KORA NETWORK

Kora is a popular musical instrument in the Western/Eastern region of Africa frequently played in songs of celebration, or to pass a message of hope.
Kora is also a project of hope for billions of people who are underserved by the current financial system.

Website

Problems

Access to financial services is uneven and expensive due to five main barriers.

1.High Cost to Serve

Opening bank branches in rural or remote areas is unprofitable due to high costs such as property fees, staff headcount, and IT infrastructure. To offset these costs, banks charge high fees for account maintenance, ATM withdrawals and money transfers Physical travel is another issue ,it can sometimes take more than a day to reach bank branches or ATMs.

2.Misconception that the Underserved have Little Value

The general perception is that underserved customers would be transacting in “small” amounts. However, PWC estimates that the global unbanked population holds at least $360 billion in unmet deposits in 2016 alone.In addition, a 2016 McKinsey report estimates that widespread adoption of financial services through digital finance could result in a $3.2 trillion increase in GDP of all economies by 2025.

3.Lack of Identification Documents

According to the World Bank, 1.5 billion people worldwide lack any form of valid identification. Official or valid ID for opening a bank account is often difficult to obtain in developing countries.

4.Lack of Trust and Technological Understanding

Many people without bank accounts perceive banks as unsafe. There still exists a widespread lack of trust in financial technology, including ATM’s and online banking

5.Lack of Financial Literacy

We believe that with limited financial literacy, people may be at risk of making poor financial decisions including taking loans with interest rates they may not be able to pay, getting involved in pyramid schemes, or paying unreasonably high charges on remittances or foreign exchange mark-ups.

Solutions

1.Banks

Banks continue to account for the majority of financial services worldwide,however they do not target the underserved as they are difficult to serve and often lack proper identification.

2.Local Ad Hoc Networks

Local ad hoc networks like friends and family, or hawalas, an informal agentbased systems have always existed. These arrangements tend to fill gaps in day-to-day life, but may be often inconsistent, unable to scale, and cannot be used as a form of credit history.

3.Mobile Money

Mobile Money businesses provide a service that brings value through transaction speed, but interoperability, both between providers, and between countries, is a major issue.They also hoard data as a proprietary advantage instead of giving ownership back to the customer.

4.Blockchain Projects

Blockchain projects can store and transfer value across borders at enormous scale and low cost. However, a sophisticated understanding of blockchain technology, an expensive smartphone, and costly access to Internet are often required to access such blockchain-based services. As the average underserved person in Africa lives on less than $2 a day,these projects are tend to be out of scope for them.

Kora Network Token (KNT)

KNT The native Kora Network token will be referred to as “Kora Network Token” or “KNT” and will be used as the staking unit for selecting block producers, as well as a single medium to pay for costs incurred by the Kora Network. Holding KNT equates to having a partial role in the Kora Network.

Token Sale Details

The launch of the Kora Network, and the token creation and emission process, will be organized around the Kora Network public blockchain. The goal of our token sale (the Token Sale) is to decentralize ownership of KNT to ensure the crypto-economic stability of our network, and to exchange KNT for capital to execute on our vision of unleashing the world’s potential for wealth creation and becoming a leader in financial services [for the unbanked].Please Join Us,https://bountyhive.io/join/Kora%20Network

1. Contributors supporting the development of the Kora Network can do so by sending Bitcoin or Ether to the designated address.
2. The KNT received by a contributor is fixed at the USD price at which they bought it. The hardcap for the Token Sale is $24 million.
3. Further details about the Token Sale will be released online. Sign up on our website to stay up to date, and to complete the contribution process.
4. The Token Sale will be split into two phases: Pre-Sale and Public Sale.
5. The minimum investment amount for the Pre-Sale is $5000.
6. There is no minimum investment amount for the Public Sale, and the maximum is $1 million per unique identity.
7. Excess contributions will be refunded.
8. Kora Technologies Limited controls the contract, and the multi-sig address to which funds will be sent.
9. KNT will be distributed to Contributors as an ERC20 token after the token sale is completed. KNT-ERC20 tokens can be redeemed for KNT on the Kora Network when the public blockchain is launched in Q3 2018.
10. All unsold tokens will be burnt.

KNT Supply

Use of Funds

Funds raised during the Token Sale will be used solely for the research, development, and growth of the Kora Network. The Use of Funds will be monitored by the Board of Advisors, and we expect to use the following structure when operating our project.

Team

Dickson Nsofor CEO & Co-Founder

Maomao Hu COO & Co-Founder

Advisors

Faisal Khan Leading Banking & Payments Consultant

John Edge Chairman, ID 2020

Nako Mbelle CEO,Fintech Recruiters

A.A Atayero Wireless Network Researcher, Covenant University

Details Information :

Website : https://kora.network/

Whitepaper : https://kora.network/downloads/Kora_Vision_Paper_International.pdf

Twitter : https://twitter.com/Kora_Network

Facebook : https://web.facebook.com/thekoranetwork?_rdc=1&_rdr

Medium : https://medium.com/kora-network

Reddit : https://www.reddit.com/r/koranetwork

Github : https://github.com/koranetwork

Telegram : https://t.me/kora_network

Author : viarathel

Profile Bitcointalk : https://bitcointalk.org/index.php?action=profile;u=1275057

Eth Address Wallet : 0x354B4485f6133537148382d7022Be1b3c98Dbf95