Fintech technology are disrupting the mode and way financial services are being offered all across the world. Despite moves by traditional banking institutions efforts to key into this latest technology through initiative such as online banking, e-commerce and mobile banking, they still fall short of achieving the ultimate goal of blockchain technology which is decentralisation as the present financial system is heavily centralised.
For instance, let's analyse the present ledger approach in banks. As of recent, the method of transferring value still relies heavily on clearing houses and intermediary banks. However, in a decentralised system championed by blockchain, a single transaction would be registered and monitored across the blockchain ecosystem without the need for diverse or multiple ledger entries currently obtainable in banks and consequently reduction of transaction cost- This is the ultimate goal that Korona coin aim to achieve.
In addition, performance of central banks in terms of efficiency deteriorated over the years and this is at a huge cost. Statistics showed that there's been a whopping increased in cash deposit from 171 billion to 2.4 trillion from 1980 to 2017. One would have assumed that this increase in income would be accompanied by a corresponding increase in interest rate but reverse is the case as interest rate went down from 12.25% to 0.27% within this same period. The bottom line is that customers are deprived of their true return on their investment (deposits).
As reported by the Cambridge Judge Business School, customers are looking for more efficient means of payment. 86% of Merchant presently adopt Bitcoin as main payment for cross border transaction. Unfortunately, Bitcoin has fall short of expectations even though decentralised because of issues of scalability, transaction time and ability to build smart contract on it.
There are tremendous benefits in the cryptocurrency space but various bottlenecks are militating against achievement of this noble benefits.
The Korona ecosystem is designed to offer integrated service both for private and business customers. This entails creation of an easy to use, transparent and licensed platform that would fulfil eclectic needs of users ranging from wallet management, efficient payment management technology and also fiat exchange. Furthermore, services such as taxation information support, client protection, commercial guarantee, marketing and market access support shall be provided.
Goods and services shall be made available either online or offline for purchase. To facilitate adoption, reward system shall be put in place to adapters of the token for business purposes. This no doubt would give Korona coin edge above others in the market place.
This new technology shall usher huge reduction in transaction costs and time and general increase in the adoption of cryptocurrency by private and business owners. Consequently, a new local all inclusive economy would be developed this is what we tagged " CRYPTO ECONOMY 2.0"
TAILOR MADE SOLUTION
The team at Korona recognizes the fact that there's no one solution for all and therefore focuses on solving challenges in the European trade territory though the solution can be transferred abroad. At the onset, the focus would be on regional economic and social peculiarities, opportunities and challenges in Europe. Korona as a Swiss foundation backed by Swiss law and with vast knowledge of trade experience in the Europe makes the team suitable for the task ahead.
THE USE CASE
The Korona tokens would be available to buy goods and materials in three European Countries with the hope of extending the service to other European Countries as demand grows.
NEW INTEGRATED PAYMENT FRAMEWORK
For more than a decade, the e-commerce sales volume and digital payments are known for constantly surpassing previous milestones by shattering previous records year in year out, this trend would no doubt continue. Similarly, the cryptocurrency is following suit by gaining more acceptance and by extension increased market capitalisation. Even at this growth, cryptocurrency still remain unconnected to the global commerce activities and to the largely preferred customer targeted digital payment systems.
To evolve decentralized payment mechanism in e-commerce, and in general commerce and trading activities directly, a user friendly, effective and regulatory compliant crypto payment frameworks and complex ecosystems are needed.
A look at the integrated payment framework of Korona.
Digital platform would be established to fill the lacuna that exists between e-commerce stores and cryptocurrency payments. This would be embedded in the Korona ecosystem, also for quick and easy accessibility, the Korona system developed payment processor API would be easily integrated into any third party online store platform and most importantly manufactured with security and speed in mind. This system would guarantee speedy transactions at minimal costs and it would be user friendly.
THE KORONA MARKET
While providing free and user friendly digital payment platform, Korona ecosystem would add more value to e-commerce by creating its own Korona Market. Here, users would find products of their choice on third party online stores that otherwise would not accept cryptocurrency payment but with Korona Market as intermediary would be able to purchase their desire wares and services.
Connecting local SME businesses to e-commerce and Korona payments
High transaction costs and inadequate information and knowledge has limited participation of small and medium size enterprises that have no partnership to an e-commerce despite eCommerce growth. The Korona Ecosystem will provide a modern, freely accessible and usable webstore platform frame, that can be accessed and used by any local business to perform e-commerce activities. Certain initial IT support will be also provided to SME when creating their platforms. Naturally, a Korona API will be implemented in the webstores and the only condition to use the free e-commerce frames will be the acceptance of Korona tokens by payments.
Extra Value For Customers With Price Comparing Feature.
