KORA'Infrastructure for Inclusive Financial Systems'

The Kora Network

Kora is a popular musical instrument in the Western/Eastern region of Africa frequently played in songs of celebration or to pass a message of hope to its listeners.

We are building the infrastructure needed for inclusive, community-owned financial services ecosystems powered through blockchain, all based on:

Universal access: Anyone can use Kora. You don’t need a smartphone or even Internet access. You don’t need a sophisticated understanding of technology or finance. All you need is SMS/USSD access.
Engaging with existing communities: Traditional service providers have always existed within communities. We propose a new concept: “Community Value Networks,” or CVNs. The Kora Network empowers long-existing and trusted networks in the communities, providing them the opportunity to create and grow their own CVNs, keeping established relationships in place.

Ecosystem approach: Providing a standalone service in the financial services space can inhibit the quality of service to be provided to the underserved. From its launch, Kora would build the entire ecosystem needed to cater to the various users and communities on the Kora Network.

Low cost: Kora drives its costs down by automating or removing much of the overhead that traditional financial services providers face through use of the blockchain.

Our MVP is currently running on the Rinkeby testnet, with an Android app and SMS interface. All transactions are recorded on the Ethereum blockchain and connected to user identities through uPort, and are independently verifiable. This both allows users to build a consistent credit history, and allows regulators to verify compliance and help guard against financial crimes. 3rd party services like GRID+ or SALT Lending can also be easily integrated onto the Kora Network to extend the range of services provided.

Vision

Kora aims to end extreme poverty especially in the most remote regions around the world. We will achieve this by leveraging the existing communities that already support services people trust.

We see in Kora the hope of financial freedom, empowerment, and wealth creation to the billions in regions of the world previously considered unprofitable.

Kora Ecosystem

Kora’s key differentiator is its ecosystem.

Our blockchain stores identity and transactions, runs software modules, and connects to other blockchains while preserving user privacy. We use Tendermint DPoS as a consensus algorithm, allowing for scalability while maintaining decentralization. The blockchain is secured by the Kora Network Token (KNT).

eFiat are digital versions of national currencies that users understand and trust. They are 100% backed by cash reserves, and redeemable on a 1:1 basis.

CVNs empower users to pool capital for lending or investment, social assistance, financial education and other services.

Network Architecture

The Kora Network will be built on Ethermint, We chose Ethermint because it supports the Ethereum development community, which is the largest in the blockchain space, while also supporting high volumes of transactions and providing flexibility for more extensive user privacy.

Producers will compete to be selected by publishing their hardware and network specifications, displaying their digital identity and making the Kora Network compliant with all applicable laws and regulations.

Only the block producers with the best specifications and highest processing time will be consistently voted for. In this way, we will produce large blocks with significant amounts of transactions in a latency of three to five seconds, leading to the scalability required for legitimate use cases.

Ethermint integrates with the Cosmos Network in order to build an “internet of blockchains.” By integrating with the Cosmos Network, we will be able to connect with parallel blockchains like Ethereum, Bitcoin, the Cosmos decentralized exchange and various others. As a result, the Kora Network will be100% interoperable with other blockchains.

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. Holding KNT equates to having a partial role in the Kora Network.

When users transact on the Kora Network, they will pay a fee denominated in KNT and set by the validating Block Producer. The Block Producer shares this fee with the holders who voted for them. High transaction fees, which only benefit the block producers and stakers who voted for them, will prevent users from transacting on the Kora Network. The less transactions that occur on the blockchain, the less rewards all block producers and stakers will receive. Thus, KNT holders are incentivized to vote in block producers who keep transaction fees low.

Token Supply