The gap between rich and poor is increasing exponentially. It has increased in almost every region of the world over the last four decades with the global perception that the rich are getting richer and the poor are getting poor. Economists try to arrive at a solution and appeal to politicians who only treat it as an issue during election times. There have been calls for a crackdown on offshore tax havens, especially affecting US and Russia. The U.S.’s richest 1 percent accounted for almost 40 percent of the nation’s wealth!

But while the gap is growing in more developed countries, countries in Africa and Asia are suffering from an adequate financial system. Many don’t have a basic bank account. Distance from a financial service provider, lack of necessary documentation papers, and lack of trust in financial service providers are the fundamental reasons for the lack of basic accounts in Africa. Help is needed and blockchain technology is here to support with great potential. The Kora network have come up with a solution to provide a low cost, financial services platform for all.

The problems lie on a few main barriers.

High Cost. Opening bank branches is unprofitable due to high costs such as property fees, staff headcount, and IT infrastructure. Staff are either uneducated in rural parts of Africa, or the IT systems are susceptible to theft or poor maintanence.

Misconception. Underserved customers do not always transfer small amounts — but there are people with huge income who do not have a financial account in Africa. Furthermore, put together lots of customers with small amounts — there is a lot of potential market.

Identity. Not every country follows UK’s strict and secure regulatory identification system. Africa suffers from lack of ID being everpresent and that causes a barrier to having an account.

Awareness. Many people do not understand the benefits or don’t even trust bank accounts. Security and bringing exposure and marketing to the masses is fundamental.

Kora have come up with a few solutions to solve these issues which hinder the underserved.

Low Cost. Kora network aims to include everyone by having low costs to join and transfer.

Access. You don’t need to travel far to access a bank in rural Africa or be worried about it being robbed or poorly maintained with universal access given by Kora Network.

Engagement. This combats lack of awareness. Kora will help local financial service providers to bring more exposure to the rural people.

Use Case
Kora are partnering with farming networks (over 25k farmers) in Nigeria to profit using sustainably yield crops. With the use of Kora, the farmer will not have to drive for hours to receive cash and be scared of theft.

Roadmap
Investors should rejoice that Kora Network will launch it’s first beta around March — April 2018. Kora 2.0 will launch sometime around November 2019 so there will be lots of updates and lots of anticipation for Kora.

Token Sale

45% will go towards the Token Sale to raise funds
20% will go towards establishing partnerships and growth of Kora
20% will go for R&D to improve the Kora protocol
15% will go to the team
The minimum investment amount for the Pre-Sale is $5,000.
The hardcap for the Token Sale is $24 million
Kora Network token (KNT) is based on the Ethereum blockchain.
All unsold tokens will be burn

Other Details
Website : https://kora.network/
Whitepaper : https://kora.network/downloads/Kora_Vision_Paper_International.pdf

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