Page 27 - PROJECT KHOKHA 2

The Khokha Hub
The Khokha Hub was developed on a custom implementation of the Cosmos blockchain called BitFair. The Khokha Hub’s interoperability was enabled by Cosmos’ modular architecture which consists of two types of DLT – hubs and zones. A hub being a central DLT platform designed
to connect multiple zones (i.e. independent DLTs). The Cosmos architecture not only made
it possible for the Khokha Hub to connect to
the wCBDC Zone, but also to multiple bank zones, that is, private DLTs set up by the active participants in order to share value between
the Khokha Hub and different bank zones. Business logic is implemented on Cosmos through modules which are comparable to a decentralised application (DApp) in decentralised finance (DeFi). The debenture token and wToken prototypes were deployed as modules on the Khokha Hub – refer to Appendix 4 for a listing
of modules and centralised systems used to implement business logic in the PoC.
The star-based hub-and-spoke network design as depicted in Figure 9 depicts how the Khokha Hub, as a TTP, serves as the hub where tokens are traded between traders through their CSDPs. The spokes connect the Khokha Hub to various zones, including potential bank zones run by active participants. The CSD function in the decentralised TTP could theoretically be called a decentralised securities depository (DSD), which converts the CSDPs to DSDPs. The DSDPs run the validator nodes in the TTP. The Khokha Hub is operated jointly by all participants, including the central bank, through the Khokha Council, which serves as its governance structure. The Khokha Council votes on whether proposed changes to the Khokha Hub are implemented, including new modules which could result
in integration with other more decentralised platforms.
Figure 9: Khokha Hub’s hub-and-spoke network model
THE PROOF-OF-CONCEPT
FirstRand Zone
Absa Zone
Investec Zone
Public Zone (e.g. Bitcoin)
Public Zone (e.g. Ethereum)
Nedbank Zone
Standard Bank Zone
Khokha Hub
wCBDC Zone
JSE Zone
Strate Zone
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