Have you known a decentralized system of bring people into the economy? This is about it. Kora network is a financial project that is targeted at bringing the lower class people into the financial economy by providing an all inclusive financial platform through which no matter the level of one’s status, you are able to get access to financial services. The project would help in making sure the lower class considered by the banks, the e-commerce and e-money firms to be non-profitable class of the economy, are brought into the financial system as they account for more than 90% unaccounted for monies that could help the financial system to be more self sustaining. The problems identified by Kora network that prevents most of these lower class especially those in the rural areas and communities from easy access to banking services include the high cost of transportation, lack of correct documents for identification purposes, the distrust these people have for the already existing financial institutions and lack of understanding the impact technology has to offer in the financial sector, lack of basic financial literacy and the misconstrued perception by the financial players that these lower cadre are of little value and have nothing to offer to the financial economy. Kora network aims to solve these problems by lowering the cost through which people in these so called “low profit” zones, gain access to financial services, making loan and lending services easily accessible to all, easy access to banking services in respective of whether they have access to the internet or not, through basic phones SMS and short code features. If one happens to be knowledgeable about the technological means of accessing bank services, they would provide a Mobile App that will be made secure using block chain technology to secure people’s accounts.
The Kora network project also will actively engage in building wealth by the creation of self-sustaining, community-owned financial ecosystems. The system will be “self- sustaining” in the sense that the wealth generated in the community as a whole grows exponentially and “community-owned” means participants in the existing community take up important roles within the ecosystem. The network will use Ethermint platform for it’s services as it supports the Ethereum development community, the largest in the blockchain space. It also supports high transactions volumes and provides extensive security for the privacy of the user while been in accordance with the rules and regulations of the financial sector. They will offer a token service known as the Kora network token (KNT) which would help with ease of access to banking services to help any user subscribed to the Kora network and also ease of carrying out financial transactions with transparency.
Moreover-Kora(KTA)
It was amazing checking developers curriculum vitae and advisors committed. They are evidently experienced in cryptocurrency world and offer a good base of solidity to project idea. We take a look at Google Trends and, even we are far than pre-sale launch, I found tracks of their roadmap assumptions. Indeed, the project was correctly started and testing and almost operative. Partners with which devs have signed agreements are crucial for the future. Taking a look to the project, Kora aims to create an infrastructure with licensed operators that serve who haven’t a cell phone and internet connection and that doesn’t manage cryptocurrency but only fiat (differently by Humaniq, i.e.). At the same time, who owns a cell phone and internet connection, can use Kora protocol and its token (KNT) to buy goods and services, being sure to store with high-security standards own money, and without intermediates. The infrastructure to build will reduce a lot of fees and costs and assures the access to the same services on which everyone accesses through a bank account. Kora works on EthereumBlockchain and adopts TendermintDPoS algorithm to preserve scalability and decentralization.
Kora(KTA)-The Points
Low cost
Oftentimes the people with the least wealth are those who need financial services the most. No one should be excluded from the Kora Network because of their level of wealth
Universal access
Requiring a user, merchant, or agent to have internet access, a smartphone, or have a sophisticated understanding of technology or nance is a barrier that is implicitly tied to wealth. Everyone should be able to bene t from the Kora Network even if they don’t have internet access or extensive education
Engaging with existing communities
Financial services providers have always existed within communities to provide much-needed services. The Kora Network will enable these providers and networks instead of replacing them.
Kora(KTA)-The RoadMap
The roadmap confirms google trends results considering the long time working on since Jul-2017 passing through testnet launch in September in West Africa until core network in Dec-17. This February Kora team launches permissioned testnet and next March first beta will be issued. After the public sale of March 2018, the first pilot is going to launch in Africa and after Kora will start expanding in Asia and globally. Finally, in November 2019 Kora 2.0 is going to issue.Despite the numerous improvements in the financial industry, Banks are struggling to reach the rural areas in most parts of Africa. For instance, In America, the unbanked declined from 8 percent in 2013 to 7 percent in 2018. This shows a positive improvement due to the improving economy. However, In Africa, the stats remain stunning. In 2014, more than 66% of East Africa did not have a bank account. Financial literacy, the small size of the national market, political instability, weak judicial system, low-income levels have created a guarded African banking system. Banks still rely on old traditional banking systems of expensive technology, branch networks, limited talent pool and the inadequate systems. A set of unbanked people were interviewed in Uganda. After interviewing them, it was discovered that the interviewees refuse to use ATMs or online banking methods as they were scared that their money won’t reach the recipient. Similarly across the African continent, there is a similar feeling towards the banking system.
