Kora(KNT)-Community Owned Financial System

Have you known a Financial platform that owns by the public? The digital revolution has no doubt transformed our world by introducing newer technologies. Technology is changing the way we work, do business, communicate, bank and even eat. We can now work smart, communicate instantly, and connect to anyone globally. Sadly, many of the people in remote places and developing countries cannot enjoy new technologies as they largely depend on smart devices and Internet access. In developed countries, only about 70 percent can access the Internet. Conversely, with developing countries, the statistics are way down. Less than 50 percent of the people cannot get Internet access. When it comes to the financial services access, 2.5 billion adults in the world don’t use financial institutions to either save or borrow money. Without access to financial services, many people all over the world are living below the poverty line. But thanks to the blockchain technology, people may no longer need to have smart devices or connect to the Internet for money services. Introduced in 2009 with the Bitcoincryptocurrency, blockchain technology allows secure digital transactions in a peer to peer fashion. It is decentralized and therefore doesn’t require third party organizations. Transactions are direct – from one person to another. Although initially working with Cryptocurrencies, blockchain technology is now being applied in many industries to facilitate safe digital transmissions. For instance, Kora Network has built a global financial service platform on blockchain.
Kora(KNT) and How Does it Work?
Kora Network is a financial services infrastructure whose mission is to connect people, communities and money in one ecosystem. As such, it offers financial services to users through SMS, USSD interfaces, smartphones, and in person access. National currencies are picked in form of tokens that are used to build networks which form blocks of transactions to users all over the world. Token details are soon to be released on their site and interested parties can sign up for further information and updates. Additionally, Kora intends to work within the boundaries of present financial system to comply with governmental the rules and procedures.
Who Can Use Kora(KNT)?
There’s no geographical limit with Kora – the system is universal. Anyone from any corner of the world can use it, including a farmer in the remotest place in Asia. The only requirement is that a person needs a basic phone. From the information on Kora’s website, the enterprise promises low transaction costs for users. The main purpose is to connect and empower local communities with access to tools and services that will allow them obtain instant financial freedom even without a smartphone or Internet access. You don’t even have to understand what technology is and how it works. Moreover, there’s no need to understand finance or English.Kora meets everyone at their level. If Kora sticks by its mission, this is a project that can bring hope to billions of people in the world who are underserved by the currently existing financial systems. It removes the burden and complexities of expensive and the inconvenient financial services.Despite the numerous improvements in the financial industry, Banks are struggling to reach the rural areas in most parts of Africa. For instance, In America, the unbanked declined from 8 percent in 2013 to 7 percent in 2018. This shows a positive improvement due to the improving economy. However, In Africa, the stats remain stunning. In 2014, more than 66% of East Africa did not have a bank account. Financial literacy, the small size of the national market, political instability, weak judicial system, low-income levels have created a guarded African banking system.
Banks still rely on old traditional banking systems of expensive technology, branch networks, limited talent pool and inadequate systems. A set of unbanked people were interviewed in Uganda. After interviewing them, it was discovered that the interviewees refuse to use ATMs or online banking methods as they were scared that their money won’t reach the recipient. Similarly across the African continent, there is a similar feeling towards the banking system. Most Africans love to do business with Credit Unions instead of traditional banks. Credit Unions are privately owned and governed by a group of individuals. Members have 100% trusts in the unions because they don’t need collateral to apply for loans. Although their loan interest rate is high, Farmers love the Credit unions because they can access quick loans.
Kora(KNT)-The GDP
This is partly due to the fact that the underserved have little to no money. However, research has shown that providing financial services to the underserved could result in a $3.2 trillion increase in GDP. The current solutions are not working. Banks have failed to solve this issue. In fact, in countries like Kenya, there are less than 10 ATMs and 5 banks branches per 100,000 people. Also contributing to this factor is financial illiteracy. More than 60% of people in Zambia and South Africa don’t understand simple basic financial terms like ATM, checking accounts and interest rates. That’s why many blockchain projects arose to solve this issue since blockchain can transfer and store values with low cost. However, a great understanding of blockchain and with costly internet access is required to access such blockchain services. A fixed internet plan cost $39 which is about 39% of the monthly income of an underserved person in Africa. Kora is here to combat these issues by providing low-cost financial services through a financial service platform. Kora Network is a project of hope to the underserved people in Africa and other parts of the world. Kora will provide users access to financial services on the network. Merchants will be industries that accept eFiat as payment methods. The kora network is built on Ethermint. Ethermint supports the Ethereum community which is one of the largest communities on the blockchain. Kora token referred to as “KNT” or “Kora Network Token.” The token will be the medium to pay for the costs incurred by the network. The launch of the emission process and the token creation will be organized around the Network public blockchain.