The Ethereum Improvement Proposal, known as EIP, serves as a standardized document within the Ethereum community. Its primary purpose is to offer a platform for proposing and defining new features, updates, or information pertaining to Ethereum application standards, the virtual machine, or the broader ecosystem. EIPs provide technical specifications for proposed features or updates and some EIPs require a strong consensus within the community, while others may not demand such strict requirement. The EIP proposal process draws inspiration from the Bitcoin Improvement Proposal (BIP) and the Python Enhancement Proposals (PEPs). A comprehensive details about this process is specified in EIP-1

EIPs can be categorized into three major types, each serving a distinct purpose [@EIP]:

• Standards Track EIP: These EIPs detail changes in protocol implementations, such as modifications to transaction validation rules or consensus mechanisms.

• Meta EIP: These EIPs provide descriptions of Ethereum’s processes or document existing procedures, aside from specifying Ethereum protocols. They serve as guidelines for the decision-making process, tools, or development environment.

• Informational EIP: Unlike standard specifications or feature proposals, Informational EIPs address design issues or offer guidance and information to the community. They make suggestions rather than impose restrictions.

ERC stands for Ethereum Request for Comment and is utilized for proposing new token and smart contract standards in order to establish standardization and conventions. ERCs share a common goal with EIPs in enhancing Ethereum but concentrate more on the application layer. They emphasize implementation specifications, such as name, registries, and URI schemes. Notable examples include ERC-20 and ERC-721. The details of an ERC are outlined in an EIP classified under the Standards Track EIP category.