KORA Network: Building an Infrastructure for Inclusive Financial Systems using the Blockchain
Originally published on: BTCMANAGER
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April 17, 2018
KORA is a new blockchain-based platform built to provide an innovative infrastructure for inclusive financial systems. The project is trying to develop a new commercial ecosystem where everybody can participate regardless of having internet access or not. KORA’s mission is to provide equal access to financial services to anyone in the world irrespective of its condition, social scale or education level.
What is the KORA Network?
The KORA network is a new and innovative financial platform that is set to build the next generation finance infrastructure in an attempt to connect anyone, anywhere in one big economic ecosystem. To do that the platform will allow for people to have access to financial services through SMS, Unstructured Supplementary Service Data – USSD interfaces, smartphones, and in person.
KORA doesn’t make distinctions and considers every user the same. Their mission is to provide easy access and financial empowerment to millions of people that never had it before. The platform is built over four layers of infrastructure designed to offer different aces to the network. Users will only need to have a basic phone to access the KORA network.
According to the project’s whitepaper, there’s no geographical limit for anyone to use the application. The only requirement is the access to a basic phone. KORA is set to offer low transaction costs with the purpose of empowering local communities that don’t have access to financial services. Moreover, KORA network has built the simplest platform ever with an ease-of-use that doesn’t require any technical knowledge whatsoever.
What is KORA Trying to Solve?
There is an inherent cost to the access financial services. In underdeveloped countries, the lack of an ID and the amount of paperwork needed to open an account often presents a big challenge to people in isolated communities. Apart from this, the natural selection of banking services doesn’t see any advantage in covering these regions.
KORA is here to change this and take banking and financial services to places where people never any kind of financial support. By providing inclusive banking and financial systems built using the blockchain, KORA is trying to establish itself as a universal platform for financial services.
The KORA Network is built upon a platform that uses a four-layer infrastructure to streamline the whole transactions process. These four layers are:
- Protocol: a fundamental layer which defines the basic rules on the network,
- Data: the layer where the immutable ledger lives,
- Applications: the layer where the data stored in the blockchain comes to life,
- Access: this is the layer where users access the network.
The KORA Network will be designed to enable an infrastructure which allows basic access to the platform via SMS/USSD on feature phones. This is key to taking KORA Network services to anywhere. The app is also reachable with internet access via a mobile app. The goal is to reach and help build self-sustaining community-owned financial ecosystems.
By using the blockchain, KORA can reduce the time and costs associated to financial services, while constructing a steady network of stakeholders that will maintain a global financial community able to provide capital, creativity and the endorsement for innovative economic activities in remote regions.
The KORA Network also uses a structure of four elements that provide the building blocks for the inclusive financial system. These four elements are:
- Identity: Letting a user prove they are who they are, and that did what they say they did,
- Secure Storage: Letting a user protect their funds from being easily stolen or devalued,
- Money Transfer: Transferring value from one entity to another, quickly and securely,
- Marketplaces: Creating venues for users to exchange money for goods, services, and capital.
A coherent financial system always grabs specific key elements that enable it to work correctly. These four elements will be the backbone of the trustless system that the KORA Network is aiming to provide.
The KORA Network presents a fusion of the Ethereum Virtual Machine and Tendermint consensus (Ethermint). Providers will be responsible for creating the blocks. Anyone can become a provider, by installing mining equipment. Users will also have access to the blockchain via network tokens. There is a whole voting process in the creation of investment parties which will then will become network nodes.
Universal Access and Identity
To avoid fraudulent schemes the KORA Network will require users to go through a multi-leveled identification process. The company will provide a wide range of methods of ID verification such as a biometric photograph, government ID, fingerprint or reference from another verified user. The users will also be under a reputation system which will also increase their levels of trust.
KORA Network Token (KNT)
The KORA Network Token (KNT) will be the token that will rule the network. KNT will be a combination of three different categories of cryptocurrency; digital currency, utility token, which will be subdivided into three subtypes and crypto assets. The Token itself will be used within the network in three different types:
- Usage Token: used to access a particular service for which a specific utility token is made.
- Work Token: used to gain reward for contributing to a service.
- Hybrid token: the combination of both.
KNT will be the engine of the whole KORA network ecosystem, acting as a payment device, a reward system, and financial services unity system.
KORA is bound to deliver financial services to the unbanked all over the world. It will introduce a distributed network of people that will empower individuals and communities in remote and underdeveloped regions. The public token sale starts on April 23. For more information, please visit the company’s official website.
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