The Kora network initiative is a network that intends to use the power of blockchain to create a social impact on the African society. Kora is a project that is bringing hope to billions of people in the remote areas of Africa who are overburdened by the financial situation and suffer from lack of basic amenities such as lack of identity, access to banking facilities, lack of basic understanding of the banking system. It is also a project that intends to improve the standard of living by providing good social infrastructure, electricity, access to the internet and most importantly, making smartphones available to them.
The Kora Network
The kora network is a project that is leveraging on the blockchain technology to build an inclusive financial infrastructure for the unbanked of all communities by providing a cost-effective ecosystem that is universally accessible to billions of people that are without any functional financial identity. The kora network is planning on using smart contracts to build stable and secured financial network that will be applied in four ways
Identification: this will allow users identify who they are and what they do for a living
Secure storage: this will protect the users’ funds from being easily tampered with, devalued, and stolen
Easy transfer of cash: the user can transfer cash from one geographical location to another location without fear because the systems will be swift and secured
Marketplaces: this will create a better system of trust between merchants as funds exchange for goods and services will be secured with fewer disruptions.
The Kora ICO
The initial coin offering will take place on the 18th May 2018. Details are as follows:
Accepting— Eth, BTC
Soft cap— 100million KNT
Hard cap—333,753,302 KNT
However, Korea, the USA, and China are restricted from participating which is not at all unusual. The kora token is to decentralize the ownership of the KNT to bring stability to the network and to unleash the wealth potential of the unbanked. The kora token will be distributed as an ERC20 token after the pre-sale and public sale May 18th.
The problems Kora intends to tackle:
The high cost of financial player: Basically this means financial establishment shy away from remote areas due to the high cost of building and maintenance.
Lack of identification: This is the biggest issue that Kora is aiming to tackle, most people don’t have any means of identification which is also a reason why banks don’t bother going to remote areas.
Technological barrier and lack of trust in the banking institute: most people don’t understand how banks or ATMs operate and avoid it by all means.
Financial illiteracy: aside from knowing the value of money in their possession, most people don’t understand the technology of banks.
Low market value for the unbanked: the unbanked are considering less valuable as they are not able to make a decisive decision because of their financial illiteracy which is a risk not worth taking by banks
In conclusion, kora network is taking the blockchain technology to the community which it believes that with a better understanding of technology, it will attempt to bridge the gap between the rich and poor. Kora is changing the financial system of Africa communities which is a viable market with the roadmap that kora has in place.