Unveiling Decentralization: A Comprehensive Review of Technologies, Comparison, Challenges in Bitcoin, Ethereum, and Solana Blockchain
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.
Cite
@article{arxiv.2404.04841,
title = {Unveiling Decentralization: A Comprehensive Review of Technologies, Comparison, Challenges in Bitcoin, Ethereum, and Solana Blockchain},
author = {Han Song and Yihao Wei and Zhongche Qu and Weihan Wang},
journal= {arXiv preprint arXiv:2404.04841},
year = {2024}
}