Bitgert, a crypto-engineering organization, has garnered attention with its ambitious claims of a high-speed, feeless blockchain ecosystem to revolutionize various sectors like decentralized finance, NFTs, and the metaverse. However, the project has been marred by controversy and skepticism, raising concerns about its legitimacy and potential as an investment opportunity.
What is Bitgert?
Bitgert currently operates on the Binance Smart Chain (BSC) but has developed its blockchain, boasting impressive capabilities of processing over 100,000 transactions per second with zero transaction costs. The platform claims to have already processed over 4 million transactions and amassed a user base of 350,000 since its launch.
Initially known as Bitrise, Bitgert rebranded in December 2021 while keeping its native token, BRISE, unchanged. In February 2022, Bitgert launched its blockchain using a unique “proof of authority” (PoA) validation mechanism, aiming to offer a gas-free environment for users. The network is also compatible with Ethereum Virtual Machine (EVM), facilitating smooth migration for projects from other chains.
Understanding BRISE Token
BRISE serves as the native cryptocurrency of the Bitgert Chain. Initially launched as a token on BSC, it transitioned to become the native currency on the newly-launched blockchain. The project employs a buyback program to acquire and burn BSC-based BRISE tokens, intending to replace the entire BSC-based supply with the BRISE version native to Bitgert Chain.
BRISE finds utility in staking, gas fee payments on the Bitgert Chain, and transactions within dApps connected to the platform, such as the Bitgert DEX. Staking BRISE allows users to earn BUSD rewards, though concerns remain about the sustainability of the staking mechanism and the source of staking tips. Notably, transacting in BRISE incurs an automatic 12% tax, contributing to the project.
Evaluating Bitgert’s Legitimacy
Bitgert’s legitimacy has been a subject of contention within the crypto community. The project’s claims of being a “zero gas fee” chain have been met with skepticism, given the presence of minimal transaction fees (gas fees) paid in BRISE. Additionally, the absence of readily available information or concrete proof regarding its decentralization and security has raised red flags among analysts and investors.
The anonymous nature of Bitgert’s founders has added to the doubts surrounding the project. Speculation about using fake identities and the need for more transparency on the team’s composition have fueled concerns about the project’s authenticity. Furthermore, self-audits conducted by the Bitgert team and grammatical errors in the whitepaper have contributed to doubts about the platform’s credibility.
Bitgert’s purported plans to donate to a charity without providing details have further unsettled investors, questioning the legitimacy of the project and its intentions.
As an investment prospect, Bitgert and its native token, BRISE, present a complex picture. BRISE’s current low price, combined with the project’s ambitious marketing efforts, may attract some investors seeking significant gains. However, the platform’s limited user base, controversial claims, and questionable legitimacy raise doubts about its potential for substantial value appreciation.
While BRISE has previously reached higher prices, the diluted valuation of the project is substantial, making significant price increases challenging to achieve. Given the uncertainties surrounding the project, investing in Bitgert may involve considerable risk, and potential investors are advised to exercise caution and conduct thorough research before making any investment decisions.