Cryptocurrency’s survival depends on user adoption. Meaning, a token or a coin is as good as the use-cases it facilitates (except maybe for Bitcoin, which has taken on a role of store of value, rather than use-cases).

Usually tokens and crypto ecosystems facilitate some function that helps its users. This could range from decentralized finance to NFT marketplaces to social networking to real-world-assets to payment settlements and many other uses.

Krafton Announces New Cosmos Blockchain ‘Settlus’ & Project Migaloo

Krafton, the developers behind PlayerUnknown’s Battlegrounds or PUBG: Battlegrounds, has announced a new payment settlement and metaverse project surrounding Cosmos Ecosystem.

Krafton subsidiary, Settlus today made this announcement during Circle Hacker House event, co-presented by AngelHack and Circle.

The official website unveiled by Settlus has the following tagline;

Settlus is a purpose-built blockchain designed to provide transparent settlement system for the creator economy

A creator economy entails a ecosystem of people who create content. This could range from written content like this to multi-media and live-media. In 2020, more than 50 million people considered them ‘content creators’ and by 2023 this number would have grown exponentially.

As per Goldman Sachs, the creator economy is set to grow to about $480 billion by 2027 (from approximately $250 in 2023). So, there’s a massive economy to be onboarded onto blockchain technology.

Settlus unveils Project Migaloo

Migaloo is the name of the upcoming metaverse project by Settlus with the intention of validating the demand for blockchain technology in creator economy.

We envision transparent and borderless settlement coupled with granting royalty rights from original works to NFTs, as a significant catalyst for the creator ecosystem.

Metaverse projects so far haven’t had the best of results in web3 so far. However, it is also important to realize that we are in very early stages of this frontier.

One advantage for Migaloo over other metaverse projects so far is that Migaloo already has a very vibrant gaming ecosystem.

According to statistics, PUBG has around 30 million active daily users. In 2021, PUBG Mobile generated $2 billion revenue. These are some massive numbers to be onboarded onchain.

“We are constructing the Settlus blockchain and the Migaloo metaverse in tandem. While many consider NFTs as 1 of 1 items, we believe NFTs should function as licensing assets. Consequently, when a creator produces content within our network, the original digital asset will automatically transform into NFTs. These NFTs can then be replicated in our Web2 world and sold on Migaloo — enabling creators to claim profits generated, retrievable in the form of blockchain.”
– Bryan Song, Biz & Ops Team Lead at Project Migaloo [mpost.io]

Settlus also aims to use USDC as the native currency of the blockchain to facilitate transactions.

Cosmos Ecosystem

The Cosmos Ecosystem is a collection of blockchains with the super weapon known as IBC — Inter-blockchain Communication. This technology enables the transfer of assets between different blockchains without the use of risky crypto bridges.

Settlus blockchain is planned to be launched as a new blockchain in the Cosmos Ecosystem. While this would provide the blockchain with the ability to operate as part of the ecosystem, it also enables it to retain full sovereignty.

Circle, the company behind USDC stablecoin, recently announced the launch of native USDC in the Cosmos Ecosystem via Noble chain, another blockchain with Cosmos. This move would fall perfectly in line with the objectives of Settlus in using USDC.

Launch of Settlus and facilitating a multi-billion dollar creator economy within the Cosmos Ecosystem could be a massive catalyst for Cosmos adoption and cryptocurrency adoption in general.

Settlus Testnet

Settlus testnet is set to launch in early 2024, so stay tuned for more content on how to engage and possibly get rewarded for being early adopters.

Ready, Settle, Go