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BIP

BIP stands for Bitcoin Improvement Proposal. It is a design document providing information to the Bitcoin community, describing new proposed features, processes, or environments affecting the Bitcoin protocol. BIPs are the primary mechanisms for proposing new features, collecting community input on issues, and documenting the design decisions that have gone into Bitcoin.

Types of BIPs:

  1. Standards Track BIPs: These relate to changes to the network protocol, block or transaction validation, or anything affecting interoperability.
  2. Informational BIPs: These describe a Bitcoin design issue, or provide general guidelines or information to the community, but do not propose a new feature.
  3. Process BIPs: These describe a process surrounding Bitcoin or propose a change to a process. They often require community consensus.

Characteristics of BIPs:

  1. Open Process: Anyone can submit a BIP.
  2. Peer Review: BIPs undergo peer review, ensuring that the proposal is vetted for technical accuracy and feasibility.
  3. Transparency: All BIPs are publicly available, promoting transparency and open discussion.
  4. Implementation: After acceptance, the BIP author or other developers can provide an implementation of the proposed changes.

How Does the BIP Process Work?

  1. Draft: The BIP author submits a draft BIP as a pull request to the BIPs repository on GitHub.
  2. Discussion: The draft is discussed in relevant forums, and feedback is incorporated.
  3. Acceptance: If the BIP is deemed worthy and has been refined through discussions, it is accepted and assigned a BIP number.
  4. Implementation: Once a BIP is accepted, it can be implemented into the Bitcoin protocol.
  5. Activation: For protocol changes, after implementation, the changes are activated, often through mechanisms like miner signaling.

Notable BIPs:

  • BIP16 (Pay to Script Hash – P2SH): Introduced a new type of transaction that simplified the use of complex transactions.
  • BIP32 (Hierarchical Deterministic Wallets): Introduced a new way to derive Bitcoin addresses.
  • BIP39 (Mnemonic code for generating deterministic keys): Introduced mnemonic phrases for generating wallets.
  • BIP141 (Segregated Witness – SegWit): A solution to the scalability issue by separating transaction signatures from transaction data.
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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin67,859 0.15 % 2.26 % 3.35 %
Litecoin86.02 0.15 % 0.61 % 4.83 %
XRP0.5308 0.10 % 0.46 % 2.74 %
Ethereum2,197.2 0.23 % 0.67 % 2.46 %
Dogecoin0.1548 0.37 % 0.09 % 7.69 %
Solana171.52 0.83 % 3.81 % 5.73 %
USDC1.000 0.10 % 0.02 % 0.08 %
Cardano0.2543 0.15 % 1.68 % 3.38 %
Tether0.9990 0.10 % 0.04 % 0.02 %
Binance Coin (Wormhole)222.47 0.38 % 4.71 % 3.08 %