Decentralization in Blockchain: An In-Depth Review of Bitcoin, Ethereum, and Solana

Abstract

This paper presents a blockchain technology that has revolutionized decentralization through platforms like Bitcoin, Ethereum, and Solana. Bitcoin pioneered decentralized peer-to-peer transactions with its Proof of Work consensus, ensuring global node verification and immutability. Ethereum expanded on this with smart contracts and plans to transition to Proof of Stake for scalability. Solana, leveraging Proof of History and Proof of Stake, emphasizes high throughput and low latency for scalable decentralized applications. Each platform exemplifies unique approaches to decentralization, influencing diverse sectors from finance to decentralized finance (DeFi), and paving the way for future decentralized innovations.