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.
They 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, Kora 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 lowcost, 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 lowincome populations and brings them into the global economy.
They aim to free the trapped capital, intellect, and creativity of the long tail through selfsustaining, community-owned ecosystems.
The Kora Network will be built on Ethermint, which implements the Ethereum Virtual Machine with Delegated Proof-of-Stake (DPoS) Tendermint consensus.
Kora 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 national regulations.
Kora Network Token (KNT)
KNT 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 a user transacts on Kora, they will pay a fee set in KNT 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.
The launch of the Kora Network, and the token creation and emission process, will be organized around the Kora Network public blockchain. The goal of our token sale is to decentralize ownership of KNT to ensure the crypto-economic stability of our network, and to exchange KNT for capital to execute on our vision of unleashing the world’s potential for wealth creation and becoming a leader in financial services.
- Contributors supporting the development of the Kora Network can do so by sending Bitcoin or Ether to the designated address.
- The KNT received by a contributor is fixed at the USD price at which they bought it. The hardcap for the Token Sale is $24 million.
- Further details about the Token Sale will be released online. Sign up on our website to stay up to date, and to complete the contribution process.
- The Token Sale will be split into two phases: Pre-Sale and Public Sale.
- The minimum investment amount for the Pre-Sale is $5000.
- There is no minimum investment amount for the Public Sale, and the maximum is $1 million per unique identity.
- Excess contributions will be refunded.
- Kora Technologies Limited controls the contract, and the multi-sig address to which funds will be sent.
- KNT will be distributed to Contributors as an ERC20 token after the token sale is completed. KNT-ERC20 tokens can be redeemed for KNT on the Kora Network when the public blockchain is launched in Q3 2018.
- All unsold tokens will be burnt.
Read more: whitepaper