A Comprehensive Review of Decentralization Technologies in Bitcoin, Ethereum, and Solana

Abstract

Decentralization is a cornerstone of blockchain technology, driving the evolution of cryptocurrencies and smart contract platforms. This comprehensive review examines the decentralization technologies in Bitcoin, Ethereum, and Solana, three prominent blockchain networks with distinct approaches to achieving distributed consensus and security. Bitcoin, the pioneer of blockchain technology, employs the Proof of Work (PoW) consensus algorithm, ensuring decentralization through extensive computational power and a wide network of miners. Ethereum, initially based on PoW, is transitioning to Proof of Stake (PoS) with Ethereum 2.0 to enhance scalability and reduce energy consumption while maintaining decentralization through validator participation and staking mechanisms. Solana, a newer entrant, utilizes Proof of History (PoH) in conjunction with PoS to achieve high throughput and low latency, aiming to balance decentralization with performance optimization. This review delves into the architectural differences, consensus mechanisms, and scalability strategies of these platforms, analyzing their strengths, limitations, and the implications for future blockchain applications. By exploring these three paradigms, the review provides insights into the evolving landscape of decentralized technologies and their potential to transform various sectors through enhanced security, transparency, and efficiency.