Kora Network: Uber for Financial Services

Kora Network building a blockchain network that is essentially Uber for banks.

On Kora, any licensed financial services provider can access bank-grade infrastructure at the click of a button and at minimal cost. We then use telecom networks to help people connect to the blockchain without internet. Ultimately Kora aims to provide a low-cost, universally accessible financial services for as many people as possible.

The Kora Network is built on four layers of infrastructure to provide a low cost, universal access financial services platform accessible via SMS/USSD or via a mobile app, enabled by blockchain technology. By drastically reducing the cost and time required to provide financial services, and drawing a diverse set of stakeholders into an interoperable network, it will unlock the Long Tail of the global economy, benefiting populations most in need and enriching the global economy by unlocking the capital, intellect, and creativity of the underserved.

Our blockchain stores identity and transactions, runs software modules, and connects to other blockchains while preserving user privacy. We use Tendermint DPoS as a consensus algorithm, allowing for scalability while maintaining decentralization. The blockchain is secured by the Kora Network Token (KNT). The Kora Network will be a platform that provides people, merchants, organisations, and other financial bodies to provide financial services in a cheaper, faster, and pro table way with the ability to reach Users worldwide. The Kora Network itself is not a licensed financial institution nor do we provide these services ourselves. Any Users wishing to provide financial services including accept and issuing tokens on the Kora Network should be a licensed financial services provider or mobile money operator. Providers are also responsible for meeting all KYC/AML requirements and on boarding Users accordingly.

Aside from these layers, which are rigorously defined in code, there exists a meta-layer of Governance. We believe a key competitive advantage of decentralization is the potential for decentralized governance, as a platform that is incentivized to maximize value for all participants will result in a more equitable deal than a platform that is designed to enrich a centralized counter party. Decentralizing governance is a complex task and area of active research. For this reason, in the initial stage the Kora Foundation will be a centralized counter party that makes decisions on behalf of the Network, in consultation with every stakeholder in the Network.

The most important stakeholder group is the participants on the Network. For major decisions affecting the Network, participants will be polled, with voting power measured in principle through contribution to the Network. Initially this measure will be the amount of KNT utilized in a sliding window of time, including eFiat that has been converted to KNT. Other stakeholders include national governments, financial institutions, NGOs and other parties who are a ected by the Kora Network, whose views will be circulated through regional forums and coordinators at the Kora Foundation. These inputs will be made public and used by the Kora Foundation for making decisions on the Kora Network. While this is a long way from fully decentralized governance, it does introduce a feedback loop where unpopular or self-serving decisions from the Kora Network can be recognized by all stakeholders, and their decisions to deepen or reduce participation in the Network adjusted accordingly.

More info visit : https://kora.network/
Active bounty campaign is available at: https://bountyhive.io/browse/Kora%20Network