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 to its listeners. Kora is a project of hope for billions of people who are underserved by the current financial system and are burdened by expensive and inconvenient access to nancial services. The Kora Network will be built on four layers of infrastructure to provide a low cost, universal access nancial services platform accessible via SMS/USSD on feature phones, or with internet access via mobile app, enabled by blockchain technology.
1. Low cost: Oftentimes the people with the least wealth are those who need nancial services the most. No one should be excluded from the Kora Network because of their level of weal.
2. Universal access: Requiring a user, merchant, or agent to have internet access, a smartphone, or have a sophisticated understanding of technology or finance is a barrier that is implicitly tied to wealth. Everyone should be able to benefit from the Kora Network even if they don’t have internet access or extensive education.
3. Engaging with existing communities: Financial services providers have always existed within communities to provide much needed services. The Kora Network will enable these providers and networks instead of replacing them.
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)
KNT will be used as the staking mechanism for selecting block producers, as well as a single medium to pay for costs incurred by the Kora Network. KNT must be staked by users as well as put up by candidate block producers as collateral in order to become a block producer. In return, block producers collect transaction fees as well as block rewards, which are split with users depending on KNT delegated. KNT preserves the gas and gas price mechanisms of Ethereum32, as it has proven to be an eective solution to the halting problem.