Kora Network

KORA NETWORK

The Kora Network will be a public blockchain that provides the tools needed to build a self-sustaining, community-owned ecosystem for circulating and accumulating capital within a community. Self-sustaining is defined as the wealth in both the community as a whole and the majority of the community increasing, while community-owned is defined as the community itself providing most of the key roles when circulating capital. This includes the ability to validate identity, and to use that identity to store, transfer, or lend money, make payments, and to provide or access value-added services like lending, marketplaces, benefit distribution and digital education, even without internet access or a smartphone.

Value will be transferred electronically via the blockchain, and if needed, is converted from electronic to at through local agents. This builds a transaction or service history and proof of informal funds through friends and family that can be used to obtain loans from 3rd party lending services connected to the Kora Network.

Will be starting with four basic building blocks to construct a fully functional Financial system. These building blocks are built into the Kora Network as smart contracts, and are accessible to any user on the network:

Identity: Letting a user prove they are who they are, and that they did what they say they did.

Secure Storage: Letting a user protect their funds from being easily stolen or devalued.

Money Transfer: Transferring value from one entity to another, quickly and securely.

Marketplaces: Creating venues for users to exchange money for goods, services and capital.

The Kora Network will have a native cryptocurrency known as Kora Network Token (KNT), as well as the ability to support national currencies as an electronic, cryptographically secure token (eFiat). The expectation is that most Financial activity between users will be in eFiat instead of a decentralized cryptocurrency. The reasoning is that many users, especially in rural areas, have a lower comfort level and greater mistrust of digital technology. This extends to digital currencies like Bitcoin. eFiat enables users to harness the benefits of digital currency while leveraging the trust people have in at currencies, dramatically increasing ease of use and therefore adoption. Additionally, using digital national currency will give greater clarity into the regulatory frameworks within which each Financial system should be developed.

The Kora Network

The Kora Network draws on the model originally proposed by Ian Grigg in his paper " Financial
Cryptography in 7 Layers ". The use of blockchain technology allows us to streamline these layers
into four:

• Protocol: This fundamental layer defines the basic rules which everyone on the network
must abide by. Desirable traits such as immutability, Byzantine fault tolerance, scalability
and ACID transactions can be engineered here for higher layers to use.

• Data: This layer is where the immutable blockchain database resides, as defined by the
protocol layer. This includes identities, attestations, transactions, account balances, token
contracts, software stored as smart contracts and their state, and anything else that Users
choose to store on the blockchain.

• Applications: This layer is where the data stored on the blockchain comes to life. Transaction
processing, data feeds, blockchain monitoring and integrations with outside systems
happen here. This is the transition layer between other pieces of software and the blockchain.

• Access: This layer is how Users access the Network, whether through a full node, smartphone,
mobile phone access via a Provider, or anything else. This layer is completely off-chain.

The Kora Network is built on Ethermint, which implements the Ethereum Virtual Machine with
Tendermint consensus. We chose Ethermint because it supports the Ethereum development community,
which is among the largest in the blockchain space, while also fulfilling each of the below
vital network requirements:

• Scalability: Can process bank-scale transaction volume with reasonable latency.

• Programmability: The ability to build (mostly) arbitrary programs on top.

• Resilience: Should continue to function in a Byzantine environment.

• Decentralized: Network can be run in a decentralized manner.

Kora Network Token (KNT)

In general, cryptocurrencies are cryptographically secured stores of value maintained via a decentralized
network. They differ from the currently dominant form of currency, at currency, in a
few ways. First of all, where at currencies are secured through methods like anti-counterfeiting
measures on physical bills, cryptocurrencies are secured by using public and private keys to encrypt
and decrypt information in the network. Second, where at currencies are usually issued through
a central bank, cryptocurrencies are issued and circulated entirely on a peer-to-peer basis. No one
party is able to control the currency.

There are a three main types of cryptocurrencies:

• Currencies: The first use for cryptocurrencies was simply as digital currency. Bitcoin is
the most well-known version, along with newer currencies like Litecoin, Dash and Monero.
In Bitcoin, transactions are stamped onto a single ledger without a central authority. This
is shared with very entity in the network, and everyone in the network can check if future
transactions are valid or a suspect of double-spending. The use for these currencies is the
same as any at currency, as a store of value and a medium of exchange. They retain
and grow their value through the ability to fulfill these functions securely and without a
centralized controller.

• Utility token: A utility token is a cryptocurrency that has a use in the network beyond its
monetary value. Users can redeem the products or service via a combined public and private
key, and this redemption value gives tokens inherent utility. There are a few different kinds
of utility tokens:

1. Usage token: A usage token provides access to the digital services that a decentralized
   blockchain network offers. The fundamental value of usage tokens is determined by the
   utility and the uniqueness of the capability underlying the digital services, such as Ether
   (ETH).

2. Work token: A work token enables token holders to contribute work to a decentralized
   network, in return for a reward for the work that ensures the whole system functions
   properly, such as Augur's Reputation (REP)31
   .

3. Hybrid token: A hybrid token is a combination of usage token and work token.
   Filecoin (FIL) functions as a usage token when token holders need FIL to use the
   decentralized storage system, and as a work token when one needs FIL to contribute
   storage space to the system.

• Crypto Assets: The third main kind of token is crypto assets. These are simply tokens
that can be redeemed for an underlying assets. Good examples are Tether (USDT), which
can be redeemed for US Dollars, or Digix Gold Tokens (DGX), which can be redeemed for
gold.

The success of the Kora Project will be a milestone in the long running quest to alleviate poverty
for billions of people and to let everyone share in the wealth created globally. It will also be a
landmark use of blockchain technology for social good to foster prosperity. The success of this
project could be the hope of Financial freedom, empowerment, and wealth redistribution to the
millions in deserted, economically unprofitable regions of the world.

Sources: https://kora.network/downloads/Kora-White-Paper.pdf
Website: https://kora.network/
Social Media: https://twitter.com/Kora_Network
: https://www.facebook.com/thekoranetwork
Medium: https://medium.com/kora-network
Reddit: https://www.reddit.com/r/KoraNetwork/
Bounty Airdrops: https://www.candydrop.io/site/signup?project=kora&invitation_code=11bc7e7d0f32