A study by ARK Invest and Glassnode ranks Bitcoin first for overall decentralization, followed by Ethereum and Solana, based on several technical criteria. The hardware cost required to run a full node is approximately $289 for Bitcoin, $730 for Ethereum, and $21,478 for Solana, limiting accessibility for individuals on Solana. The Nakamoto coefficient stands at 3 for Bitcoin and Ethereum, compared to 19 for Solana, reflecting broader distribution of delegated stake among validators. The analysis shows that each network presents different trade-offs between accessibility, security, and censorship resistance, illustrating that decentralization is not a binary characteristic but a set of measurable compromises.
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