This website uses cookies to ensure you get the best experience on our website
Join us on Telegram for FREE daily market updates!

Crypto education: What are BIP and EIP? Is there any difference?


Crypto development is fast-paced, Satoshi—at one point in time, didn't have the time to convince a critic, dismissive of his vision.

It was hard. 

He was acting solo, spearheading a revolution before melting into the interwebs.

Bitcoin and Ethereum are leaders in their respective categories because of the efforts from the wider community.

As public ledgers, developments are forwarded as proposals. 

They are the Bitcoin Improvement Proposal in Bitcoin and the Ethereum Improvement Proposal in Ethereum. 

Other altcoins adopted the same naming system.

As per our example, short for BIP and EIP, they outline the technical specification on improving the underlying protocol. They are a standard way of community in public ledgers which has no formal structures.

Since Bitcoin and Ethereum—and by extension, any other public ledger -- are governed by the community, and in mutual consent, the proposal's author submits details to the community. 

Once the proposal is vetted, it can either be endorsed or rejected. The improvement proposal will outline its advantages and disadvantages. 

If approved by the majority, it shall be merged and implemented into the protocol through a hard fork or a soft fork.

For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
  • Copyright Excel Innovations Ltd (CryptoAltum) 2020