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…