What the Hell is Bitgert?

Maybe you’ve heard of them. Maybe you haven’t. But those who know are ecstatic about what might be happening with Bitgert. So what the hell is Bitgert? And why are people so excited about it?

Background

Launched in July 2021, Bitgert was initially a decentralized finance (DeFi) protocol built atop the Binance Smart Chain. Six months later they developed and launched their own blockchain: BRISE BRC 20. It flexes one of the most disruptive tokenomic models in the history of blockchain, with near $0 gas fees and the fastest block production time of any project.

Bitgert flexes the following stats:

• Gas fees of $0.00000001 per transaction — the lowest gas fee in the industry.
• A speed of 100,000 transactions per second (TPS) — the fastest chain in the industry.
• Growing ecosystem for NFTs, Web3, and DeFi.

This cryptocurrency is one of the most discussed crypto coins in 2022. Its fast ascension to the top, with Bitgert only celebrating its first birthday in July, has shocked crypto users with the amount they’ve been able to accomplish in such a short time.

A month after their initial launch, Bitgert launched its first product: Bitgert Audits. Over the next two months, Bitgert released the Brise wallet and Bitgert swap as well. They were listed on over five tier-2 exchanges within the first 120 days, and have recently created Bitgert staking. Staking has become one of the biggest topics surrounding Bitgert, with over $25M worth of Bitgert staked currently.

Bitgert has also launched its Bitgert startup studio, bringing over 1000 projects to the ecosystem in the next year. The team has already launched 15 projects, with over 100 projects expected to join every month.

Their 2.0 roadmap outlines many upcoming products, including a centralized exchange, Paybrise, and decentralized marketplaces. They are also introducing Bitgert bridge, an interoperability integration that would incorporate other cryptos. They recently released the Tether and USDC bridge and have announced forthcoming bridges with Ethereum, Binance, Shiba Inu, and Polygon.

Controversy

There have been whispers that Bitgert may not be legitimate. Most conversions have been squashed shortly thereafter — mostly because it presents as such an interesting and disruptive product. But there are some elements of Bitgert to be aware of for those interested in investing in this potentially innovative product.

Take Bitgert’s first product, Bitgert Audits. Brise undertook an audit performed by, you guessed it, Bitgert. The audit suggests that the code, contract functions, and owner privileges are all up to snuff. However, no guidelines or metrics are provided to verify their findings.

Interestingly, the audit platform allows any cryptocurrency project to request one, delivered in two days free of charge. All the audits posted by Bitgert present almost identical security ratings and details.

Currency.com requested more details on the project, given the lack of contact details available online. A message posted on Bitgert’s telegram page requesting further details on their operations and auditing procedures was blocked. There has also been a lot of bot activity on Bitgert’s social media channels.

Bitgert’s website lists a development team. But the names were cross-checked on LinkedIn, and no corresponding profiles were found. Coder and visual artist Kyle McDonald analyzed the photos on Bitgert’s website, and stated that visual glitches in the photos could indicated that they are AI-generated profiles:

“I believe they are GAN images. Major hints are the ‘brick’ background in the first picture, the messy forehead hair quality in the second (and teeth). Also, Pellio has a longer ear on one side which appears to have an earring, but not in the other ear. Asymmetry is a common problem. I expect these were generated with StyleGAN3.”

‘Alexeeva’ is a feminine name in the Russian lexicon, according to an investigation by cryptocurrency.com. Bitgert has since removed these profiles from their website.

Research also shows that BriseChain may have been developed by a third-party rather than Bitgert itself. Before being removed, Bitgert was listed as a client on the homepage of Vindax, a company that sells prepackaged blockchain systems. Supporting this, Bitgert’s blockchain is identical in designed to other Vindax clients.

Yahoo reported that Bitgert was planning on doxxing, essentially uncovering the identities of their main development team. After the project was caught faking the team page on their website, they tweeted about revealing the main dev team’s identities. They have yet to do so.

These issues aside, the tokenomics of the project don’t appear sustainable. The project promises up to 80% APY. But users have actually reported losing their funds. Even if the high APY was due to the high transaction rate of 12%, doing so would make the project similar to a Ponzi scheme. It also discourages long-term growth.

Information regarding Bitgert seems skewed, and negative points are obscured quickly. 3% of the project’s 12% fee goes to marketing, which will affect much of Bitgert’s public perception. At this point, Bitgert’s young age leaves plenty of room for the project to legitimize itself, but you should proceed with caution if you’re interested in investing in their products.

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