ICO listing: Kora ICO

kora_ico
ICO Kora Network

Kora Network

ICO rating

PRE ICO Dates : 05/03/18 – 25/03/18
Upcoming ICO : 23/04/18 – 21/05/18

Kora Network is an infrastructure for inclusive community owned financial systems.

ICO rating: 82/100
Business: 17/20
Product readiness: 4/5
White Paper: 9/10
Roadmap: 7/10
Legal: 3/5
Team: 18/20
ICO terms: 2/5
Token applying: 5/5
ICO Promotion: 17/20

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.

Kora is also a project of hope for billions of people who are underserved by the current financial system.

While there has been progress toward financial inclusion, an estimated 2 billion adults worldwide don’t have a basic account.

Barriers to account-opening include distance from a financial service provider, lack of necessary documentation papers, and lack of trust in financial service providers.

We believe existing platforms fail to address users’ lack of access to electricity, the Internet, or capital to afford a smartphone as well as lack of understanding around technology and finance.

As a result, we estimate that billions of people cannot grow and accumulate wealth, causing a humanitarian and economic crisis that leaves out a third of the world’’s potential for value creation.

The Kora Network is expected to provide a low-cost, financial services platform for all.

Accessible by SMS/USSD on feature phones or with Internet via a mobile app and powered by blockchain technology, the Kora Network is expected to lower the cost to serve for low-income populations and brings them into the global economy.

We aim to free the trapped capital, intellect, and creativity of the long tail through self-sustaining, community-owned ecosystems.

Driving Adoption

Universal Access

Feature phones and SMS are still the dominant means of communication in developing nations, and Kora can be utilized with even the cheapest feature phones, or users can input a short code-number via USSD. Kora will also provide a smartphone and web-based application. The user’s transaction history will be stored on the blockchain and will be accessible if the user later upgrades to a smartphone.

Identity

An estimated 1.1 billion people worldwide cannot officially prove their identityxvii.

Proof of identity is a significant barrier to accessing financial services. Kora will provide a flexible on-boarding process that will allow users to join the Kora Network in compliance with all applicable laws and regulations. Upon joining, users will build reputation scores connected to their actions within the Kora Network, as well as the actions of the users they are connected to and transact with within the Kora Network. The user’s transaction limits and access to services will increase as they add more documentation and prove themselves to be honest and credible actors. The actual proof of “identity” of users draws on the model pioneered by uPort, with a focus on both privacy and recoverability.

Low Cost

The Kora Network aims to simplify operations so that new Providers can provide financial services to Users without the cost of establishing and running a front-to-back financial institution. Kora will make launching a financial services business as inexpensive and easy as launching a new instance on AWS — at low cost and with access to all functionality on the Kora Network. Core software will be run on the decentralized stack, and anyone can customize this software. Members can link and exchange financial services to other users on the Kora Network with low costs and near-instantaneous transaction speeds. We expect the balance of power to shift, and financial service providers would have to compete for customers, driving down prices for users.

Kora Network Token (KNT)

The native Kora Network ICO 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 transacts 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.