Decentralized Frontiers: A Comparative Study of Bitcoin, Ethereum, and Solana Technologies and Challenges

Abstract

This study provides a comparative analysis of Bitcoin, Ethereum, and Solana, three prominent decentralized blockchain platforms shaping the digital landscape. Bitcoin, originating as a decentralized digital currency, employs proof-of-work for transaction validation but faces scalability challenges and environmental concerns. Ethereum, pioneering smart contracts and transitioning to proof-of-stake with Ethereum 2.0, facilitates a robust ecosystem of decentralized applications (dApps) and decentralized finance (DeFi). Solana, leveraging proof-of-history and proof-of-stake, distinguishes itself with high throughput and low transaction costs, targeting scalability for dApps and high-frequency trading. This research examines their technological architectures, governance models, security implications, and scalability issues, offering insights into their respective roles in decentralized finance and the broader blockchain ecosystem.