Is Bitgert (BRISE) a Scam?

Bittime - Bitgert (BRISE), a controversial blockchain project, stole the show in late 2022 during the FTX crisis, with bold claims of a high-speed and zero-fee blockchain. However, the hype didn't last long, and the project, along with its BRISE token, slowly faded from the spotlight.

What is Bitgert?

Bitgert is a crypto engineering organization that develops various blockchain-based products, including crypto exchanges, peer-to-peer marketplaces, payment platforms, and even real estate marketplaces. Their goal is to innovate and solve problems using blockchain technology to improve the quality of life for their users.

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Bitgert is based on the BNB Chain, but they have developed their own blockchain which claims to be able to handle over 100,000 transactions per second without fees. According to their claims, the Bitgert blockchain has processed more than 25 million transactions until May 2024 with more than 600,000 users.

The project was first launched as an application on BSC in July 2021 under the name Bitrise and its native token known as the ticker BRISE. In December 2021, Bitrise changed its name to Bitgert without affecting its token or ticker, and the platform has continued to operate on BSC since then.

In February 2022, Bitgert launched their own blockchain network using a “proof of authority” (PoA) validation mechanism. This network is known as Bitgert or Brise Chain. Bitgert claims that their blockchain is free of gas fees and capable of processing up to 100,000 transactions per second (TPS). If this claim is true, then this blockchain would be one of the fastest, behind TON Network and Aptos which support 104,000 and 160,000 TPS respectively.

What is BRISE?

BRISE is the native cryptocurrency of Bitgert Chain. This token was initially launched as a token on BNB Chain when Bitgert (formerly Bitrise) was still a blockchain application. When Bitgert launched their own blockchain, BRISE was launched as a native cryptocurrency on the network and is now also available on Ethereum.

Bitgert has implemented a buyback program where they buy BSC-based BRISE tokens and burn them. It appears that this project will replace the entire BSC-based BRISE supply with a native version of BRISE on the Bitgert Chain.

BRISE can be used for staking and paying small gas fees on the Bitgert Chain. These tokens can also be used in dApps connected to the platform, such as the Bitgert exchange or peer-to-peer marketplaces. BRISE staking is possible on BSC and Bitgert Chain, and stakers can earn rewards in the form of BUSD. However, it is unclear where staking rewards come from and whether this staking mechanism is sustainable in the long term. Transactions with BRISE tokens are subject to an automatic 12% tax returned to the project.

Controversial Issues and Doubts

The Bitgert project has been the subject of controversy and speculation online, especially regarding the identity of its founders, audits conducted, decentralization, and their charity announcements. The project's claims of offering almost zero fees and speeds of up to 100,000 transactions per second have raised suspicions among analysts and investors. If these claims of blockchain capabilities are true, why isn't it more widely used by crypto enthusiasts?

This project claims to have solved the blockchain trilemma, namely that increasing scalability often affects decentralization or security. Likewise, increasing decentralization or security can reduce scalability. The project claims decentralization and security, but there is no information or concrete evidence about either. If Bitgert has truly solved the blockchain trilemma, they will be the first to do so and will probably attract more attention due to their advanced technology.

The identity of Bitgert's founders remains unknown years after the launch of their blockchain. This has led to speculation that the team behind this project is using fake identities. The project's website previously featured an "Our Team" page with names that couldn't be found anywhere else on the internet. The page has since been completely removed.

The project has also come under scrutiny for their platform audit, conducted by Bitgert's own team. The team gave themselves a 98% security rating, raising concerns about the platform's transparency and security. The whitepaper explaining the project is riddled with grammatical errors, with details of the project appearing to be deliberately ambiguous. Additionally, Bitgert claimed to have plans to donate to charity, but did not provide details about the charity or its plans. This announcement without details made investors uncomfortable and raised suspicions about the legitimacy of the project.

Is Bitgert Worth Investing?

It is difficult to say whether Bitgert or the BRISE token of this project is a good investment. The price of the BRISE token is very low, sitting at $US0.0000001512 as of May 3, 2024. However, the maximum supply of the token is over 400 trillion tokens, with a full valuation of $US65 million. This means that for the BRISE token price to double, the project valuation would have to increase by $US65 million.

The BRISE token previously reached an all-time high price of $US0.00000184, so a price increase from current levels is not impossible. The project makes good use of marketing and attracts investors with low token prices and bold claims. However, for projects with limited users and questionable legitimacy, the likelihood of substantial value increases is very low.

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Conclusion

Bitgert (BRISE) has the potential to be an interesting project with claims of advanced technology and various blockchain-based products. However, controversies surrounding the identity of the founders, internal audits, and transparency of the project raise many questions about its legitimacy. Investors should be careful and do in-depth research before deciding to invest in this project.

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