KORA NETWORK EMPOWERS THE DEVELOPING WORLD THROUGH FINANCIAL INCLUSIVE SERVICES

According to International Monetary Fund (IMF), improving access to financial services can make a difference in Africa’s economic performance. Access to finance is still relatively low in sub-Saharan Africa, with around 85 percent of the population excluded from the formal financial system and the most affected are Women and youths.

If we are to truly promote women empowerment and uphold economic growth and sustainable development, then access to financial services is an important issue to handle imminently. Youth are not also left behind as statistics show that 70 percent of the African population is under 35 years old and despite the improved socioeconomic conditions of these young Africans, young people continue to face major challenges in the aspects of higher education, employment, health, and the financial exclusion of these group of people from growing and accumulating their capital through loans, grants, credits has disproportionately increased the gap between the rich and the poor, leading to constant agitation in various regions, social instability and indirectly causing political instability.

THE KORA NETWORK AND HOW IT SOLVES THE PROBLEMS OF FINANCIAL INCLUSION

The Kora Network is a public blockchain system that provides the tools needed to build a self-sustaining, community-owned ecosystem for circulating and accumulating capital within a community. It simply aids the teeming unbanked population to have financial access to credits, loans, grants, store money and other services using the blockchain technology by imbibing trust, providing unique and universal identities, creation of technology awareness and elimination of loss in funds and thereby improving lives and economic condition of the people in developing nations or communities.
Below are key distress areas that kora.network offers solutions to in a financial inclusive system using blockchain technology.

• The High Cost Of Providing And Assessing Financial Services

The financial service companies in developing countries have found it quite difficult to deliver efficient financial services due to hiccups bedeviling the market system. IT and infrastructure are expensive, lack of adequate technical know-how and unfavorable government policies have made the financial service companies like the bank to impose excessive charges and difficult loan structure all because of incurred expenses that must be offset. The Kora.network will deconstruct and abstract the infrastructure needed for financial services so that new Providers can easily provide financial services as needed for Users, without the huge cost of establishing and running a front-to-back financial institution and also drive down the cost of establishing a financial service and business for new entrants and entrepreneurs.

• Insufficient Identification

Over 1.5 billion people worldwide lack any form of valid identification and to be eligible to access a financial service, identification is important but then this is something that is not readily obtained in developing counties because of lack of some social and economic instruments. Since phones and SMS are still the prominent means of communication in most developing regions where the unbanked are established due to their affordability and wide availability. Kora will introduce the financial service in a way that the unbanked will be helped to overcome the initial mistrust that comes from a new solution, therefore driving adoption. The beauty of this all is that you don’t even need a smartphone to gain access since Kora.network will provide these financial services on even the cheapest feature phones, either through texting a number maintained by Kora Network via SMS or inputting a shortcode and using USSD while the user's transaction history is stored on the blockchain.

• Lack of Trust and Technological Awareness

Trust has always been an important ingredient in establishing a financial relationship between two or more people /companies and this is evidently shown in the low patronage of traditional banking systems and modern financial technology. Stories of banking scandals including embezzlement and fraud keep mounting daily and have induced fear in many people thereby making them resort to avoid using the banking systems to avoid exploitation and loss of life savings. The blockchain is decentralized and to date is the most secure and reassuring technology known to man. Kora network is hosted on the blockchain using the four layers of financial infrastructure (protocol, access, data, and applications) to provide a trustworthy experience while training its ecosystem using simple tools.

THE KORA NETWORK TOKEN

Kora Network Token(KNT) is central in securing the network, and holding KNT mean having a partial role in the Kora Network. Holders use it to vote on who produces blocks, as well as a single medium to pay for costs incurred by the Kora Network.

Token Sale Details

Pre-Sale: $3 Million Sold Out
Public Sale: $20 Million starts at 20% Discount
Public Sale Dates: 2nd April 12 pm UTC - 30th April 12 pm UTC
Token Supply: 755,007,338
Tokens For Sale: 339,753,302
1 KNT = $0.1
Payment Method: BTC & ETH

THE TEAM

The kora.network team is made up of experienced developers, seasoned entrepreneurs, and blockchain experts.
It is led by;

1. Dickson Nsofor - Co-Founder and CEO of Kora Network and an alumnus of Nankai University New York, New York.
2. Maomao Hu - Co-founder and COO of Kora network and an alumnus of New York University, Brooklyn New York.
3. Oleh Ostroverkh - Chief Blockchain Architect
4. Dan Buckley CFO of Kora network
5. Socrates Ayvaliotis - Cryptoeconomic Design Lead
6. Roman Katsala - Lead Developer
7. Victoria Mygalko - Product Lead
8. Zahen Khan - Head of Marketing

In summary, kora Network is bringing blockchain technology to solve the developmental problems of the developing world through the provision of inclusive financial services. Kora network will build trust among operators, providers, and people looking to access financial service through simple technology and provide adequate identification require in accessing these services worldwide irrespective of class or social status.

Relevant links:
https://www.kora.network/downloads/Kora%20White%20Paper.pdf
https://www.kora.network/tokensale.html
https://www.kora.network
https://bountyhive.io/join/Kora%20Network

Authors bountyhive username: chudidonas
Email: [email protected]