Kora(KTA)-The Verdict
Kora(KTA) will help with ease of money transfers or transactions, lending money to the people who are really in need of loans to start up businesses of their own, help farmers receive their monies without delay after delivery of produce from the rural areas to the urban areas, international transfer of funds. in March this year, they would also launch the Kora Network programme that helps with ease of transfer of funds to farmers in the rural communities from the farm the aggregator in instead of farmers going to the centre and carrying wads of cash from Abuja to their communities thereby reducing cases of therobbery on their way back from Abuja.
It was amazing checking developers curriculum vitae and advisors committed. They are evidently experienced in cryptocurrency world and offer a good base of solidity to project idea. We take a look at Google Trends and, even we are far than pre-sale launch, I found tracks of their roadmap assumptions. Indeed, the project was correctly started and testing and almost operative. Partners with which devs have signed agreements are crucial for the future. Taking a look to the project, Kora aims to create an infrastructure with licensed operators that serve who haven’t a cell phone and internet connection and that doesn’t manage cryptocurrency but only fiat (differently by Humaniq, i.e.). At the same time, who owns a cell phone and internet connection, can use Kora protocol and its token (KNT) to buy goods and services, being sure to store with high-security standards own money, and without intermediates. The infrastructure to build will reduce a lot of fees and costs and assures the access to the same services on which everyone accesses through a bank account. Kora works on EthereumBlockchain and adopts TendermintDPoS algorithm to preserve scalability and decentralization.
Kora(KTA)-The Points
Low cost
Oftentimes the people with the least wealth are those who need financial services the most. No one should be excluded from the Kora Network because of their level of wealth
Universal access
Requiring a user, merchant, or agent to have internet access, a smartphone, or have a sophisticated understanding of technology or nance is a barrier that is implicitly tied to wealth. Everyone should be able to bene t from the Kora Network even if they don’t have internet access or extensive education
Engaging with existing communities
Financial services providers have always existed within communities to provide much-needed services. The Kora Network will enable these providers and networks instead of replacing them.
Kora(KTA)-The RoadMap
The roadmap confirms google trends results considering the long time working on since Jul-2017 passing through testnet launch in September in West Africa until core network in Dec-17. This February Kora team launches permissioned testnet and next March first beta will be issued. After the public sale of March 2018, the first pilot is going to launch in Africa and after Kora will start expanding in Asia and globally. Finally, in November 2019 Kora 2.0 is going to issue.Despite the numerous improvements in the financial industry, Banks are struggling to reach the rural areas in most parts of Africa. For instance, In America, the unbanked declined from 8 percent in 2013 to 7 percent in 2018. This shows a positive improvement due to the improving economy. However, In Africa, the stats remain stunning. In 2014, more than 66% of East Africa did not have a bank account. Financial literacy, the small size of the national market, political instability, weak judicial system, low-income levels have created a guarded African banking system. Banks still rely on old traditional banking systems of expensive technology, branch networks, limited talent pool and the inadequate systems. A set of unbanked people were interviewed in Uganda. After interviewing them, it was discovered that the interviewees refuse to use ATMs or online banking methods as they were scared that their money won’t reach the recipient. Similarly across the African continent, there is a similar feeling towards the banking system.
Kora(KTA)-The Verdict
Kora(KTA) will help with ease of money transfers or transactions, lending money to the people who are really in need of loans to start up businesses of their own, help farmers receive their monies without delay after delivery of produce from the rural areas to the urban areas, international transfer of funds. in March this year, they would also launch the Kora Network programme that helps with ease of transfer of funds to farmers in the rural communities from the farm the aggregator in instead of farmers going to the centre and carrying wads of cash from Abuja to their communities thereby reducing cases of therobbery on their way back from Abuja.
Join here
Join here Kora bounty campain - https://bountyhive.io/join/Kora%20Network
Official Web: https://kora.network/
Whitepaper:https://kora.network/downloads/Kora%20White%20Paper.pdf
Telegram:https://t.me/kora_network
Telegram:https://t.me/kora_network
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bountyhive refral link-bountyhive.io/r/rathnayake
bountyhive refral link-bountyhive.io/r/rathnayake
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