The poor don't lack capital, they just can't monetize it. Fixing that will be the greatest thing you can do to foster economic growth.

© Hernando de Soto

I heard this words while discovering a new project named Kora Network and they really made me think. Did you know that 2.5 billion adults all over the world don't have a bank account? In addition to the fact that they do not have the opportunity to obtain the credit necessary to realize their potential, they do not even have access to the basic conveniences that are usual for us, like sending and receiving online transactions.

This is a really serious problem and this the problem Kora Network is going to solve.

Kora Network

They describe themselves as an infrastructure for inclusive financial systems. While being focused especially on farmers from the Third World countries, their target goal to provide all the advantages of the current banking system to almost everyone on the planet.

Doesn't cryptocurrency already solved this problem?

This was the first question that arose from me. Ok, Bitcoin and other blockchain technologies made life much easier, but there are still some disadvantages:

1) Modern understanding of technology is required

For example, it's hard to explain everyone that the blockchain transactions are immutable and no one will refund money sent to a wrong address or that they may lose all their funds just by losing a private key (can you explain a regular farmer wtf is the private key?).

2) Accessablity

You will need at least a smartphone and a good internet connection, which an average African just can't afford.

3) High Fees & instability

In the beginning, the low fees were the Bitcoin's main feature, but now it turned into one of the main disadvantages. And this is the problem every altcoin faces in course of time. Another problem is the very unstable price of cryptocurrency, which makes it unreasonable to keep funds you can't afford to lose or give a loan in crypto.

Kora's Solution

The main feature of Kora network is that everyone will be able to join, without any knowledge of blockchain technology. Two achieve this, Kora's team is going to work with the service providers like local banks, mobile operators. Kora Network will implement a new currency called eFiat, which will represent the user's national currency. All eFiat will be 100% backed by cash reserves.

Kora's goal is not to replace the currently working systems but to attract them and combine into a global network.

For me, this project looks promising and I think they are doing a really good work. Recently Kora Network finished the pre-sale phase and now getting ready for a public token sale, which will start on 2 of April.

I won't go much into details since there are too much to tell, so if you found the basic idea of this awesome project interesting you should look closer and check out some links:

Kora Network: Official Website

Kora Network: English Whitepaper

Kora Network: Bounty Program

Thanks for reading, following and upvoting :)

Please, feel free to leave a reply and share your opinion about this project.