Ethereum Improvement Proposal (EIP)

    An Ethereum Improvement Proposal (EIP) is a mechanism that the Ethereum network uses to propose new features and processes that help determine the network’s direction. EIPs are a critical component of Ethereum’s governance system, serving as a source of truth for the Ethereum community. They are typically used to modify the technical specifications of the Ethereum network, and they include upgrades and standards that are discussed by the Ethereum development community and the Ethereum Foundation. EIPs are subjected to a rigorous finalization and auditing process to determine whether they are in the best long-term interests of the Ethereum project.