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Thursday 8 March 2018

CRYPTO ICO KORA - An Infrastructure For Inclusive Financial System

KORA - An Infrastructure For Inclusive Financial System

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⇛What Is KORA Network?

    The Kora Network is a platform that provides financial services to people, merchants, organizations and other financial materials in an easy, cheap, fast and pro-table with the ability to reach users around the world. 
    This network is based on blockchain technology that has four layers, as follows:
  • Protocol - This layer determines the basis of what network users must agree to.
  • Data - This layer is where the database blockchain in the form of an authentication identity, transactions, account balances, token contracts, and software which stored in a smart contract.
  • Application - This layer is where transaction processing, data feeding, blockchain monitoring and integration with outside systems that is the transition between software and blockchain.
  • Access - This layer is how users access the network either through the site, smartphone or other.
    This network builds on the Ethermint that applies the Ethereum virtual machine with the Tendermint consensus. It is useful to support the Ethereum developer community which is one of the largest in the blockchain by fulfilling the requirements as follows:
  • Scalability means that it can process bank-scale transaction volumes with reasonable intervals.
  • Programmability means having the ability to build programs.
  • Resilience, meaning it must continue to function in the Byzantine environment.
  • Decentralization, it is network can be run in a decentralized way.
  • This network will be secured with a fashionable version of Dpos (Delegate Proof of Stake).

 ⇛Problems

Here are the problems that Kora will be solved, as follows:
  • High Cost to Serve - The banks charge high fees for an account, ATM withdrawals and money
    transfers Physical travel is another issue; it can sometimes take more than a day to reach bank branches or ATMs.
  • The misconception that the Underserved have Little Value - The general perception is that underserved customers would be transacting in “small” amounts
  • Lack of Identification Documents - The 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.
  • 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.
  • Lack of Financial Literacy - 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

Here are the existing solution for five problems that kora will be solved, as follows:
  • Banks - Banks continue to account for the majority of financial services worldwide.
  • Local Ad Hoc Networks - Local ad hoc networks like friends and family, or hawala, informal agent-based systems have always existed.
  • Mobile Money - Mobile Money provide a service that brings value through transaction speed, but interoperability, both between providers and between countries, is a major issue.
  • Blockchain Project - Blockchain projects can store and transfer value across borders at enormous scale and low cost.
    We can build better future by learning from the past, We believe the solution for wide-scale, sustainable adoption of a financial services platform would require:

⇛The KORA Ecosystem

    This network is not a licensed financial institution so that users who wish to contribute must be licensed financial service providers or mobile money operators and responsible for compliance with applicable provisions. With decentralized Kora, a network will maximize value for all participants more equitably.
  • USER - User can be anyone who wants to join Kora Network.
  • PROVIDERS - Providers will give access to a user for financial services on the Kora Network and will be responsible for regulatory compliance.
  •  AGENTS - Agents will be the cash points that convert between eFiat and physical cash for commissions.
  • MERCHANT - Merchants will be businesses that accept eFiat as payment methods.

⇛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.
   In general, cryptocurrency cryptographically stores a number of values maintained through a decentralized network. Compared to the current currency, the cryptocurrency has advantages, as follows:
  1. Cryptocurrency is protected from counterfeiting against physical charges due to keys that encrypt and decrypt information on the network.
  2. Cryptocurrency is published and distributed in a peer-to-peer manner and can not be controlled by any party.
 There are three types of cryptocurrency, as follows:
  • Currency - In this case, the cryptocurrency is used only as a digital currency, such as Bitcoin, Litecoin, and Monero. The use of this currency is similar to the use of the currency in general, as a store of value and the medium of exchange. These currencies maintain and grow their value through the ability to fulfill functions safely and without centralized controls. 
  • Token utility - It is crypto that has a usage on the network beyond its monetary value. Users can also redeem products or services with the token value.
There are several different types of tokens, as follows:
  • Usage Token - this token provides access to digital services of a network for example Ether.
  • Job Token - this token allows the token holder to contribute to the work on decentralized networks such as Augur Reputation.
  • Hybrid Token - this is a combination of a token usage token and job token.
  • Crypto assets - This type is a redeemable token for a principal asset such as, Tether (USDT) which can be redeemed by USD or Digix Gold Tokens (DGX) that can redeem by Gold.

⇛Token Sales 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].Contributors supporting the development of the Kora Network can do so by sending Bitcoin or Ether to the designated address.
  • The KNT received by a contributor is fixed at the USD price at which they bought it. The hard cap for the Token Sale is $24 million.
  • 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.
  • The Token Sale will be split into two phases: Pre-Sale and Public Sale.
  • The minimum investment amount for the Pre-Sale is $5000.
  • There is no minimum investment amount for the Public Sale, and the maximum is $1 million per unique identity.
  • Excess contributions will be refunded.
  • Kora Technologies Limited controls the contract and the multi-sig address to which funds will be sent.
  • 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.
  • All unsold tokens will be burnt.

 

⇛Roadmap

 

⇛Team



  • Dickson Nsofor - CEO & Co-Founder
  • Maomao Hu - COO & Co-Founder
  • Eugene Fine - CTO
  • Zahen Khan - Head of Marketing
  • Oleh Ostroverkh - Project Manager
  • Lauren Harrington - Blockchain Researcher
  • Bryan Uyanwune - Business Development Lead
  • Roman Katsala - Lead Developer
  • Victoria Mygalko - Product Lead
  • Vladimir Mitso - Blockchain Developer

 

⇛Advisors

  • Faisal Khan - Leading Banking & Payments Consultant
  • John Edge - Chairman, ID2020
  • Nako Mbelle - CEO, Fintech Recruiters
  • AA Atayero - Wireless Network Researcher, Covenant University

 

⇛Partners

For more information about Kora, please visit:
Created By: INAQAMAQQU
BITCOINTALK PROFILE LINK:  https://bitcointalk.org/index.php?action=profile;u=1113323
TELEGRAM: @inakamakku
ETH Address: 0xb01ED849a9f602cb01b62A5072d79182bc230f20
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