EIP vs ERC: Understanding the Differences in the Ethereum Ecosystem
Confused about the difference between EIP and ERC in the Ethereum ecosystem? Learn about the key differences and how they work together to improve the functionality and security of the Ethereum networ
EIP and ERC are related but distinct concepts in the Ethereum ecosystem.
Ethereum Improvement Proposal (EIP) is a formal process to propose improvements to the Ethereum network. The EIP process allows anyone to propose a change or new feature to the Ethereum protocol, and it is open to discussion, review, and feedback from the Ethereum community. Once an EIP is approved, it can be implemented in the Ethereum network through a software upgrade.
ERC, which stands for Ethereum Request for Comment, is a standardized set of rules and conventions for smart contracts on the Ethereum blockchain. ERCs define how smart contracts should function and interact with each other on the Ethereum network. They provide a common framework for developers to follow, ensuring that their smart contracts are compatible with other contracts on the Ethereum network.
In short, EIPs are proposals for improvements to Ethereum as a whole, and ERCs are a set of standards for smart contract development within Ethereum.
EIP-1559: This EIP proposed a change to the way transaction fees are handled on the Ethereum network. It aims to reduce network congestion and improve the user experience by introducing a fixed-price, bid-based fee market for transactions.
EIP-1108: This EIP proposed increasing the gas cost for certain types of transactions on the Ethereum network to improve security and prevent certain types of denial-of-service attacks.
Examples of Ethereum Request for Comments (ERCs) include:
ERC-20: This is a widely used ERC that defines a standard set of rules for creating fungible tokens on the Ethereum network. It specifies the functions and events that a compliant token contract must include.
ERC-721: This ERC defines a standard interface for non-fungible tokens (NFTs) on the Ethereum network. It specifies the functions and events that an NFT contract must include, such as the ability to transfer and mint new tokens.
ERC-1155: This ERC defines a standard interface for tokens that combine the properties of both fungible and non-fungible tokens, allowing contracts to use a single ID to manage multiple types of tokens in a single contract.
These are a few examples but, there are many other EIPs and ERCs that have been proposed or implemented on the Ethereum network. Each of them contributes to make the Ethereum ecosystem more efficient and versatile.
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