What do you think about the current financial system? Are you part of the billions of people who are yet underserved by the current financial system? The Kora Project and Kora Network Token (KNT) is a Project of hope for you.
THE AIM DEFINED
With the aim to free the trapped capital, intellect, and creativity of the long tail through self-sustaining, community-owned ecosystems, the Kora Network is expected to provide a low-cost, financial services platform for all. Also 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 low-income populations and brings them into the global economy.
THE IDENTIFIED GAP
Kora Network has come to ultimately bridge the gap in the global economy due to uneven and expensive access to financial services with focus on these five major barriers;
• High Cost to serve by banks due to high operating expenses such as property fees, staff headcount, and IT infrastructure which is then reflected in high fees for account maintenance, ATM withdrawals and money transfers.
• Misconception that the Underserved have Little Value, therefore providing such services seems unprofitable.
• Lack of Identification Documents, which is evident in the difficulty experienced in obtaining an official or valid ID for opening bank account in developing countries.
• Lack of Trust and Technological Understanding, where many people without bank accounts still perceive banks as unsafe and yet lack trust in financial technology, including ATM’s and online banking.
• Lack of Financial Literacy, exposing the majority of people to the risk of making poor financial decisions including taking loans with interest rates they may not be able to pay, getting involved in pyramid schemes, or paying unreasonably high charges on remittances or foreign exchange mark-ups.
WITH KORA NETWORK
A fully inclusive financial system is assured at low cost, where the people with the least wealth are considered as those who need financial services the most; with Universal Access, where even if they do not have Internet or extensive technological understanding, we expect that everyone will benefit from Kora and by Engagement with Existing Communities, where Local financial service providers and networks that have always existed will be enabled instead of being replaced by Kora.
Kora Network Token (KNT)
Holding KNT equates to having a partial role in the Kora Network, since this will be used as the staking unit for selecting block producers, as well as a single medium to pay for costs incurred by the Kora Network. With the desirable qualities of Programmability which allows the building of programs on top, Resilience allowing it function in a byzantine environment, Decentralized in that it can be run in a decentralized manner and Scalability given its ability to Process high transaction volume with latency, Kora Network Token (KNT) holders are incentivized to vote in block producers who keep transaction fees low.
The kora Network promises value addition in several areas of our day to day transactions such as; Money Transfer and Payment, Lending and Loaning, Agriculture and in International Distribution of Fund.
Do not be left out of this.
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