Presenting the Kora Network, an infrastructure built for offering wide-ranging financial systems. Based on the blockchain technology, the Kora Network platform offers low-priced, worldwide access financial services, which are easily accessible via SMS/USSD (offline) or via a mobile application (online). The main goal of the Kora Network is to end the problems of billions of people who are underserved by the current financial system. Kora uses its own cryptocurrency dubbed KNT, which stands for Kora Network Token.
The Kora Network: Kora is a popular Western/Eastern African musical instrument often played in songs of celebration or to pass a message of hope. The Kora Network has built an infrastructure for inclusive, community-owned financial service ecosystems which are all based on; Universal access, meaning that anyone can use Kora with or without an internet or smartphone, community value networks or CVNs which offers long-existing and trusted network opportunities, and a low-cost, quality and stand-alone financial service to the underserved and other various communities on the platform.
The Current Problems: Numerous of problems are arising with the current uneven and expensive financial system, all because of five main barriers;
• Expensive Service Cost – Opening bank branches in the smaller areas is not profitable due to high cost such as property fees, staff headcount and IT infrastructure. The high service cost is also time consuming as sometimes withdrawals and deposits take more than a day to transfer.
• Misconceptions that the Underserved have Little Value – A common belief of the banks worldwide is that the poor cannot save and have no money to save. Due to that misconception the banks do not provide the same financial services as to other customers. However a recent study estimates that the global unbanked population holds at least $360 billion in unmet deposits.
• Absence of Identification Documents – Having an official or a valid ID is essential in order to open up a bank account. According to a recent study a shocking 1.5 billion people worldwide lack any form of valid identification particularly in developing countries.
• Lack of Trust and Technological Understanding – Trust and understanding of the modern day financial technology is also an essential when opening a bank account. Many people fear to use banks to conduct their savings and financial needs as they are seen as dishonest and with lack of trust.
• Partial or no Financial Literacy – Financial Literacy is an especially concerning issue. With limited financial literacy the people are at risk at making poor financial decisions such as; taking loans that cannot be paid, getting involved in pyramid schemes or even paying high charges on foreign exchange mark-ups.
Several groups have attempted to solve the current financial system and the five barriers, with each having its own approach but with some gaps and underperformances. However the Kora Network has come to a solution to all of the problems by lowering the costs, evening the service between the underserved and other existing communities and offering technological understanding with financial literacy to its users. Kora Network aims to free the trapped capital, intellect, and creativity of the long tail through self-sustaining, community-owned ecosystems.
The Kora Network Tokenization: The KNT or simply the Kora Network Token as mentioned before is the main crypto currency obtained by the company. The tokens will be used as a payment method for selecting block producers and also to pay for costs incurred by the Kora Network. Holding KNT equals to having a partial role in the Kora Network. The KNT public token sale starts on the 2nd April 12 pm UTC and ends on the 30th April 12 pm UTC.
Connect with Kora:
Website: https://kora.network/
Bounty Hive: https://bountyhive.io/browse/Kora%20Network
