EIP stands for Ethereum Improvement Proposal. An EIP is a design document providing information to the Ethereum community, or describing a new feature for Ethereum or its processes or environment. The EIP should provide a concise technical specification of the feature and a rationale for the feature. The EIP author is responsible for building consensus within the community and documenting dissenting opinions.

ERC - application-level standards and conventions, including contract standards such as token standards (ERC20), name registries (ERC26, ERC137), URI schemes (ERC67), library/package formats (EIP82), and wallet formats (EIP75, EIP85).