One of the key innovation that would be added to Korona market is the price-comparing features. This would enable customers to compare prices of the same product across different online platform with the purpose of buying at cheaper prices without compromising quality. Price variations on the same or similar products is often witnessed across Europe, the same product in Germany could cost up to 40% more in the US and vice versa. Korona coin would help consumers explore this price difference for their own benefits.
Wallet Management For Online and Smart Devices
There would be wallets where users armed with their private keys can receive and send Korona tokens. Users would 100% be in charge of their funds.
User interface of the wallet is shown above
Instant Payment with Smartphone in Physical Shops
To complement the digital platform solution, the korona wallet management system would be incorporated into smartphone devices that would afford users the privilege of working into a store and making instant purchase and paying with korona coin on their mobile phones.
Fact remains that, the POS currently in place is expensive to manage in terms of production and transaction costs but korona solutions would be a lot cheaper.
In order to receive crypto-payments, the merchants will simply place a screen (either on a smartphone or on a tablet) with a QR code next to their cashier, and the Korona users by using the QR code on the merchant’s screen will be able to easily effect payments for the selected goods. For the highest possible transparency, before confirming a payment, the Korona users will be provided with the actual exchange rate and the transaction details both in local fiat and in Korona tokens.
Extending the Korona framework into a brand new integrated and streamlined system - The Korona Ecosystem
Integrated Business Support System
To facilitate worldwide acceptance of cryptocurrency, commercial support shall be provided for business that participate in the Korona ecosystem.
Relying on team experience in creating and developing successful business in diversified economy, there shall be development of integrated business support system to encourage blockchain based payment system by businesses and companies.
This support system shall include the following
1.Korona business wallets
2.Korona commerce platform
3.Korona merchant marketing support
4.Business taxation information support
5.Fiat payment services-Korona’s virtual cryptobank services
6.“Volatility tempering” mechanism
With a decade experience in the cryptocurrency world and having studied the evolution of popular cryptocurrency such as Bitcoin, Etherum among others, the Korona team has come up with token that is based on three germane pillars which are value creation, practicability and effectiveness.
This number has been determined taken into consideration our present customers and future customers.
Distribution Formula of the tokens
Token distribution and activation
The token distribution would take place after the ICO and successfully completion of KYC procedure. Equally, some products and services in Central Europe would be available in exchange for these tokens.
Bonuses for Contribution during the ICO phase
This is represented with the figure below and is done in such a way as not to hurt future distribution of these tokens.
Bounty Program
The team shall support those who promote the korona coins across different platforms. Specific details are provided in the table below
How Funds Raised During ICO would be spent
Project Realization- Content and Timeline
The execution of the various korona projects rest upon the success of the ICO. In the event that the soft cap is reached and hard cap fall short of target. We shall execute part of the korona ecosystem solutions while delaying or canceling others.
Fund Return Guarantee
In the event that we are unable to reach the soft cap during the ICO, funds received shall be returned to investors.
Timeline
Listing in major trading house
There is ongoing discussion with leading trading houses to list korona tokens and we are sure that listing shall take effect shortly after ICO. We are backing on our workable plans.
Jean-Marc Stiegemeier
Head of Management
The team is being led by Jean, an astute business with solid experience in diversified portfolio. Jean is a wall street executive, who oversees ten different companies in diversified industries.
Dr. Than Trinh
He is an associate professor at the Corvinus Business School and also heads, Corvinus Fintech Centre. He is also MIT certified Fintech professional. Dr Trinh works in advisory role with the Korona team.
Attila Bustya
Head of Technology Development
Attila finished Dimitrie Cantemir Economics University in Targu Mures, Romania in 2008, with a very successful and proven diploma dissertation subject: the market penetration and spread of LED lightning systems in households and automotive industry. While parallel attending Mechanical Engineering at Petru Maior University at the same city, he graduated the engineering studies in 2013. Bustya attended to Automotive Engineering Masters degree between 2013-2015 at University of Transylvania, Brasov, Romania.
Istvan Lorincz
Systems Engineer and Quality Assurance Manager
While holding a M.Sc. degree in Space Systems-Engineering from the Delft University of Technology, he created and held master level courses in Concurrent Engineering, Astrodynamics, Space Mission Design and Interplanetary Space Missions at the TU Dresden, while finishing up his PhD in collaboration with numerous companies and organizations in the space sector like Northrop Grumman and NASA on Innovative Space Propulsion Systems. By working tightly together with academics, numerous research institutes and the industry alike, he built up a significant network along the years, which include the Fraunhofer Society, DLR, ESA, NASA, Helmholtz Association, Airbus, BMW, Adelwitz Technologiezentrum etc.
Others include
Gabor Handy
Legal Consultant and Compliance Advisor
Zsolt Kolumban Head of Software Development/Security
Robert Balazs
Head of Market Development
Felicia Flora Kovacs
Head of Marketing (Argus Productions; Budapest - New York)
Roxana Ionescu
Program Coordinator
Laszlo Simon
Financial Adviser (Management, International affairs, Investors (Europe).
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