## ERC-20 ERC-20 is a tokenization standard created in 2015 for fungible tokens on the Ethereum blockchain. It defines a set of rules and functions that allow developers to create and manage tokens with interoperable properties. ERC-20 tokens have become the foundation for numerous tokenized assets, initial coin offerings (ICOs), decentralized finance (DeFi) protocols, and DApp ecosystems. The standard specifies methods for transferring tokens, querying balances, and approving token transfers on behalf of others. Its interoperability across different wallets and exchanges have made it an essential building block in the world of digital assets. They can be traded on decentralized exchanges (DEXs), or utilized within decentralized finance (DeFi) protocols for activities such as yield farming, liquid staking, or real-world asset tokenization. For more information, see [Ethereum Improvement Proposal #20](https://eips.ethereum.org/EIPS/eip-20). ### ERC-721 ERC-721 is a standard for non-fungible tokens (NFTs) on the Ethereum blockchain. It was proposed in 2017 and has since become one of the most widely adopted standards for creating unique digital assets. The historical importance of ERC-721 lies in its ability to enable the creation and trading of digital collectibles, such as CryptoKitties, which gained significant popularity and showcased the potential of NFTs. For more information, see [Ethereum Improvement Proposal #721](https://eips.ethereum.org/EIPS/eip-721). ### EIP-712 EIP-712 introduces a standard for typed data signing within smart contracts. It provides a structured and standardized way to present transaction details to users, enhancing wallet functionality and security. By using EIP-712, wallets can display human-readable descriptions of the transaction being authorized, reducing the risk of accidental or malicious transactions and mitigating potential phishing attacks. This proposal improves user experience by enabling clear and detailed information about actions being authorized in decentralized applications (dApps), fostering trust in the ecosystem. For more information, see [Ethereum Improvement Proposal #712](https://eips.ethereum.org/EIPS/eip-712). ### EIP-721 EIP-721 builds upon ERC-721 by introducing additional functionality and improvements to the standard. Proposed in 2018, it aims to enhance interoperability between different NFT contracts and provide better support for metadata associated with NFTs. This proposal played a crucial role in expanding the capabilities of ERC-721 tokens, making them more versatile and user-friendly. For more information, see [Ethereum Improvement Proposal #998](https://eips.ethereum.org/EIPS/eip-998). ### ERC-777 ERC-777 is a token standard designed to improve upon some limitations of existing token standards like ERC-20. Proposed in 2018, it introduces new features such as hooks that allow smart contracts to react when tokens are received or sent. The historical significance of this proposal lies in its efforts to address issues related to lost funds due to incorrect transfers or lack of recipient contract compatibility. For more information, see [ERC Standard #777](https://eips.ethereum.org/EIPS/eip-draft_777). ### EIP-1011 (Hybrid Casper FFG) EIP-1011 proposes Hybrid Casper FFG (Friendly Finality Gadget), which combines Proof-of-Stake (PoS) consensus with Proof-of-work (PoW). This hybrid approach was introduced as part of Ethereum's transition from PoW-based mining towards PoS-based validation. By incorporating elements from both consensus mechanisms, Hybrid Casper FFG aimed at improving scalability while maintaining network security during Ethereum's evolution. For more information, see [Ethereum Improvement Proposal #1011](https://eips.ethereum.org/EIPS/eip-1011). ### ERC-1155 ERC-1155 is a multi-token standard proposed in 2018 that allows for the creation of both fungible and non-fungible tokens within a single smart contract. This standard provides efficiency gains by reducing the number of contracts needed to manage different types of tokens. The historical importance of ERC-1155 lies in its ability to streamline token management, making it easier for developers to create complex token ecosystems with varying characteristics. For more information, see [ERC Standard #1155](https://eips.ethereum.org/EIPS/eip-draft_1155). ### EIP-1559 EIP-1559 suggested changes to the fee market mechanism in Ethereum 1.0. Proposed in 2018 and implemented in August 2021 with London hard fork upgrade, it introduced a new transaction pricing model that includes a base fee and a mechanism for burning fees. This proposal aimed to address high gas prices during periods of network congestion and seeks to make transaction costs more predictable. EIP-1559 has transformed [[Transaction Fee Mechanisms]] and related fee markets on the Ethereum blockchain by introducing changes to transaction pricing mechanisms. Under EIP-1559: 1. Base Fee: A new concept called the "base fee" was introduced. The base fee is a dynamically adjusting price that determines the minimum amount users need to pay for their transactions to be included in a block. 2. Fee Burn: EIP-1559 includes a mechanism where part of the base fee is burned, effectively reducing the overall supply of Ether (ETH) with each transaction. This makes Ethereum a deflationary asset and can potentially have long-term implications on its value. 3. Priority Fee: Users can include an optional "priority fee" along with the base fee to incentivize miners to prioritize their transactions. The implementation of EIP-1559 has had significant effects on Ethereum's fee market dynamics, making it more efficient and predictable for users while also transforming Ethereum into a net deflationary blockchain due to the burning of fees. The impact of this change can be viewed using the [ultra sound money dashboards](https://ultrasound.money/). For more information, see [Ethereum Improvement Proposal #1559](https://eips.ethereum.org/EIPS/eip-1559). ### EIP-3675 (The Merge) EIP-3675, also known as "The Merge," aims to transition the Ethereum network from its current Proof of Work (PoW) consensus mechanism to a fully Proof of Stake (PoS) system. This proposal represents a significant milestone for Ethereum development as it marks the completion of the long-awaited merge between the existing PoW-based Ethereum 1.0 chain and the PoS-based Beacon Chain introduced in Ethereum 2.0. By implementing The Merge, Ethereum will achieve greater scalability, energy efficiency, and security through PoS consensus. It involves migrating all state and transaction history from the current Ethereum 1.0 chain onto shard chains within the new PoS framework while maintaining compatibility with existing applications and smart contracts. The transition to full PoS not only reduces environmental impact but also enables faster block finality, lower transaction fees, improved security against certain attack vectors, and increased capacity for processing transactions and executing smart contracts. For more information about EIP-3675 (The Merge), see [Ethereum Improvement Proposal #3675](https://eips.ethereum.org/EIPS/eip-3675). ### EIP-4626 EIP-4626 proposes improvements to the existing Ethereum Virtual Machine (EVM) opcode set, which defines the operations that can be performed on the blockchain. By adding new opcodes and modifying existing ones, this proposal aims at enhancing functionality, performance, and security within smart contracts running on the Ethereum network. For more information, see [Ethereum Improvement Proposal #4626](https://eips.ethereum.org/EIPS/eip-4626). ### EIP-4844 (proto-danksharding) EIP-4844 introduces "proto-danksharding," an experimental concept aimed at improving scalability through sharding techniques. Proposed in 2021 as part of ongoing research efforts into scaling solutions for Ethereum 2.0, this proposal explores potential approaches for partitioning data across multiple shards while maintaining interoperability between them. For more information, see [Ethereum Improvement Proposal #4844](https://eips.ethereum.org/EIPS/eip-4844). ### ERC-6551 ERC-6551 is a proposed standard focused on enabling decentralized identity solutions on the Ethereum blockchain. It aims at providing users with control over their digital identities while ensuring privacy and security through cryptographic techniques such as zero-knowledge proofs or selective disclosure proofs. Although still under development as of now, this proposal holds promise for empowering individuals with self-sovereign identity capabilities within decentralized applications built on Ethereum. For more information, see [ERC Standard #6551](https://github.com/ethereum).