Ethereum News Today – Headlines for May 3

  • Ethereum’s improvement proposals could negatively impact Bitcoin’s dominance
  • ETH has issued proposals like EIP 20, EIP 137, EIP 1155, EIP 1679, and EIP 1559
  • Making improvement proposals on Ethereum is easier when compared to Bitcoin

Ethereum News Today – improvement proposals are essential to the evolution and health of cryptos, with both Bitcoin and Ethereum‘s ecosystems sitting at the forefront of many improvement proposals since they were launched. While Bitcoin issued proposals like the Lightning Network, Miniscripts, Taproot/Schnorr signatures, and several other improvement upgrades, Ethereum has issued proposals like the EIP 20, EIP 137, EIP 1155, EIP 1679, and EIP 1559. Each of these proposals has had a significant impact on ETH. The upcoming ETH2.0 launch has fueled excitement in the Ethereum community.

Making Improvement Proposals on Ethereum is Easier When Compared to Bitcoin

Hudson Jameson with the Ethereum Foundation recently appeared on a podcast where he spoke about the many improvement proposals on Ethereum. He also compared EIPs with BIPs. He remarked that issuing improvement proposals on Ethereum is a lot easier, than doing the same on Bitcoin. According to him:

Our technical standards (EIPs) have ERCs. ERCs are a type of EIP. This move will make BTC’s proponents crazy. There is a social consensus here. Many projects make use of ERC. Hence if the majority like it, it will become the standard. But in BTC, this is not the case. The art of approving a BIP is very complicated.”

This makes sense for obvious reasons.  Getting a BIP approval is very complicated. It typically requires a community consensus. Even before there is a consensus, the BIPs must go through multiple stages (they must be drafted, verified, accepted, and either rejected or replaced). However, in an EIP, the proposal is liked by the majority of users making it the standard.

Users in the EIP Process Can Draft for EIP

Speaking more on why the turnover level of EIPs is higher than that of other coins, including Bitcoin, Jameson said:

It is for several reasons. Firstly, users in the EIP can make a draft for EIP. There are multiple drafts in EIP. But in BIP, you will have to get approval to draw the draft.

Even though Bitcoin is regarded as the king of digital assets, the coins’ Blockchain faces many challenges. No wonder BTC’s core developers must put in more than the needed effort to ensure the top coin’s dominance remains intact.

Additionally, considering the huge size of Bitcoin, it gets difficult to understand the issues and drawbacks of the digital asset in its entirety sometimes. The fact that there haven’t been many upgrades lately in the network is proof of the above-mentioned statement.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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