Decentralization Dynamics: A Comparative Examination of Bitcoin, Ethereum, and Solana

Abstract

This abstract delves into a comparative analysis of Bitcoin, Ethereum, and Solana, three prominent blockchain platforms known for their unique approaches to decentralization. Bitcoin, introduced as the first decentralized digital currency, operates on a Proof-of-Work (PoW) consensus mechanism, emphasizing security and immutability while facing challenges related to scalability and energy consumption. Ethereum expanded blockchain capabilities with smart contracts, enabling decentralized applications (dApps) and decentralized finance (DeFi), and is transitioning to Ethereum 2.0 with Proof-of-Stake (PoS) to enhance scalability and sustainability. Solana, leveraging Proof-of-History (PoH) and PoS, achieves high throughput and low latency, addressing scalability effectively for real-time applications. This study examines the decentralization strategies, technical architectures, and challenges of each platform, offering insights into their contributions to decentralized technologies and their implications for future blockchain innovations.