Comparisons of Decentralization in Leading Blockchains: Bitcoin, Ethereum, and Solana

Abstract

This abstract provides a comparative analysis of decentralization across Bitcoin, Ethereum, and Solana, three prominent blockchain platforms shaping the landscape of digital transactions and applications. Bitcoin, introduced in 2008, pioneered decentralized digital currency with its Proof-of-Work (PoW) consensus mechanism, emphasizing security and immutability in transaction verification. Ethereum, launched in 2015, expanded blockchain capabilities with smart contracts, enabling decentralized applications (dApps) and fostering innovations in decentralized finance (DeFi) and non-fungible tokens (NFTs). Its ongoing transition to Ethereum 2.0 introduces Proof-of-Stake (PoS) to improve scalability and energy efficiency. Solana, a newer entrant, employs innovative approaches like Proof-of-History (PoH) and PoS to achieve high transaction throughput and low latency, catering to real-time applications and enterprise needs. This study examines the decentralization strategies, technical architectures, and governance models of each platform, offering insights into their contributions to decentralized technologies and their implications for future digital economies and governance frameworks worldwide.