"Ethereum improvement proposals governance process"

Assalam O Alaikum

Hello dear friends! Welcome to my post. How are you all? I hope you will be doing well by the grace of Almighty Allah. I'm also fine and enjoying my day. Today I'm here to share my knowledge with you about the topic "Ethereum improvement proposals governance process" in this PussFi community. So let's start the task without any more delay of time.

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_Freepik

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Friends, as we all know that the Ethereum is a decentralized platform which is working with the help of various protocols like the governance, collaborative processes which provides the stability, security and transparency to the network and make a lot of things easier for the people who are working on it. This is because, the Ethereum network has a great role in the crypto space and in the decentralized finance DeFi.

Actually, the structure of Ethereum is based on various protocols which has a separate role in maintaining the working and stability of network. Among them, the one of the important part of Ethereum's structure is the Ethereum improvement proposals systems which provides us an open way to make changes in the protocols, and bringing other innovations to the network to make it more better.

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_Freepik

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If we discuss more about the Ethereum improvement proposals, we can say that it is like a document which helps us to propose more protocols, features and standards within the Ethereum network to improve it's working and make it more secure and reliable for the people who are a part of it.

Furthermore, it allow the developers, stakeholders and users to discuss about the changes and updates which they want to bring within the network. All these things, make the platform more secure because, the changes are done through the decentralized apps which means that the chances of error remain none. The structure of Ethereum proposal governance process is consists of different components.

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_Freepik

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And if we discuss about the key components of it, the preamble are at the top of the list. This is because, it contains the information like the metadata, number of authors and the date of their joining platform. Due to that reason, we can say that the preamble has a great role in the stability and authenticity of network.

Besides that, the other important components of EIPs are the abstract, which provides the summary of the proposal and the other is motivation. The motivation tell us about the need of change and also explains why the change is required. After that the specifications comes which provides the details and description of the change which are going to happen in the proposal.

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_Freepik

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In addition, the other parts are the rationale and the backward compatibility and in them, the rationale provides us the design of proposals and other details of the design of protocols. The second one is the backward compatibility which tells that how that changes will affect the working of network and how it will complete the existing competitors i.e the existing protocols.

In general, we can say that the EIPs is a very important process for Ethereum because it improves the working of the platform and ensures that the changes in the protocols or platform and well designed, well structured and technically proven by the developers and stakeholder. Also it allow the platform to stand high among the others.

Conclusion

In conclusion, we can say that the EIPs has a great role in the stability and security of the Ethereum network because, all these things shape the future of Ethereum Blockchain. Also the improvements are a very crucial aspect of a blockchain based network because it helps them to meet the requirements of people and to deal with the challenges and problems which they are facing within the network.

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Written by @abdullahw2

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