Bitgert Blockchain

Bitgert Blockchain

bitgert blockchain

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The controversial Bitgert blockchain project has been making headlines during the FTX crash, grabbing investors’ attention with its bold claims of a high-speed, free-to-use blockchain. Bitgert is a crypto engineering organization that has developed various blockchain-based products in decentralized finance, NFTs, and the metaverse. This organization claims that its goal is to innovate and solve problems using blockchain technology to improve the quality of life of its users.

Despite difficult market conditions, recent developments in the ecosystem and partnerships have drawn attention to the project, but do Bitgert’s claims measure up to reality?

What is Bitgert?

Bitgert’s ecosystem is currently based on Binance Smart Chain (BSC); however, they have developed their own blockchain, which claims to handle over 100,000 transactions per second with zero cost per transaction. Bitgert claims that its blockchain has processed over 4 million transactions and its ecosystem has had 350,000 cumulative users since its inception.

Bitgert was first launched as an application on BSC in July 2021. Initially, the project was called Bitrise, and its native token had the symbol BRISE. In December 2021, Bitrise changed its name to Bitgert. The rebranding did not affect the token or its ticker, and the platform has continued to operate on BSC ever since.

In February 2022, Bitgert launched its own blockchain network using a novel “proof of authority” (PoA) validation mechanism. This new network is commonly known as the Bitgert or Brise Chain. The project is promoted as a platform with zero gas fees and the ability to process up to 100,000 transactions per second (TPS). If the claim is true, it will make the blockchain one of the fastest, second only to Aptos, which has a capacity of up to 160,000 TPS.

Although Bitgert claims to be a “zero gas fee” chain, some very small transaction fees are involved in using the blockchain. These fees, known as gas fees, are typically fractions of a cent per transaction, paid in the BRISE token. Bitgert’s network supports the Ethereum Virtual Machine (EVM), allowing projects launched on Ethereum or other EVM chains to move their project onto the network with minimal effort.

What is BRISE?

BRISE is the native cryptocurrency of the Bitgert Chain. It was originally launched as a token on BSC, back when Bitgert (then known as Bitrise) was a blockchain application. Although the project still maintains a token address at BSC for the BRISE token, when Bitgert launched its own blockchain, BRISE was issued as the native cryptocurrency on the network.

Bitgert has implemented a buyback program where it buys BSC-based BRISE tokens and burns them. It looks like the project will eventually replace the entire BSC-based BRISE supply with the native Bitgert Chain version of BRISE.

BRISE can be used for gambling and to pay the small gas fees on the Bitgert Chain. It can also be used within dApps connected to the platform, such as the Bitgert DEX, which is available for exchanges. BRISE staking is possible on both BSC and Bitgert Chain, and participants can earn rewards in BUSD; however, it is unclear where the staking rewards come from and whether the staking mechanism is sustainable in the long term. The transaction in the BRISE token generates an automatic tax of 12% that goes back to the project.

Is Bitgert a scam?

The Bitgert project has been the subject of controversy and speculation online, particularly regarding the identities of its founders, the audits it has undergone, its decentralization, and its charitable advertising. The project claims to offer near-zero fees and speeds of up to 100,000 transactions per second, which has raised red flags among analysts and investors. If the stated capabilities of the blockchain are true, it is questionable why it is not more widely used among cryptocurrency enthusiasts.

The project claims that the Bitgert blockchain has solved the blockchain trilemma, which is that increasing scalability often affects decentralization or security. Also, increasing decentralization or security can reduce scalability. The project claims to be decentralized and secure, however there is no readily available information or concrete proof of either. If the Bitgert chain had really solved the blockchain trilemma, they would have been the first to do so and probably would have attracted a lot more attention due to their sophisticated technology.

The identities of the Bitgert founders remain unknown more than a year after the start of the project and 10 months after the launch of its blockchain. This has led to speculation that the team behind the project is using false identities. The project’s website previously featured an “Our Team” page with names that couldn’t be crossed anywhere else online. The page has since been removed entirely.

The project has also come under scrutiny for audits of its platform, which were conducted by Bitgert’s own team. The team gave itself a 98% security rating, raising concerns about the transparency and security of the platform. The whitepaper explaining the project is riddled with grammatical errors, and details of the project are apparently kept ambiguous throughout. Additionally, Bitgert has claimed plans to donate to a charity, but has not provided any details about the charity or its plans. This announcement without the accompanying details has unnerved investors and adds to the questionable legitimacy of the project.

Another point of concern is the role of BRISE, Bitgert Chain’s native cryptocurrency, and the on-chain services offered by the platform. Many of the services promoted by Bitgert, such as staking and token exchanges, seem to be based on the BNB blockchain, which makes it unclear how much they use the Bitgert chain and their native currency.

Is Bitgert a good investment?

It’s hard to say if Bitgert, or the BRISE project token, is a good investment. The BRISE token is incredibly low in price, with a minuscule value of $0.000000380940 as of December 15, 2022. However, the maximum token supply sits at a quadrillion tokens, with a diluted valuation of $380 million. . This means that for the BRISE token to double, the diluted valuation of the project would need to increase by $380 million.

The BRISE token has previously reached an all-time high price of US$0.00000184, so a gain from its current price is not ruled out. The project makes good use of marketing and attracts investors with its low token price and bold claims. However, for a project with limited users and questionable legitimacy, the probability of a substantial increase in value is low.

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