I have been interested in fractional calculus for some time now, and I have seen "lots" of definitions of the $\frac {d^\alpha} {dx^\alpha}$ operator.
I started with the book The Fractional Calculus by Oldham and Spanier, and it comes as no surprise that I favor the Grünwald-Leitnikov derivative. It seems to me as a great definitionsdefinition, becusebecause it directly generalizes the basic definitondefinition of the derivative $\frac {df} {dx}=\lim_{h \rightarrow 0} \frac {f(x)-f(x-h)} {h}$. And it also produces the integral when $\alpha$ is set to be a negative number.
Another (which I think is the Liouville definition, but I'm not sure) generalizes the property of differentiating an exponential $\frac {d^k} {dx^k} e^{rx} = r^ke^{rx}$ and thus if $\frac {d^\alpha} {dx^\alpha}f(x)=\sum A_ne^{nx}$ then $f(x)=\sum A_n n^\alpha e^{nx}$.
A definition, which is used really often for some reason, is the Caputo derivative. Lot of people find it natural that $\frac {d^{\frac 1 2}} {dx^{\frac 1 2}} [1]=0$, but I think it is "evident" that it should be proportional to $x^{-\frac 1 2}$.
Now comes the actual question. Why are there so many definitions of the fractional derivative? Are some of them "better" than the others in some sense? And lastly, is there a general framework, wherein "functions" of differential operators, maybe more general than (fractional) powers, can be given an explicit meaning?