Is Bitgert the new Solana Killer?
Ever since the Solana blockchain launched, it has been touted as an Ethereum killer. You may have seen its rapid rise in a few months. Its fast validation times and low transaction fees seemed to be the perfect replacement for the older Ethereum blockchain. However, amid recent market upsets and controversies, a new crypto coin […] The post Is Bitgert the new Solana Killer? appeared first on ZebPay.
Ever since the Solana blockchain launched, it has been touted as an Ethereum killer. You may have seen its rapid rise in a few months. Its fast validation times and low transaction fees seemed to be the perfect replacement for the older Ethereum blockchain.
However, amid recent market upsets and controversies, a new crypto coin looks to be taking its place. Bitgert (BRISE) is quickly overtaking the Solana ecosystem and is predicted to be a Solana killer.
What is Solana?
Before delving into the advantages and disadvantages of each crypto, we must understand their history.
Solana was launched to the public in 2020 by Anatoly Yakovenko, Greg Fitzgerald and Stephen Akridge. It is based on a new consensus mechanism called Proof of History. This system is used by the network to timestamp transactions, something that was not possible previously. It allows systems to process transactions almost 10,000 times faster than older blockchains. It improves the scalability and efficiency of the blockchain.
Network security is handled through Proof of Stake. SOL, the token used by Solana, can be staked to help secure the network. The stakers can also earn rewards through these tokens.
The foundation has stated that 489 million tokens will be released. SOL price during the initial sale was $0.04. By the end of 2021, it hit an all-time high of $260.06.
Read more : Solana is Making its Way into Mobiles
How is Bitgert Different?
The Bitgert blockchainwas launched in July 2021. It is a crypto project that focuses on decentralised products and auditing services. Its claim to fame is being the world’s first zero-cost gas fee blockchain. Bitgert operates on a BRC20 blockchain, which boasts of up to 100,000 transactions per second. It also supports DeFi, smart contracts, and NFTs on its platform.
The Bitgert ecosystem is supported by a buyback mechanism. 5% of transaction fees are directed to a buyback scheme as a deflationary measure. Additionally, 3% of transaction fees are used for marketing while 4% is used as staking rewards.
The blockchain is built with the Proof of Authority mechanism. It involves attaching a reputation to an identity. This incentivises validators to uphold the transaction process so that they do not have a negative reputation on the blockchain. In some ways, this is considered more robust than Proof of Stake.
Its offerings include auditing solutions, a dApp wallet, staking, swapping and a bridge system. With its wallet, Bitgert aims to unify your crypto assets by being able to send and receive many different coins safely. This wallet service is entirely peer-to-peer, without the requirement of any third party.
BRISE is the token used on the blockchain. It has a total supply of 1 quadrillion tokens, with 50% being used for burning after the buyback. Bitgert can be purchased from platforms such as Gate.io and PancakeSwap.
Bitgert vs Solana: What Should You Choose?
Solana is a larger and more trusted blockchain, being among the top 10 most traded tokens on various exchanges. However, it has been involved in controversy. There have been multiple outages of the Solana blockchain that have affected transactions for up to seven hours. Additionally, Solana Labs, the company behind Solana is currently undergoing a class-action lawsuit.
The BRC20 blockchain is capable of 100,000 TPS (Transactions per second) while Solana can reach 65,000 TPS. Bitgert also has zero gas fees, while Solana has around $0.00025 in gas fees per transaction. Using the BRISE Bridge, interoperability will also be higher on the BRC20 chain, as more chains will be able to communicate with it. From a technical perspective, Bitgert’s blockchain seems to be a better solution than Solana.
On the other hand, Bitgert is not perfect. The founders remain anonymous, with no indication of when their identities will be made public. BRC20 is also more centralised than Solana, due to its Proof of Authority mechanism. Finally, it remains to be seen how widely adopted the Bitgert blockchain will be.
SOL currently has a market cap of almost $11.5 billion at $33.37 per token. BRISE has a market cap of $165 million for $0.000000385 per token.
Bitgert offers an interesting alternative to Solana. Amid SOL’s falling price, many investors have switched to BRISE. However, ecosystems can only grow with increased adoption. Solana has a well-established ecosystem it has developed over two years while Bitgert is yet to prove itself. The choice between the two chains depends on your risk appetite and belief in their future based on the information available.