Wigwam is the best Berachain blockchain crypto wallet

Berachain blockchain review

Berachain is a Tendermint-based EVM-enabled L1 blockchain that has brought the advanced concept of the "Proof of Liquidity" (PoL) into the market. This means of blockchain technology application is targeted to improve security, reliability, and productivity in the distributed finance ecology. Berachain's specificity is that it can run smart contracts built on the Ethereum Virtual Machine (EVM) which makes it possible to create customizable decentralized applications (dApps). Also, it simplifies the integration of different blockchains through the EVM interface. The launch of the project was different from those of many other projects, as it developed from a well-known NFT collection called Bong Bears, which has now become an important community layer in support of the Berachain system.

What Problem it Solves

The Proof of Stake systems have main issues related to security and centralization which Berachain is seeking to address. With the implementation of Proof of Liquidity, Berachain helps to disperse staking among many players, which results in improving fairness mechanics and reduces the chances of manipulation by a small group of people controlling vast amounts of money. 

This approach also tries to make the blockchain safer by making sure that the validators have something to lose if they mess up the network. Moreover, it aims to facilitate validators to obtain a fair share of the protocols they secure and reward them through the BGT (Bera Governance Token).

Technology

At its core, Berachain utilizes Polaris and uses the cometBFT consensus mechanism. Such a consensus algorithm has been designed as an improved and more secure version of the PoS systems, which could be a reliable foundation for the platform’s unconventional approach to blockchain governance.

Berachain implements a novel concept called Proof of Liquidity with users having to deposit their tokens into BEX p2p markets and receive BGT as a reward. Validators will distribute these rewards proportional to the total number of BGT staked with them and hence, a good delegation strategy can help secure enough rewards for the holders. It not only provides incentives to validators for running the network but also the benefits of providing liquidity to it which is for the sake of improving the security and decentralization of blockchain.

Team

Although the sources don't reveal much information about the Berachain team, the innovative approach and the complexity of the technology imply that there is an efficient workforce dedicated to the team. The process of creating a new consensus algorithm such as cometBFT, and the put-in Proof of Liquidity entails great expertise in blockchain technology and commitment to innovation. The teams having expertise in these fields will be very useful for Berachain since they are the main ones to solve the shortcomings of existing blockchain systems.

Investors

A layer-1 DeFi-centered blockchain, Berachain raised $42 million in a Series A round that gave the company a $420.69 million valuation. The ultimate round of funding which was headed by Polychain Capital and also included deals from DeFi lovers such as Hack VC and Tribe Capital has clearly brought out the growing interest in the Berachain approach to DeFi. The platform seeks to achieve greater liquidity and capital efficiency via a feature called "proof of liquidity," which allows the use of staked assets in an active participation in DeFi protocols.