Ethereum Improvement Proposal (EIP)
Ethereum Improvement Proposals (EIPs) describe standards for the Ethereum platform, including core protocol specifications, client APIs, and contract standards.
Ethereum Request For Comment (ERC)
Ethereum Request for Comment (ERC) is the protocol to introduce new improvements to the network by developers.
Ethereum transaction are cryptographically signed instructions to initiate a transaction to update the state of the Ethereum network.
Ethereum Virtual Machine (EVM)
A Turing-complete virtual machine that enables execution of code exactly as intended; it is the runtime environment for every smart contract. Every Ethereum node runs on the EVM to maintain consensus across the blockchain.