The purpose of LIPs would be to collect future enhancements for BOLT1.1, which many ideas are currently distributed within the community and there is no central place to collect them. Potential LIPs could include watchtowers, autopilot, AMP, splicing, routing protocols, broadcasting past routing statistics, eltoo, and more. The proposer suggested that LIPs should be placed in the github.com/lightning account in a repo called lips or within the lightning rfc repo. However, another member of the community pointed out that BOLTs already function as improvement proposals and are historically proposed initially as issues or PRs when ultimately accepted. The original proposer apologized for spamming mailboxes with their suggestion because they misunderstood the current process.