Today, we call it a smart world, where the world is a global village and no one is ever away from us. Things got faster, thus urgencies are addressed immediately. But, then there comes concept of the discrimination, privileged and under-privileged.
· Do you know that not all countries are developed and not all from a developing are getting to access advanced and technology-backed banking service? Approximately 3 billion people around the world do not get to afford banking services to either lend or borrow. And, more than this figure are already living below poverty line. Kora Network wants to take it a little forward without wasting much of their efforts to get these people financial services and allowances. Thus, they are forming a platform on blockchaintechnology (similar to other tokens such as Cibus, THEKEY, TrustaBit, MedTokens, Play2Live, Apollo, AQwire), where a community can sign-up and make their transactions feasible between any concerned parties.
The Solution
Blockchain technology is growing popular worldwide, adopted by many institutions to help each and every business sector get decentralized, higher on security purpose, more affordable and 24/7 accessible. Kora Network is planning to form an infrastructure of financial services to help people connect with each other and make relevant transactions from within a single ecosystem. Using this service, users can avail financial services via USSD interfaces, SMS, smartphones and even in person.
Procedure to Join
It’s easy to join any blockchain program as they all are powered by native cryptocurrencies, or what is otherwise called, crypto-tokens. Kora Network happens to accept all national currencies, but in form of their native tokens. This company is having some further plans as well and it is to start working within the limitations of current financial systems while the complying with all governmental rules and regulations.
Potential users of Kora Network
The best thing about digital service is, they are the hardly geographically barred, unless some put the limitations deliberately considering their business’ rules. And, when it advances to blockchain-backed digital support, things become much easier, faster and affordable for once and all.Kora Network is quite obviously universally available. People from any corner of the world, from any remotest place can join the program. Speaking of people, it includes from a budding business person to farmer. The only thing needed to be an active user is having a basic phone.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. 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.Going by the content available on Kora’s official website, the company comes up with a promise to process transactions on lower fees. As their audience includes farmer to business person , having a low cost transaction service was necessary. Their aim is to bring and connect communities on a single point from where they can address their financial needs easily. Kora Network is making diverse tools to ensure immediacy and financial freedom betweencommunities. The system does not require you to understand its mechanism any deeper, yet can enjoy financial supports and freedom instantly. This enterprise has work so brilliantaly that is now able to meet everyone at their respective level. Sticking by what it has planned, this very project is believed to bring a new ray of hope to billions around the globe, who for this long have been the deprived from basic banking services and facilities. Removing the all sorts of intricacies and the challenges from a common family person, Kora Network is creating the best virtual network for financial services.
Official Links for More Details
Official Web: https://kora.network/
Whitepaper:https://kora.network/downloads/Kora%20White%20Paper.pdf
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