Kora - Financial System with Infrastructure Trusted

Abount Kora

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.

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.

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

Problem

Access to financial services is uneven and expensive due to five main barriers.

High Cost to Serve

Opening bank branches in rural or remote areas is unprofitable due to high costs such as property fees, staff headcount, and IT infrastructure. To offset these costs, banks charge high fees for account maintenance, ATM withdrawals and money transfers Physical travel is another issue; it can sometimes take more than a day to reach bank branches or ATMs.

Misconception that the Underserved have Little Value

The general perception is that underserved customers would be transacting in “small” amounts. However, PWC estimates that the global unbanked population holds at least $360 billion in unmet deposits in 2016 alone. In addition, a 2016 McKinsey report estimates that widespread adoption of financial services through digital finance could result in a $3.2 trillion increase in GDP of all economies by 2025.

Lack of Identiﬁcation Documents

According to the World Bank, 1.5 billion people worldwide lack any form of valid identification. Official or valid ID for opening a bank account is often difficult to obtain in developing countries.

Lack of Trust and Technological Understanding

Many people without bank accounts perceive banks as unsafe. There still exists a widespread lack of trust in financial technology, including ATM’s and online banking.

Lack of Financial Literacy

We believe that with limited financial literacy, people may be at risk of making poor financial decisions including taking loans with interest rates they may not be able to pay, getting involved in pyramid schemes, or paying unreasonably high charges on remittances or foreign exchange mark-ups.

Ecosystem

We believe Kora will build wealth by creating self-sustaining, community-owned ecosystems. “Selfsustaining” means the wealth in the community as a whole grows, and “community-owned” means participants in the existing community take on most of the key roles within the ecosystem.

eFiat

eFiat are digital versions of national currencies that are 100% backed by cash reserves, and redeemable on a 1:1 basis. eFiat will increase ease of use and adoption by offering users the benefits of digital currency in a form they understand and trust.

Token Sale Details

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 (the 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 [for the unbanked].

• 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.

Token Allocation

Token Sale - 45% : 339,753,302

Sold to raise funds and increase liquidity of KNT.

Reserved for growth - 20% : 151,001,468

Locked up for a minimum of one year and released as necessary. Used for establishing partnerships, onboarding users, and expansion into new markets.

Reserved for R&D - 20% : 151,001,468

Locked up for minimum of two years and released as necessary. Used to develop protocol and shared infrastructure.

Team - 15% : 113,251,101

Team Token Grants that will be locked up in a two year vesting period with a 6 month cliff.

Use of Funds

Funds raised during the Token Sale will be used solely for the research, development, and growth of the Kora Network. The Use of Funds will be monitored by the Board of Advisors, and we expect to use the following structure when operating our project.

Research & Development - 50%

Research, development, and maintenance of the Kora Network and any software deployed in the Network. Will be distributed to various development groups and individuals.

Network Growth - 30%

Onboarding users onto the Network, maintaining a positive user experience, compliance with various government regulations and other tasks needed to grow the Network. Will be distributed directly to Providers.

Kora Accelerator - 10%

Primarily for seed funding of startups that build value-add applications on the Kora Network. Will be distributed directly to startups in exchange for equity.

Social Impact Investment - 5%

Used for funding of social impact projects that help build out the Kora Ecosystem.

Legal & Token Sale Marketing - 5%

To cover costs of forming the optimal legal structure for the Token Sale, for marketing the Token Sale, and the final Token Sale audit.

Details Information :

Website : http://www.kora.network/

Whitepaper : https://kora.network/downloads/Kora_Vision_Paper_International.pdf

Campaign : https://bountyhive.io/join/Kora%20Network

Facebook : https://www.facebook.com/thekoranetwork

Twitter : https://twitter.com/Kora_Network

Telegram : https://t.me/kora_network

Profile Bitcointalk : https://bitcointalk.org/index.php?action=profile;u=795655

BountyHive Username : ridwanputra

Link Refferal BountyHive : bountyhive.io/r/ridwanputra