In the Ethereum world, EIP and ERC phrases come up quite often. What exactly is the difference between the two?

EIP stands for Ethereum Improvement Proposal. It is a design document that outlines a proposed change or improvement to Ethereum. Once an EIP has been authorized and confirmed by a committee, it becomes an ERC.

ERC stands for Ethereum Request for Comment. It is a protocol for proposing and implementing new Ethereum-based tokens, smart contracts, and other related features.

EIPs can cover a wide range of topics, such as new features for the Ethereum Virtual Machine (EVM), updates to the Ethereum network, or changes to the Ethereum protocol itself.

ERCs, on the other hand, are specifically focused on creating new Ethereum-based tokens or standards for smart contracts. Some examples of ERCs include ERC-20 (a standard for creating tokens) and ERC-721 (a standard for creating non-fungible tokens).

In summary, EIPs are proposals for improving or changing Ethereum, while ERCs are proposals for creating new Ethereum-based standards or tokens. Both play important roles in the development and evolution of the Ethereum ecosystem.