Sappchat = Chat App + Crypto Wallet
Their tagline, “The world's first Decentralized Messaging App meets Decentralized Banking powered by Blockchain and Artificial Intelligence Technology,” seems like a convoluted crypto word salad.
What I like:
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A chat app could potentially onboard millions of new crypto users, and popular chat apps like WhatsApp or Facebook Messenger already have over 1 billion users.
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They provide encrypted, anonymous, end-to-end communication (no email, phone number, etc. is required).
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They are down +99% from ATH of $0.05 and only up 3x from ATL, which is one of the indicators I look for in a hidden gem (if there are signs of life). Just getting back to ATH would be a 170x 👀
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Approximately 90% of the tokens are in a burn wallet.
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Only 10% of tokens were allocated to the team and advisors.
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The company plans to allocate a significant portion of funds toward ecosystem development and growth.
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There is a 10% buyback and burn mechanism. What I do not like:
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Combining a wallet and a chat app may pose a risk of fraud and other potential issues.
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The company claims to have its own L1, SappChain, but I could not find any information about it. The token is a BEP20 token, which is unusual if they have a native chain and a wallet!
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It is unclear how decentralized the platform is, although hodlers appear well dispersed. The biggest three wallets hold 2.45%, 1.56%, and 1.4%, respectively of the tokens, and after the 10th biggest wallet, the holdings drop to less than 0.01% per wallet.
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It is not clear how the app operates on the blockchain. If everything were "on-chain," users would need to pay gas fees to post or reply to messages, but there is no information.
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Sappchat is only listed on one CEX (Bitrue), with no DEX listings. Bitrue is not even a mid-tier CEX. Show Less
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