What are Bitcoin improvement proposals (BIPs), and how do they work? -Breaking
There are 3 main types of BIPs: informational, consensus and standard.
They can identify software standards, like exchanges and wallets. Their goal is to modify the protocol. As such they need consensus approval. They might, for example, submit encryption methods to secure Bitcoin. Or they may be recommended to interoperability. This means that any Bitcoin address should be recognized and used by wallets.