Kora(KNT)-Decentralized Financial System for Underdeveloped Areas

Have you known a Decentralized financial system for underdeveloped communities? This is about it. Kora Network is a contemporary and effective infrastructure which is designed for inclusive and community owned financial systems. The project is going to deliver all the necessary tools which are required to build a self-sustaining ecosystem which is community owned and it’s designed to circulate and to accumulate capital. Additionally, it is going to be able to validate identity as well as to conveniently use this particular identity to lend, transfer, store, or to make payments and to deliver access to value-added services such as marketplaces, lending, digital education and others of the kind.
Kora(KNT)-The Ecosystem
The blockchain which this project is based on is designed to store identity and transactions. At the same time, though, it runs different software modules and it is connecting to a range of other blockchains. All this is done while preserving the privacy of the user. The company is using TendermintDPoS. This is the consensus algorithm – one of the fundamental principles behind the project. That’s what allows the maintenance of the absolute decentralization as well as its scalability and all.The blockchain is thoroughly secured by the KNT Token. The entire project is intended to fix a few substantial issues which are currently undermining the field. The product is going to shatter the perceptions that underserved have little to no value at all. At the same time, the current cost of accessing and providing certain financial services is undoubtedly very high. There is a lack of identification, financial literacy as well as a complete lack of technological understanding and trust. These are challenges that the project is going to battle. The product is also planning to intercept issues which are associated with money transfer, payments, lending, and loaning. It wants to handle the international distribution of funds and to minimize the costs which are associated with it. While ambitious, these are goals which could be achieved through the usage of contemporary technology.The gap between rich and the poor is increasing exponentially. It has increased in almost every region of the world over the last four decades with the global perception that the rich are getting richer and the poor are getting poor. Economists try to arrive at a solution and appeal to politicians who only treat it as an issue during election times. There have been calls for a crackdown on offshore tax havens, especially affecting US and Russia. The U.S.’s richest 1 percent accounted for almost 40 percent of the nation’s wealth. But while the gap is growing in more developed countries, countries in Africa and Asia are suffering from an adequate financial system. Many don’t have a basic bank account. Distance from a financial service provider, lack of necessary documentation papers, and lack of trust in financial service providers are the fundamental reasons for the lack of basic accounts in Africa. Help is needed and blockchain technology is here to support with great potential. The Koranetwork have come up with a solution to provide a low cost, financial services platform for all.

The problems lie on a few main barriers.
High Cost
Opening bank branches is unprofitable due to high costs such as property fees, staff headcount, and IT infrastructure. Staff are either uneducated in rural parts of Africa, or the IT systems are susceptible to theft or poor maintenance.
Misconception
Underserved customers do not always transfer small amounts — but there are people with huge income who do not have a financial account in Africa. Furthermore, put together lots of customers with small amounts — there is a lot of potential market.
Identity
Not every country follows UK’s strict and secure regulatory identification system. Africa suffers from lack of ID being everpresent and that causes a barrier to having an account.
Awareness
Many people do not understand the benefits or don’t even trust bank accounts. Security and bringing exposure and marketing to the masses is fundamental.
Kora(KNT)-The Solution
Low Cost
Kora network aims to include everyone by having low costs to join and transfer.
Access
You don’t need to travel far to access a bank in rural Africa or be worried about it being the robbed or poorly maintained with universal access given by Kora Network.
Engagement
This combats lack of awareness. Kora will help local financial service providers to bring more exposure to the rural people.
Kora(KNT)-Use Case
Kora are partnering with farming networks (over 25k farmers) in Nigeria to profit using sustainably yield crops. With the use of Kora, the farmer will not have to drive for hours to receive cash and be scared of theft.This is partly due to the fact that the underserved have little to no money. However, research has shown that providing financial services to the underserved could result in a $3.2 trillion increase in GDP.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.
Now Its ICO Time
As we mentioned above, the utility token issued to secure the network is ticked as KNT. This stands for Kora Network Token. The price at which it’s going to go officially during the ICO phase is $0.10 USD per 1 KNT. There are bonuses and bounties available for people who attract other investors and for people who make larger and early distributions. The platform upon which the entire thing is built is the one of Ethereum. The tokens are ERC20 compliant which means that it’s likely they would be listed on an exchange. The total amount of tokens distributed through the ICO is set to 339,753,302 which is 45% of the issued ones. There is a minimum investment set to $5,000 USD. The project originates from Hong Cong. However, if you are from the USA, Korea or China, you wouldn’t be able to take part. There is a KYC and a whitelist as well. The ICO itself is going to start on the 19th of February in 2018 and it is going to end on the 17th of March, 2018.
Official Links for More Details
Official Web: https://kora.network/
Whitepaper:https://kora.network/downloads/Kora%20White%20Paper.pdf
Telegram:https://t.me/kora_network

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