Project Khokha is a joint initiative between the South African Reserve Bank (SARB) and several major banks in South Africa to explore the potential of blockchain technology for payments and settlements. The project was launched in 2018 with the aim of developing a proof-of-concept system that can be used to settle interbank transactions using distributed ledger technology.
The main focus of Project Khokha is on improving efficiency, reducing costs, and increasing transparency within South African financial markets. To this end, it has successfully tested its prototype platform for real money transfers between multiple participating banks. This is believed to be the first successful test of such a system in Africa.
Project Khokha uses Quorum as its underlying protocol layer and relies on smart contracts written in Solidity or other high-level programming languages to facilitate secure transactions across different nodes within the network. It also utilizes cryptographic techniques such as zero knowledge proofs (ZKPs) which enable users to prove ownership over their funds without revealing any confidential information about them or their account balances.
In addition to testing out its own platform, Project Khokha has also been working towards creating an open source framework that can be used by developers from all over the world who want to develop applications based on distributed ledger technologies for use in financial services industry verticals like banking, insurance, capital markets etc.. This will allow these companies access existing infrastructure components developed under Project Khokha while still having freedom of choice when it comes customizing solutions according to their specific needs.
Furthermore, Project Khoka has provided various educational resources related to DLT technologies including tutorials on how developers can build apps powered by Quorum’s Ethereum Virtual Machine technology along with guides explaining key concepts like consensus algorithms or privacy protocols utilized by projects like ZCash and Monero respectively . These resources are available online free of charge so anyone interested in learning more about blockchain technology can do so at no cost .
In conclusion , Project Khoka provides an excellent starting point for those looking into building future applications based on DLT technologies due not only providing necessary infrastructure components but also educational materials required for understanding fundamentals concepts behind development process itself . By making sure everyone has access not just software tools but information needed succeed , this project contributes significantly towards wider adoption cryptocurrencies across entire globe .
