What is an Ethereum Improvement Proposal (EIP)?

An Ethereum Improvement Proposal (EIP) is a technical standard that describes modifications or additions to the Ethereum network. These proposals can be related to core protocol rules, client APIs, or contract standards. The goal of an EIP is to provide a clear and concise description of a specific modification to the Ethereum network.

The Ethereum Improvement Proposal process is open to anyone and is overseen by the Ethereum core developers. The process begins with the submission of a formal EIP document that outlines the proposed change. After the initial submission, the EIP is reviewed by the Ethereum developers and any necessary revisions are made. Once approved, the EIP is implemented on the network in the form of a new version of the Ethereum software.

The Ethereum Improvement Proposal process is designed to ensure that all changes to the Ethereum network are well-thought-out and beneficial to the platform. The process is also designed to ensure that all stakeholders are able to provide input and feedback on proposed modifications. This helps to ensure that changes to the Ethereum network are implemented in a manner that is beneficial to the platform and its users.

EIPs are important to the Ethereum network because they provide a standardized method for proposing and implementing updates to the platform. The process allows developers to submit and review proposed changes and allows users to provide valuable feedback. The process is also designed to ensure that changes to the network are implemented in a manner that is beneficial to the network and its users.

Simplified Example

An Ethereum improvement proposal (EIP) is like making a suggestion for a new toy or game to play with your friends. Just like how you might suggest a new game to play at recess or a new toy to play with during playtime, an EIP is a suggestion for how to make the Ethereum blockchain better. Maybe you think the game is too hard, or you have a great idea for a new game that you and your friends would love. That's what an EIP is like. It's a suggestion for how to make the Ethereum blockchain more fun or easier to use, like adding a new feature or changing the way something works. Everyone gets to share their ideas and talk about them, and if a lot of people like the idea, it might get added to the Ethereum blockchain, just like how a new game or toy might become a regular part of your playtime.

History of the Term "Ethereum Improvement Proposal (EIP)"

As the Ethereum platform rapidly evolved, the demand for a standardized system to propose and implement changes became evident. In the initial stages of development, early contributors and community members likely utilized informal terms like "change proposal" or "improvement suggestion" in their discussions and planning. The formalization of this process gave rise to the Ethereum Improvement Proposal (EIP) system, driven by the necessity for a structured and transparent approach to manage updates to the platform. While the exact date and individuals responsible for the initial formalization are not documented, early versions of EIPs can be traced back to 2015, with contributions from several key figures within the Ethereum community.

Examples

EIP-1559: EIP-1559 is a proposed improvement to the Ethereum network that aims to address the problem of high gas fees. It introduces a new mechanism for setting gas prices that would reduce the volatility of gas fees and make them more predictable. EIP-1559 is widely regarded as one of the most important improvements to the Ethereum network and is expected to be included in the Ethereum 2.0 upgrade.

EIP-1108: EIP-1108 is a proposed improvement that aims to increase the efficiency of smart contract execution on the Ethereum network. It introduces a new opcode (operation code) to the EVM that would allow smart contracts to access storage more efficiently. EIP-1108 is intended to reduce the cost of executing smart contracts and to improve the overall performance of the Ethereum network.

EIP-1344: EIP-1344 is a proposed improvement that aims to improve the privacy of transactions on the Ethereum network. It introduces a new mechanism for creating and managing privacy-enhanced addresses that would hide the identity of the sender and recipient of a transaction. EIP-1344 is intended to provide a more secure and private way of conducting transactions on the Ethereum network.

Related Terms

• Enterprise Ethereum Alliance (EEA): A collaborative effort among companies, academics, and technology providers aimed at creating a common standard for the implementation of Ethereum blockchain technology in the enterprise sector.

• Ethereum Transaction: A digital contract that enables a user to send digital currency or other related assets like tokens, digital certificates, etc. over a distributed, decentralized, public ledger called the Ethereum blockchain.