Unveiling Decentralization: A Comprehensive Review of Technologies, Comparison, Challenges in Bitcoin, Ethereum, and Solana Blockchain

TL;DR

This paper provides a comprehensive review and comparison of Bitcoin, Ethereum, and Solana blockchains, highlighting their unique architectures, capabilities, and challenges to inform researchers and practitioners.

Contribution

It offers a detailed analysis of the technologies, differences, and challenges of major blockchain platforms, filling gaps in comparative understanding.

Findings

Bitcoin enables decentralized transactions without intermediaries.

Ethereum introduces smart contracts and Turing-complete scripting.

Solana achieves high throughput with timestamp-based architecture.

Abstract

Bitcoin stands as a groundbreaking development in decentralized exchange throughout human history, enabling transactions without the need for intermediaries. By leveraging cryptographic proof mechanisms, Bitcoin eliminates the reliance on third-party financial institutions. Ethereum, ranking as the second-largest cryptocurrency by market capitalization, builds upon Bitcoin's groundwork by introducing smart contracts and decentralized applications. Ethereum strives to surpass the limitations of Bitcoin's scripting language, achieving full Turing-completeness for executing intricate computational tasks. Solana introduces a novel architecture for high-performance blockchain, employing timestamps to validate decentralized transactions and significantly boosting block creation throughput. Through a comprehensive examination of these blockchain technologies, their distinctions, and the associated challenges, this paper aims to offer valuable insights and comparative analysis for both researchers and practitioners.