KORA NETWORK: EVERYONE DESERVES FINANCE
What do you do when you suddenly need your funds? How do you keep your hard earned money safe? How do you invest? Transferring money to your family far away?
I bet you answered "Banks", to at least one of these questions.
Since the beginning of time itself, we have been learning new ways to improve our living conditions by evolving. With the urge to improve, we used various resources available to us. And when it comes to resources, individual's wealth governs his access to the services. Banks have become a crucial part of our lives, considering our dependence on them. Most of the transactions, worth millions, done today are off-paper. This was all made possible due to our financial institutions.
Don't you ever ponder, what would be humanity without banks? Apart from the global crisis, market, and stock destruction, people individually will be affected as well.
Now let's take a moment to think about the people without these services.
Billions of people living on the outskirts and underdeveloped regions lack any of the financial services. This affects their wealth generation and also causes an economic crisis as 1/3rd
of the world still remains unbanked.
KORA NETWORK: A SELF SUSTAINING FINANCIAL SYSTEM
Financial service is a luxury that is not available to everyone. This strips away their contribution from the world economy. Although the available systems are trying to cope up with the differences, the following problems make it a challenging task:
Establishment and service costs: Provision of any service comes at a cost. Here, it takes a lot of funds to establish bank branches in the remote area. The cost of land, staff, electricity, and maintenance are a few examples.
Lack of government identification certificates: People from rural areas lack the basic personal identification certificates. About 1.5 billion people come under this category, as estimated by The World Bank.
Financial Illiteracy: People lacking the financial knowledge usually end up making disastrous decisions leading to debt trap and pyramid schemes. Due to this, the financially unfortunate population slip further below the poverty line.
What is the vision of THE KORA NETWORK?
Despite the existing solutions, the condition seems to be deteriorating with time.
Kora introduces their plan to dramatically cure this situation, keeping the following aspects in mind:
Low cost: As it is a self-sustaining system, the cost of services will be towards the lower end of the graph. This will help in making it available to all, despite their financial condition.
Accessible to all: Users without smartphones and internet access, will be able to use this platform using USSD codes. Uses with smartphone facilities can also use the Kora Web-Application.
Identity-based on reputation: Now , the population without any identity proof can also avail all the financial services. Kora uses a reputation based points system to calculate the morality of any user. More dignified users can avail better services.
eFiat currencies: Kora uses eFiat currencies which are backed by 100% of physical cash currency. The use of digital currency will improve the adaptation and will be more trustworthy.
KORA NETWORK TOKENS (KNT): FUELING THE PROJECT
Tokens generated by The KORA Network are standard ERC-20 compliant tokens called KNT Tokens. 45% of the total tokens generated will be sold at the Token Sale. The Token Sale will help in the funding process and will also aid in maintaining the decentralized ownership of this project.
The token sale will be conducted in two phases, Pre-Sale and Public Sale.
The minimum investment amount for the Pre-Sale is kept at $5000 USD and the aimed Hard Cap for the project's token sale is aimed at $24 Million USD. There are no minimum investment amount criteria although, a person can invest only up to $1 Million USD per identity, any amount more than that shall be refunded.
The KNT token will be worth the exact cost paid by the contributor in US Dollar during purchase.
FINAL VERDICT
Let's go back where we started. It is well established that financial services can be really advantageous for any individual, irrespective of their economic status.
KORA Network plans to establish tie-ups and relations with other financial competitors to serve the users of all category, benefitting all.
Looking at the situation from a farther distance, this can be a breakthrough for the World's Economy as a whole.
Bountyhive User Name: ollivander
Bountyhive Referral Link: www.bountyhive.io/r/ollivander