Why The Kora Network is so important?

Why The Kora Network is so important? | Ecency

The requirements of the emerging market are addressed by the infrastructure that is provided by the Kora Network. It aims to develop a stable, secure and reliable foundation to achieve its goal of providing value to its users.

The 10 important reasons for which this is going to be important are explained in the following points:

1 . Lower cost:

Without differentiating anyone one the basis of wealth, Kora provides supports to all.

2 . Universally accessible:

One doesn't need to have internet or smartphone to access Kora, thus it is accessible to everyone.

3 . Engagement of the community:

Kora operates by causing the empowerment of the existing communities instead of obstructing them

4 . The infrastructure of robust financial services have built by Kora
by including 4 basic functionalities into the network, which are :

a. Proof of identity:
It is possible for the users to prove their identity and soundness of the activities carried out by them.

b. Fund protection through secure storage:
The funds of the users can be protected from devaluation or stealing.

c. Transfer of money:
The quick and secure transfer of money is possible on the part of the users.

d. Venues for the exchange of money and goods:
The users can exchange their money to get goods, services as well as capital at the marketplaces.

5 . The Ecosystem of Kora is its key distinguisher. It is responsible for storing the identities of the users and records of the transactions, running the software modules and establishing a link to the other blockchains besides maintaining the user privacy.

6 . Besides supporting decentralization, scalability is possible through the use of Tendermint DPoS as a consensus algorithm which prevents electricity wastage supports decentralization and performs the processing of a greater number of transactions per second.

The security of the blockchain is maintained by the KNT or Kora Network Token. The supports of token liquidity is an important feature of the platform that ensures trading on the exchanges after a month of the completion of the token sale. It is to be noted that KNT is a utility token.

7 . The comprehensible and trusted digital versions of the national currencies, known as eFiat are fully supported by the cash reserves that can be redeemed on 1:1 basis.

8 . The use of CVNs enables the empowerment of users to gather the capital needed for lending or investment purposes, providing social assistance, and education regarding financial as well as other services.

9 . The Kora Project forms the support system that provides hope to billions who are not being served properly by the prevailing financial system. Such people also face problems for not being able to access the expensive financial services.

10 . Farmers are the most important users who will be benefitted by Kora as the network helps in disbursing the payments to the farmers quickly. This has led Kora to establish a partnership with a Nigerian farming aggregator that works for 25000 farmers for efficiently yielding the crops in a profitable way.

3 significant problems will be targeted for solving in the 3-month beta will be launched by Kora with 300 farmers present around Abuja. The problems are enlisted below:

a. Payments that are to be disbursed to the farmers from the aggregators.
b. Transfer of money between the farmers and the suppliers.
c. Enabling the farmers to gather their capital into a CVN.