How Kora Network Work?

How Kora Network Work?

Kora Network will develop a system that is combined with the infrastructure of the block chain ecosystem and will reach many participants and give the system the right to participate via SMS and USSD even if there is no internet. It also provides the opportunity to develop financial transactions operating in the system.

The advantages of Kora.Network

Low cost : Everything will cover regardless of fund size. It will provide low transaction fees regardless of the people who have $ 10 million and those who have $ 100.

Universal Access : Access will be possible without Internet or smart phone. It also includes touch-tone phones, yes!

Community Interaction : Empower your community instead of dismantling it. You can reduce your costs at a glance by collectively organizing community operations.

How does it work?

Kora would use eFiat, and its native cryptocurrency known as Kora Network Token (KNT) for its transactions. This is mainly because most of the underserved population dislike and mistrust the concept of digital currency, so using eFiat can enable harnessing the ease of using the digital currency while also ensuring trust of the national currency. The access to Kora maybe through SMS, or USSD, so it takes away the plight of owning a smartphone to access the network.

System work on  four pillars

User

Anyone who uses the Kora Network is a user, and are people who want to levy the services from the network. Their access to the network might be limited to factors like availability of internet, or not holding the native cryptocurrency to transact within the network.

Provider

A provider may be a bank, a group of banks, mobile money platforms, or any financial service provider who can provide the necessary financial services whilst meeting the regulatory frameworks and requirements. They are also responsible for the KYC completion and bringing in users.

Agent

Agents are the people who convert between the eFiat currency and physical cash. They are mainly small businesses who constantly acquire cash, like small convenience stores. Agents get a commission for each conversion they carry out at their stores.

Merchants

The concept of people trusting eFiat is not plausible unless there are commodities that can be bought or services that can be availed using eFiat. Merchants are businesses which accept eFiat, and hep to further enhance the confidence that the locals have over eFiat.

The concept of CVN

Community Value Networks (CVN) are existing social groups within localities, like self-help groups, savings groups or trade unions. CVN's are useful to Kora in many ways – operating through CVN's ensure that existing groups and practices are not disrupted. They help in identification of users within a locality. CVN's also act as a money pooling platform which can later be used for lending.

CVN's are managed by Delegates , who are chosen in some method, maybe democratically, and they have the primary authority over the pooled funds, and choosing how to distribute and make use of the pooled funds.

Kora Network Roadmap

June 2017: Seed investment was taken and project started. 

August 2017: Kora 1.0 version started to be developed, including USSD, SMS and Mobile application. 

September 2017: Kora 1.0 version is being tested on Ethereum Testnet. 

November 2017: User tests started in West Africa. 

December 2017: Network Core Development Begins 

February 2018: Pre-sale will begin. A little more detailed information will be provided

February 2018: Kora 1.0 Ethereum Everyone on Testnet will be turned on 

March 2018: Everyone on the first Beta (trial) version will be turned on. 

March 2018: Everyone is open ICO ie fund collection will start. 

May 2018: With the first Beta release, all necessary milestones will be realized.

August 2018: Pilot program will be implemented in Africa. 

March 2019: Expansion to Asia and Global will begin 

November 2019: Kora 2.0 version, the full version promised many things will be realized.

Final Verdict

The Kora Network is an exciting new blockchain project, and is one of a kind. The network aims to provide an inclusive financial system, to unleash the untapped economic potential of the financially underserved population. This project, being technologically advanced, also gives great value to human equality in terms of finance and lifestyle. Having incubated from real life experiences of CEO Dickson Nsofor, Kora is sure to be a life changer to a large portion of our population, and will help them to be empowered and financially stable. The fact that this project is going to mainly benefit people who have probably never heard of Kora, and probably never will read this article, makes it even more special!

Resources you can reach Kora Network

Web Site: https://kora.network

Blog Page: https://medium.com/kora-network

Twitter: https://twitter.com/Kora_Network

Reddit: https://www.reddit.com/r/KoraNetwork/

Telegram: https://t.me/kora_network

Github: https://github.com/koranetwork

Bounty Page: https://bountyhive.io/browse/Kora%20Network 

Prepared by: 

Bitcointalk Username: chamika888

Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1261329   

Bountyhive Username   chamika