Kora introduces the blockchain platform, giving financial products, services and inclusion to communities in rural Africa that are typically excluded from current financial systems
Kora, the blockchain platform that unlocks growth in emerging markets, introduces its blockchain infrastructure for a more inclusive financial system and announces their upcoming sale, going public on May 18. Kora aims to engage with existing communities in rural Africa to combat issues that keep communities circling the poverty drain by using blockchain technology in the current financial system.
Kora utilizes smart contracts, accessible to any user and designed to be compatible with existing financial services systems. Kora provides community members with a solution for wide-scale, sustainable adoption financial services platform built around three principles:
- Low Cost: Kora aims to include everyone in the Kora Network. The people with the least wealth are those who need financial services the most.
- Universal Access: Kora provides a solution that is inclusive to all, even if they lack access to the Internet or lack a technological knowledge.
- Engagement with Existing Communities: Kora Network enables cooperation with local financial service providers such as local banks and money transfer companies.
Kora has taken its first step already by successfully launching the first User Testing Program in Nigeria, “We are currently conducting a user testing program in Kaduna Nigeria, which involves about 300 farmers. This has given us huge learnings and has been the foundation for the design and implementation of our various products, which will be running on the Kora testnet”.
Kora also plans to launch a Beta in Ghana in July 2018; “We would be using the blockchain for record-keeping, revenue splitting, and access to capital which would grow the agricultural value chain. The various stakeholders are the co-ops/aggregator, farmers, and mobile money providers”.
Our token, the “Kora Network Token” or “KNT”, will be used as the staking unit for selecting block producers, for driving the various pieces of functionality, and as a single medium to pay for costs incurred by the Kora Network. Its usage is expected to expand with time as users make more use of the Kora Network. Currently, we plan to use KNT for three utilities.
The “Kora Network Token” or “KNT”, will be used as the staking unit for selecting block producers, for driving the various pieces of functionality, and as a single medium to pay for costs incurred by the Kora Network. Its usage is expected to expand with time as users make more use of the Kora Network. Currently, we plan to use KNT for three utilities: registration, notarization, and operation. There will be a 30% discount for the initial crowdsale, and plans for a supply of 755,007,338 tokens. 1 KNT will be equivalent to $0.10 and can be purchased through BTC & ETH.
Kora was founded by Dickson Nsofor and Maomao Hu in 2017. Kora is an infrastructure for an inclusive financial system built on the blockchain. The Kora Network will provide access to Identity, Secure Storage, Money Transfer, & Marketplaces on a low cost, universal access platform accessible via SMS/USSD on feature phones, or with internet access via a mobile app, enabled by blockchain technology.