Kora has announced the date for its pre-ICO sale would start from March 5th. This event will attract KNT (Kora Network Token) holder to take part in Kora Network. At the moment the number of people underserved by the current financial system is reaching 3 billion. Kora network is aimed to help these people to gain access to banks and cryptocurrencies. Therefore, pre token sale and crowdsale have been planned with the main objective to enhance the development of Kora network that later will give benefits to underserved people.
The background of the project
Kora came with the ideas of creating the project considering the current problems in accessing financial services. The main problem is related to the expensive expenses of the property, staff headcount, and technological infrastructures. Therefore, it is costly to open bank branches, especially in remote areas. People who live in such remote areas are categorized as underserved as they cannot reach the nearest banks or ATMs. This situation has lead Kora team to design a platform that can be used by underserved people to access financial services.
Other problems that initiate the company to build such particular platform are the lack of ID documents, lack of financial literacy, and lack of technological knowledge. These problems obviously become serious barriers for people to open an account in banks. There have been some solutions offered to overcome these problems such as local ad hoc networks, mobile money, and blockchain projects. However, these solutions still have some drawbacks. Evaluating the solutions, Kora is trying to build a better platform.
How Kora Network is better than Traditional Payment
The token launched by Kora Network is referred to Kora Network Token (KNT). The tokens have various utilities such as for paying incurred costs and choosing block procedures. The KNT token holders play significant roles in Kora ecosystem. Whenever they make any transactions, KNT will be used. How do users use KNT? These are some illustrations.
KNT is used for sending and receiving funds across the globe. If you live in Glasgow, for example, and you want to send some to your family in Nairobi, the option is to use local money transfer services such as MoneyGram or Western Union. This option is not practical. First, you have to pay high fees for sending money from the UK to Africa. Furthermore, your family has to travel to take the money to the nearest place. Using Kora network, you just need to login into the mobile app to transfer the money in the form of KNT. Your family can receive the funds in the wallet and directly uses them for paying other services. If your family wants to receive it as cash, they also have an option to go to local stores.
In addition to ease sending and receiving funds, in the future Kora is planning to help users in lending and loaning using KNT token. Using local banks, the process of taking out a loan can take a long time and the procedures are quite complicated. Kora network is designed to be simple that allows users to lend and load with no trouble. Whether it is peer-to-peer lending or third-party loan, the blockchain system will automatically store the transaction record and create credit to qualify the loans.
ICO Sale Schedules
If you think that the project has a bright prospect in the future, you may want to join the project and invest some assets there. The ICO sale has already started on February 18th, 2018. It means that the roadmap as written in the whitepaper is not valid. It is written there the plan for ICO sale is on March 18th, 2018. The sale is still ongoing right now. There are 14 days left to participate in the sale as it will end on Mar 17th, 2018. Tokens that are unsold in the sale will be destroyed.
The revenue raised from the sale will be allocated 100% for the development of the platform. This covers the research, network growth, software maintenance, marketing strategies, and many more. There will be a third party that is the Board of Advisors, who fully monitor the use of funds. So, users do not need to worry that the funds will be used improperly.