The New Ethereum Improvement Proposal (EIP) consists of draft, review, last call, final, living, stagnant and withdrawn stages.
In the review process, the author is looking to get a meaningful feedback. Stagnant status of an EIP means that the proposal is stale and stagnant. Withdrawn means that these proposals are formally removed from the consideration of the EIP author.
Stagnant is not a finality status, but withdrawn is a finality status. A proposal that has a finality status should be furthered only with a new EIP.
The living status of an EIP is that it can be continually edited and updated and that it is a living document. When a proposal is declared final it can only be edited for spelling corrections and other kinds of changes should happen only with a new EIP.
Last call is an attempt to implement any meaningful feedback. Before the last call the proposal is normally in the review stage calling for external review.
Almost all the development proposals in the Ethereum Network passes through these stages.
Commenting, Sydney Ifergan, the crypto expert tweeted: “Lot of developers have been committed in forwarding Ethereum (ETH) through upgrades, solving disagreements, pushing stuff forwards. It is all about group effort.”
There is no denying that the Ethereum developers have been working hard for better or good. There have been successful, not so successful, and flop projects.
With the coming of Eth 2.0, large enterprises might take to the utilization of the protocol. The significance of the network is yet to be fully understood. The network is already settling $6 billion per day and when the protocol meets the goal of scalability it will truly be the world computer that will never shut down.
Lot of changes are happening in the network. The protocol is moves from being the Proof of Work (POW) to Proof of Stakes (POS). When it comes to POW and POS the way each of these protocols achieve consensus is different.
To participate in Eth 2.0 one needs 32 ETH and an active validator. This makes it easy for geographical distribution of network nodes. With participation from every corner of the world, it is going to be easy to empower the network to settle trillions of dollars in settlements.
The important benefit for institution is that participating in PoS networks will not come at the cost of an excessive tax burden. Also, the rewards will get treatment to provide for long-term capital gains accordingly.