There are billions of people nowadays facing financial problems. Solutions for these in some places are very expensive, costly or sometimes not even on reach. Then there's Banking system. Each country has their own rules. These rules, complexity makes them very inconvenient for some people. So mostly, people stay away from them or don't consider them as a good solution.
Kora, an Ethereum based project, made on blockchain technology. It's mainly made for financial solution. Kors Network will help make a place with better financial service, accessible and cheap.
Kora Network aims for people with less access to banking, loans and saving assets. There's in this world more than 2 billion low or average income people who are being denied this service.
The most common reason why people don't like or use or facing financial solutions available near them is too expensive. When someone wants to take a loan, transfer money they have a pay something in return. And that makes some areas with not so good economic status people avoid them or he needs it can't use them.
Another common reason is too much complexity and identifications. Identifications hard to obtain or poor or developing countries or very complex. When people need to take a loan or something, they need to feel up a lot of paper works and need a solid identity. For it, it makes them not so good choice for low economic areas. Some people even face data theft or exposure, or maybe don't even trust them. People sometimes don't get the technology and cannot trust the modern institution or banks
After all, these, comes Kora. They plan on solving all of them.
The Kora Network will be built in such way that it could provide low costs than other financial institution. Which makes it suitable for people with low wealth but in needs of financial services.
Kora Network plans on giving universal financial service using simple services of phones or with an internet connection.
On a normal financial institution, it takes a lot of time to do something. But Kora is going to reduce the time required drastically, making them a better choice.
Kora Network:
Kora is going be built on 4 basic building blocks to make a fully functioning financial system.
★ Identity: Every user is going to have a unique identity. Which helps to know who they are and monitor their activity.
★ Secure Storage: Kora is going to have a secure storage to protect the data of every user. Preventing them from easily being stolen or being disclosed.
★ Money Transfer: Transferring money will be made way easier and safe and fast, preventing any kind of loss or theft.
★ Marketplaces: This will be the place for exchanging. For example one can exchange money or other currencies for services or goods etc.
Even after all of this, Kora Network plans on that most financial activity between users will be eFiat, not crypto currency. Because there's still many people who still don't trust crypto currency. And those people might feel uncomfortable doing financial activities with crypto.
How Kora Network will work:
As mentioned above, Kora Network plans their most financial activity made on eFiat instead on crypto. This will ensure the trust of many people especially people from rural places.
This picture describes how Kora will work. They want to create a place where they can reach many people. Providers to Agents, Merchants to people and to more people. It makes their work easy and suitable. And they are also using blockchain. Blockchain will help make fast and safe transaction.
Kora Network Token(KNT):
Kors Network Token will be referred as KNT. Holding KNT means having a partial role in the Kora Network. Holders can use KNT to vote for block producers. The goal is to keep the transaction fee low.
KNT Distribution:
There will be a total of 755,007,338 tokens. This is how it will be distributed:
★Tokens Sale: 339,753,302 Tokens(45%)
★ Reserved for Growth: 151,001,468 Tokens(20%)
★ Reserved for R&D: 151,001,468 Tokens(20%)
★ Team: 113,251,101 Tokens(15%)
Use of Funds:
Funds that will be raised on Token Sale, will be used like this:
★ Research and Development: 50%
★ Network Growth: 30%
★ Kora Accelerator: 10%
★ Social Impact Investment: 5%
★ Legal and Token Sale Marketing: 5%
Their one and only goal of using the fund raised from Token Sale is to improve Kora Network and make it more efficient.
Find more information about Kora Network Here:
Website: https://www.kora.network
White Paper: https://www.kora.network/downloads/Kora_Vision_Paper_International.pdf
Twitter: https://twitter.com/Kora_Network
Telegram: https://t.me/kora_network
BountyHive:
Username: Sakib
Referral Link: bountyhive.io/r/Sakib