The World Bank and the United Nations believe that today there are about two billion "homeless" people or people without bank accounts in the world. We prefer to use the term "subserves", since the very fact of having a bank account does not guarantee access to financial services. According to our estimates, the number of people undervalued financially may exceed four billion worldwide.
The exclusion of billions of people from the growth and accumulation of their capital has led to social, political and economic instability, as a result of which huge blocks of global potential for value creation have been sunk.
Informal networks and existing solutions
Long before the international financial institutions, communities provided their financial services. For example, Esusu is an ancient financial practice in the Yoruba tribe of Nigeria, where people contribute / have close ties. Networks such as hawalas are used to transfer money between people or to purchase raw materials, such as gold, as deposits of wealth.
These special networks, although less expensive and more affordable in regions with inadequate maintenance, are fragile and difficult to grow, as they act on a personal reputation.
On the other hand, banks require guaranteed resources, liquidity and formal identity to determine creditworthiness. Most banks also require minimum fees and commissions to ensure profitability. In places like Africa and South Asia, this means that banking is available only to the rich and only to urban areas. Since banks do not see profitability in rural areas, people who live there have to spend hours on the transfer of money.
As can be seen in East Africa, Mobile Money solutions have made extraordinary work to reach people in which banks have failed, but most of them work with centralized databases exposed to hacks. Centralization creates a barrier to interaction, as each mobile operator must integrate between banks and traders, which means that they can not expand beyond their geographic region or mainland.
Many other Blockchain projects are extremely theoretical. But on land barriers such as lack of electricity, access to the Internet, roads that are accessible from rural areas to urban areas and fear of new technologies, they are widely used.
With Cora we are trying to solve all these problems.
** The Bark Network **
The bark is a popular musical instrument in the west-east region of Africa, which often plays in festive songs or transmits a message of hope to its listeners.
We are building the necessary infrastructure for inclusive and community ecosystems of financial services operating on the block chain, all based on:
Universal access: anyone can use Cora. You do not need a smartphone or even Internet access. You do not need a complex understanding of technology or finance. All you need is access to SMS / USSD.
Participation in existing communities: traditional service providers have always existed in communities. We offer a new concept: "Community Value Networks" or CVN. The Kora network allows existing and reliable networks to exist in communities, enabling them to create and develop their own CVNs while maintaining the established relationships.
Ecosystem approach: the provision of an autonomous service in the field of financial services may impede the quality of the service provided to support services. Since its launch, Cora will build the entire ecosystem needed to meet the needs of various users and communities in the Kora network.
Low Cost: The bark reduces costs by automating or eliminating most of the burden faced by traditional financial service providers, using a chain of blocks.
Our MVP is currently running on the Rinkeby test network, with an Android application and an SMS interface. All transactions are written to the Ethereum block chain and linked to the user IDs via uPort and independently verified. This allows users to create a consistent credit history and allows regulators to verify compliance and protect financial crimes. Third-party services, such as GRID + or SALT Lending, can also be easily integrated into the Kora network to extend the range of services provided.
The Kora and eFiat network token
Cash is attractive to many users, as they are anonymous, tangible and have zero transaction costs. But it is also difficult to transmit at a distance or with large bills.
The Kora network will support national currencies as secure cryptographic electronic tokens
The Bark Network
The bark is a popular musical instrument in the west-eastern region of Africa, which often plays in celebration songs.
We build the infrastructure necessary for inclusive, community-owned financial services and ecosystems operating through the block chain, based on:
Universal access: anyone can use Cora. You do not need a smartphone or even Internet access. You do not need a complex understanding of technology or finance. All you need is access to SMS / USSD.
Interaction with existing communities: Traditional service providers have always existed in communities. We proposed a new concept: "Community Value Networks" or CVN. The Kora network provides long-standing and reliable networks in communities, enabling them to create and develop their own CVNs by maintaining established relationships.
Ecosystem approach: autonomous provision of services in the field of financial services can hamper the quality of service, which should be provided to an underserved one. Since its launch, Cora will build the entire ecosystem needed to service the Kora network.
Low Cost: The bark reduces costs by automating or removing most of the overhead.
Our MVP is currently running on the Rinkeby test network, with an Android application and an SMS interface. All transactions are written to the Ethicoum block chain and connected to the user IDs via uPort and independently verified. And both regulators to verify compliance and protect against financial crimes. Third-party services, such as GRID + or SALT Lending, expand the range of services provided.
The Kora and eFiat network token
Zero, it has a zero transaction value. But it is also difficult to transfer through distances or to resolve large bills.
The Kora network will support national currencies as electronic, cryptographically secure markers (eFiat). As a digital currency eFiat can be at a distance and in large quantities.
By implementing eFiat, we use people in currencies of currencies, increasing ease of use and, therefore, acceptance.
The bark will also have its own crypto currency, known as the Kora network current (KNT). KNT will be used to provide and manage the cost of access to the Kora network.
Channels
WEBSITE: https://kora.network/
Kora Network On Facebook https://www.facebook.com/thekoranetwork/
Kora Network On Medium https://medium.com/Kora-Network
Kora Network On Telegram https://t.me/kora_network
Kora Network On Youtube https://www.youtube.com/channel/UCp24kLWExAATS0NRQ6BV6Pg/
Kora Network On LinkedIn https://www.linkedin.com/company/kora-foundation/
Kora Network On Twitter https://twitter.com/kora_network
Kora Network On GitHub https://github.com/koranetwork
Kora Network On Reddit https://www.reddit.com/r/KoraNetwork/