Are you curious about the latest advancements in blockchain technology? Meet Berachain, a cutting-edge blockchain with unique features and innovative technology.
This overview will explore what makes Berachain special, including its groundbreaking Proof-of-Liquidity (PoL) system and the exciting new updates in the bArtio Testnet V2.
What is Berachain
Berachain is known as an EVM-Identical Layer-1 (L1) blockchain, which means it can host the same applications as Ethereum. However, in Berachain, a unique consensus mechanism called Proof-of-Liquidity (PoL) ensures the network’s stability and speed.
What is Proof-of-Liquidity?
Proof-of-Liquidity (PoL) is the new proposed methodology for blockchain security based on the common methodology of Proof-of-Stake (PoS). In PoL, validators need to stake a minimum amount of BERA, the network’s gas token. Validators are also rewarded and can issue other forms of governance tokens that are used in the community. These tokens are awarded to those who invest their assets in the network.
Here is How PoL Works:
Securing the Network: Prospective validators bond tokens to secure the network. They provide an initial gas token bond (BERA) to gain eligibility to produce blocks.
Receiving Rewards: When a validator creates a block, they receive governance tokens (BGT) as a reward. These governance tokens are then distributed to reward vaults.
Distributing Rewards: Reward vaults distribute the governance tokens to users who have provided liquidity to the network. The distribution is based on the user’s contributions to the liquidity pools.
Providing Liquidity: Anyone who contributes assets to the network’s liquidity pools is rewarded with governance tokens proportionate to their contribution.
Influencing the Network: Governance token holders can decide which validators to delegate to, thereby increasing those validators’ chances of creating new blocks.
Additionally, governance tokens can be used to vote on changes within the network or burned to receive native gas tokens in return.
Berachain Tokens
Berachain utilizes three key tokens, each serving distinct functions within the network’s ecosystem. Here’s a brief look at BERA, BGT, and Honey.
BERA
BERA is the primary utility token used for transaction fees and computational services on Berachain. It is also essential for validators who bond BERA to secure the network and enable eligibility for block production, aligning their incentives with the network’s stability.
BGT (Berachain Governance Token)
BGT empowers holders to participate in Berachain’s governance by voting on proposals influencing the network’s operational decisions. It rewards validators and delegators, promoting active engagement in the network’s consensus and governance. It is soul-bound and a one-swap to BERA.
Honey
Honey enhances transactional versatility on Berachain, supporting complex operations and smart contracts with specialized requirements beyond standard transactions. Honey is a native stablecoin of Berachain that is utilized for most Berachain native dApps.
Together, these tokens facilitate secure, decentralized governance and efficient operations across the Berachain network.
Unique Features of Berachain
Berachain stands out in the blockchain world with its innovative updates and advanced features. Designed to have a robust, efficient, and highly secure foundation, Berachain has several features that differentiate it from other blockchains. Here are the key features that make Berachain a powerful platform:
BeaconKit
BeaconKit is a modular framework of Berachain for the creation of L1/L2 blockchains. With this feature, more possibilities are opened to blockchain developers regarding the design of the blockchains, which in turn, makes it easier to deploy highly scalable and secure blockchains.
Support for EIP-4844 and EIP-4788
Berachain is pioneering as the first L1 blockchain outside Ethereum to support EIP-4844 and EIP-4788. These Ethereum Improvement Proposals enhance the efficiency and functionality of the blockchain, ensuring seamless integration and compatibility with existing Ethereum-based applications.
Full SSZ Encoding
Adding the feature of SSZ (Simple Serialize) encoding in Berachain makes it more provable and secure. SSZ encoding is therefore essential in enhancing the quality of the data as well as the solidity of the network in terms of the transactions that happen within the system.
CometBFT for Single Slot Finality
Berachain utilizes CometBFT to achieve single-slot finality, which ensures rapid and secure transaction finalization. This mechanism enhances the blockchain’s overall performance and reliability, making it more efficient and user-friendly.
Full EVM Client Diversity
Berachain works with almost all Ethereum Virtual Machine (EVM) clients, such as Geth, Erigon, Nethermind, Besu, Reth, and EthereumJS. This diversity guarantees that operation can proceed without interruption in diverse environments and strengthens the network’s reliability and stability.
About bArtio Testnet V2
The bArtio Testnet V2 represents a significant upgrade from its predecessor, introducing new features and improvements that enhance the overall functionality and performance of the network. This testnet is a critical step in the evolution of Berachain, providing a testing ground for new technologies and protocols.
Main Changes from V1 to V2
The original bArtio testnet (V1) used Polaris framework, combining EVM execution with Cosmos consensus, but struggled with high transaction volumes and compatibility issues. With V2, Berachain has re-architected the chain to be more modular and aligned with EVM standards, resulting in the creation of BeaconKit.
This new version separates the execution and consensus layers, allowing validators to run two clients: a BeaconKit client for consensus and any EVM execution client (like Geth or Erigon). This separation allows each layer to specialize and innovate independently, improving both performance and flexibility.
Source: Berachain Core Docs
Importance of the Testnet
The bArtio Testnet V2 is crucial for developing and refining Berachain’s technologies. It allows for rigorous testing and validation of new features, ensuring they are robust and ready for deployment in the main net. This process is essential for maintaining the integrity and performance of the Berachain network.
Everstake is proud to support Berachain by participating as validators in the bArtio Testnet V2. Our involvement helps ensure the network’s security and stability, contributing to the testnet’s and the broader Berachain ecosystem’s overall success.
Last words
Berachain represents a significant step forward in blockchain technology with its unique features and innovative Proof-of-Liquidity system. The bArtio Testnet V2 is a crucial part of this journey, and Everstake’s role as validator shows our commitment to supporting and advancing the blockchain ecosystem.
Stay tuned for further updates and support Berachain in its mission to revolutionize the world of decentralized finance.
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