KORA NETWORK
A bank is a financial institution licensed to receive deposits and make loans and may also provide financial services, such as wealth management, currency exchange and safe deposit boxes. It is a group or network of institutions that provide financial services for us. These institutions are responsible for operating a payment system, providing loans, taking deposits, and helping with investments.
The advantages banking can help a small business by making it easier to manage day-to-day financial tasks. An established commercial account with a bank will make it easier to borrow money when you grow your business.
But how can you take loans from the banks to improve your business and services if it is miles away from your place. This is one of the big problems of small farmers and businessmen in most parts of Africa. It will take hours for them to travel from their place to the nearest banks. This is what Kora Network wants to solve to improve the lives of these communities.
Kora Network is an infrastructure for inclusive community owned financial systems. They will provide the tools needed to build a self-sustaining, community-owned ecosystem for circulating and accumulating capital within a community. This includes the ability to validate identity and store, transfer, or lend money, to make payments, and to provide or access value-added services like lending, marketplaces, benefit distribution and digital education, even without internet access or a smartphone. This will make these communities improve their farmland and small businesses and cope up with the fast changing world.
This project is built on Ethermint, which implements the Ethereum Virtual Machine with Tendermint consensus. Ethermint supports the Ethereum development community, which is among the largest in the blockchain. This can process bank-scale transaction volume with reasonable latency. It can also be able to build arbitrary programs and it is in a decentralized manner with will cost less. It will provide money transfer and payments, lending and loans and to improve agriculture. What is good about this if they will be able to penetrate the unbanked population, this will be big on the industry and it will run as parallel to the country’s national currency.
Lead by Dickson Nsofor who witnessed himself the disadvantages of community without bank. This mission will be a success because of its dedication to alleviate poverty and help to improve the lives of all. This will be a milestone from the Kora Network Team; I will definitely invest in this project.
Do the math when this project will be able to tap in globally those who are unbanked people, communities and businesses. I will not be amazed if this will be in the billion dollar club in the next years to come. Just one country to will be worth millions of fees that will flow to it’s assests. This will be a win-win situation to the people because of lower fees in remittances and saving time to go miles to the banks, thus saving a lot of time and money.
I want to have a piece of this project. And surely again, I will invest on this and hold because I know its potential.
For more information, please visit: https://www.kora.network
Have also time to read their : https://www.kora.network/#whitepaper
