Published 13 Apr by Vladyslav Skakun

Problem & Solution:

Kora Network provides a financial infrastructure for emerging markets and the global “unbanked” population. It will include:

  1. Identity verification and verification of users’ activities. However, they still do not have even an idea how to do it. It is written on their website: “Identity is a very crucial part of Kora and still an area of active research.”
  2. Secure storage for financial assets. Users can protect their funds from being stolen or devalued.
  3. A system for transfering money.
  4. A financial marketplace: loans, buying and selling of goods and services by individuals. Farming cooperatives can use a Kora Community Value Network to ensure the proper use of funds when buying commodities, selling produce, and distributing proceeds.

Kora Network will use the DPoS (Delegated Proof of Stake) consensus algorithm to create blocks.


They have already released a mobile app for Android on Rinkeby testnet which provides some basic features to the Kora Network such as low cost financial services, enabling users to make fast and affordable money transfers to friends or members of their families anywhere in the world, and to make utility paymentsconveniently, right from their phones.

It is mentioned that they have already deployed their beta in Nigeria. But there is no proof of working beta, just an article and a video with happy African people with advertising leaflets in their hands. From the video that they have released on social media, it is hard to understand WHAT their BETA is ABOUT!

Update “As at the moment we have built infrastructures where our agents in training educate these farmers on how to manage their finances. Through our platform as we secure partnership deals with various multinational food processing companies”


  • Public Sale Dates : 23rd April 12 pm UTC - 21st May 12 pm UTC
  • Pilot in Africa: Aug 2018
  • Expansion to Asia and the rest of the world: May 2019


There are twelve people on the core team and five advisors. We think that most of the team members do not have enough experience in blockchain sphere according to their Linkedin profiles.

Dickson Nsofor (CEO) and Maomao Hu (COO) often appear in public at conferences, lectures, and meetups.

It was mentioned on their website that their Chief Blockchain Architect, Oleh Ostroverkh, is an advisor to several blockchain projects. Unfortunately, there is no proof of it on Linkedin. And the admin from the Telegram group did not prove this information.

Additionally, Oleh is a CEO of Peterson Labs. Roman Katsala (a javascript developer at Peterson Labs) and Victoria Mygalko (product manager at Peterson Labs) work both in their main jobs and also on the Kora Network.


Kora Network has partnerships with several small local companies from South Africa in the financial sphere (infrastructure, loans and payments). It is doing well in the early stages of the project, but in the future, Kora will have to find more serious partnerships.


There are several competitors in this industry: Sentinel Chain ($10.1 M), Everex ($16 M), HERO token, and Debitum Network ($8 M). Almost all of them failed to reach their hardcaps. And now, their market capitalizations are less than the amount of money they gained from their ICOs.

The key features that make Kora Network different from its competitors:

  • The possibility to operate within the Kora Network using only primitive mobile phones ($5 - $10 cost) instead of smartphones on the internet.
  • Narrow focus on South African market (HERO token and Sentinel Chain - Southeast Asia). But in the near future, Kora plans to expand into Peru and Bangladesh.
  • The ability to support national currencies as electronic, cryptographically secure tokens (eFiat). The expectation is that the most activity between users will be in eFiat instead of a decentralized cryptocurrency.


KNT token is used to vote for confirmation of transactions and block creation, and for receiving fees for doing so in KNT tokens. They plan to have a system for bonding tokens to a block producer. They will publish a paper with all details about their reward-mechanism soon.

  • Soft/Hardcap: $10M- $24M
  • Token Supply : 755 M
  • Tokens For Sale : 45%
  • 1 KNT = $0.10
  • Payment Method : BTC & ETH

They have already received $4M in the private and pre-sale stages.

Verdict: 3.5 out of 10

The Idea of the project is great, but it is too far from realization. The team lacks experience for such ambitious ideas and plans. We find the planned allocation of their funds ridiculous (30% for Onboarding users to the Network and 10% primarily for seed-funding startups that build value-added applications on the Kora Network). The tokenomics of the project will not bring large returns on investments in the short term. Even in the long term, Kora Network have to compete with other projects in this field.

It is also worth mentioning two redflags found during our research:

  • Redflag!!! There are many accounts (bots) in their telegram group which send same messages about how great the project is. They ask the same questions again and again, even after receiving answers!!!
  • Redflag!!! Admins from the Telegram group deleted my messages (about competitors) until I said I was doing research on their project. They said that bots deleted my messages, not them. However, my messages disappeared after one to two minutes, not immediately.

Research was prepared by

Vladyslav Skakun

Senior Analyst at Midgard Ventures