Ethereum EIPs

Ethereum Improvement Proposals, or EIPs have been in crypto news quite a bit over the last few months, but what are they? Simply put, EIPs describe standards for the Ethereum platform. This includes core protocol specifications, client APIs and contract standards. In this piece, we will break down the different types of EIPs.

Types of EIPs

EIPs at the highest level are separated into different classifications. Each one of these classifications contains a list of its own EIPs. These primary EIP classifications are divided into Standard Track, Core, Networking, Interface, ERC, Meta, and Informational EIPs.

• Standard Track EIPs describe any changes that affect the majority, or all Ethereum implementations. These could be changes to network protocol, changes in block transaction validation, or any other changes that affect the interoperability of Ethereum applications

• Core EIPs have to do with improvements that require a consensus fork. They also have to do with changes which may be relevant to core development discussions, even if they are not consensus critical.

• Networking EIPs include proposed improvements to the specification of the network protocols.

• Interface EIPs mostly have to do with client API and RPC specifications and standards.

• ERC EIPs address proposals for ERC-20 token standards, as well as wallet formats, and name registries.

• Meta EIPs are similar to Standard Track EIPs, but deal more with changes that affect more than just the Ethereum protocol. As an example, Meta EIPs include changes to overall Ethereum procedures and guidelines, as well as changes to the decision making process. Meta EIPs also include changes to the tools and environment for future Ethereum development.

• Informational EIP’s mainly describe design issues within Ethereum. They also provide information to the Ethereum community; however, they do not provide any new features.

EIP 1559 and EIP 3554

EIP 1559, which took place on august 5th 2021, and dramatically changed the way that GAS fees on the Ethereum network are used. Prior to EIP 1559, gas fees were set by miners and were issued back as a reward for validating transactions. After EIP 1559 was implemented, miners only received block rewards from mining Ethereum, and all network GAS fees became set by an algorithmic intelligence and were rerouted to the network to be burned, increasing the overall value of Ethereum. EIP 1559 barely squeaked by with only slightly more than 50 percent consensus, due to push back from the mining community.

EIP 3554 Took place on September 29th 2021 and delays the “Ethereum Difficulty bomb,” which increases the difficulty of mining problems on the Ethereum Blockchain. The “Ethereum Difficulty Bomb” is designed to cause the Ethereum blockchain to enter the “Ethereum Ice Age” where it becomes so difficult to mine Ethereum, miners no longer have the incentive to do so. The purpose behind EIP 3554 is to push miners away form the Ethereum Proof of Work network, to the proof of stake Ethereum 2.0 network.

Conclusion

Hopefully this article sheds some light on the changes Ethereum is going through, which are contributing to Ethereum’s incredibly bullish price action. Killer Whale Gain ETH is our best strategy for gaining Ethereum, however make sure to check out Killer Whale Elite Signals as well!

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