An independent examiner has revealed shocking details surrounding the inner workings of Celsius – a crypto lender that filed for bankruptcy in July 2022. The examiner claimed that Celsius did not operate by the business model that it presented to customers. He likened it to a Ponzi scheme, much like FTX – a company that happened to have used the same accounting software: QuickBooks. The Truth About CEL Token Per a filing from examiner Shoba Pillay on Tuesday, Celsius had…
What is an EIP (Ethereum Improvement Protocol)?
EIP stands for Ethereum Improvement Protocol. It is a process for proposing and implementing changes to the Ethereum network. Any member of the Ethereum community can propose an EIP, which is then discussed and, if accepted, implemented by the Ethereum development team. For example, EIPs can propose changes to the Ethereum protocol, such as updates to the consensus algorithm, changes to the way data is stored on the blockchain, and changes to how smart contracts are written and executed.
EIPs are typically proposed and discussed on the Ethereum GitHub repository, where community members can suggest changes and vote on proposals. Once an EIP is accepted, it is implemented in a future version of the Ethereum software.
EIP Process Flow
The process flow for EIP (Ethereum Improvement Protocol) typically involves the following steps:
- Proposal: Any member of the Ethereum community can propose an EIP by submitting it to the Ethereum GitHub repository. The proposal should include a clear explanation of the problem or issue that the EIP is trying to address, as well as details on the proposed solution.
- Discussion: Once an EIP is submitted, it is open for discussion among the Ethereum community. Members can provide feedback, ask questions, and suggest changes to the proposal.
- Implementation: If the Ethereum development team accepts the EIP, it is implemented in a future version of the Ethereum software. Before implementation, the EIP may go through multiple stages of review and testing to ensure that it is technically sound and will not negatively impact the network.
- Testing: After an EIP is implemented, it is tested on a testnet before it is deployed on the mainnet. During this phase, developers and community members can test the EIP and provide feedback.
- Deployment: Once the EIP has been thoroughly tested and any issues have been resolved, it is deployed on the mainnet. This typically involves a software upgrade or hard fork of the Ethereum network.
- Monitoring and maintenance: After deployment, the EIP is monitored.
Some of the biggest Ethereum Improvement Proposals (EIPs) in Ethereum’s history are:
- EIP-1559: This EIP changes how transaction fees (also known as gas) are handled on the Ethereum network. It aims to make the fee structure more predictable so that users can more easily estimate the cost of a transaction.
- EIP-1108: This EIP proposes to reduce the cost of executing certain types of smart contracts, making them more affordable for developers and users.
- EIP-2028: This EIP proposes reducing the data storage cost on the Ethereum blockchain by allowing contract addresses and function signatures to be encoded more efficiently.
- EIP-1057: This EIP proposes to change the way the Ethereum network reaches consensus, making it more resistant to certain types of attacks and more efficient overall.
- EIP-1884: This EIP proposes to increase the gas cost of certain types of smart contract operations to mitigate the risk of network congestion and high gas fees.
EIPs have an important impact on Ethereum’s ecosystem, and many other EIPs are being discussed.
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