infrastructure for community owned financial systems
The Kora Project is a project of hope for billions of people who are under served by the current financial system and are burdened by expensive and inconvenient access to financial services. KNT is central in securing the network, and holding KNT means having a partial role in the Kora Network. Holders use it to vote on who produces blocks, and providers require it to pay for network fees.
The Kora Network will be built on Ethermint, We chose Ethermint because it supports the Ethereum development community, which is the largest in the blockchain space, while also supporting high volumes of transactions and providing flexibility for more extensive user privacy. Producers will compete to be selected by publishing their hardware and network specifications, displaying their digital identity and making the Kora Network compliant with all applicable laws and regulations.
Only the block producers with the best specifications and highest processing time will be consistently voted for. In this way, we will produce large blocks with significant amounts of transactions in a latency of three to five seconds, leading to the scalability required for legitimate use cases.
Ethermint integrates with the Cosmos Network in order to build an “internet of blockchains.” By integrating with the Cosmos Network, we will be able to connect with parallel blockchains like Ethereum, Bitcoin, the Cosmos decentralized exchange and various others. As a result, the Kora Network will be100% interoperable with other blockchains.
KNTThe native Kora Network token will be referred to as “Kora Network Token” or “KNT” and will be used as the staking unit for selecting block producers, as well as a single medium to pay for costs incurred by the Kora Network. Holding KNT equates to having a partial role in the Kora Network.
When users transact on the Kora Network, they will pay a fee denominated in KNT and set by the validating Block Producer. The Block Producer shares this fee with the holders who voted for them. High transaction fees, which only benefit the block producers and stakers who voted for them, will prevent users from transacting on the Kora Network. The less transactions that occur on the blockchain, the less rewards all block producers and stakers will receive. Thus, KNT holders are incentivized to vote in block producers who keep transaction fees low.