Homework: ERC20

Ethereum 101
#181
  1. Allows interoperability between tokens built on the ERC20
  2. balanceOf (address account) balance of that account.
    approve() gives another address approval to transfer tokens
    allowance() gives allowance for a certain number of tokens to tx.
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#182

  1. every new Token will work from the beginning and they get fungible. Also, all Wallets and exchanges can easily add an ERC 20 token.

  2. balanceOf(adress account) -> gives balance of a specific acc
    totalSupply() -> gives the number of total fungible tokens

#183

  1. The benefits of setting a token standard like ERC20 are that it allows new tokens to be easily accepted into the existing cryptocurrency ecosystem, including wallets and exchanges.

  2. Some functions in the ERC20 Token Standard Interface include:

totalSupply: which tells how many tokens are in circulation.
balanceOf: which tells what the token balance is of a particular address.

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#184

1. What are the benefits of setting a token standard like ERC20?
Its define how programmers must program tokens in order to be able to talk with other smart contracts from other programmers.

Non Standard Example:

getTotalSupply(){//i do something and return total supply};
getTotSupply(){//i do something and return total supply};
getTotalSup(){//i do something and return total supply};
gtTotalSupply(){//i do something and return total supply};
totalSup(){//i do something and return total supply};
totSup(){//i do something and return total supply}

;
2. What functions are in the ERC20 Token Standard Interface and what do they do?

  • balanceOf(): provides the number of tokens held by a given address.
  • transfer(): transfers a number of tokens directly from the message sender to another address.
  • transferFrom(): transfers a number of tokens directly from an account to another address. Used with approve() function.
  • approve(): approval to transfer up to a certain number of tokens, known as an allowance.
  • allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.
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#185

1- All tokens can communicate or interact with each other

2- totalSupply() number of tokens that exist
balanceOf(address account) gives a public addresses
transfer() allows transfer of tokens to another public address

#186

  • What are the benefits of setting a token standard like ERC20?
    ERC20 is a standard that make possible for wallet and exchanges to add a token from the first moment that is created without having to develop a dedicated interface to “understand” the coding language that a token developed without a guideline would need.
    this is also a benefit for developers since is easyer to start developing on a language standard.

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    there are 6 mandatory funtions on erc20 tokens
    -totalSupply() is a method that define the total supply of that your token is gonna have, after that the smart contract is going to stop minting tokens
    -balanceOf() is a function that has to return as a result how many tokens a given address has
    -transfer() is a function that takes a certain amount of tokens from the total supply to a given address
    -transferFrom() can be used to transfer tokens from any two addresses
    -approve() verify that the smart contract can give a certain amount of tokens to an address, taking in account the total supply
    -allowance() verify that a given address has enough balance to send an amount to another address

#187

  1. The benefits of setting a token standard such as ERC20 are that every token built on the Ethereum platform can communicate with all others, furthermore, this can lead to a greater expansion of the network, eliminates unnecessary frictions and allows wallets and exchanges to easily interact. The uniformity allows ERC 20 wallets to show the balance of many different tokens.

  2. The functions that are in the ERC20 interface are totalsupply(), balance Of(), allowance(),transfer(), approve(), and transferFrom().

  • totalsupply gives the total supply from all wallets.

  • balance is the token balance of an adress,

  • transfer lets one account to transfer tokens to another account.

  • allowance permits a certain amount to be taken from owner adress.

  • aprove is an aproval to transfer tokens.

  • transferFrom transfers value amount of tokens from adress to adress.

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#188

It makes it easy to create tokens on top of the Ethereum BC because of the universal ERC20 interface language, and because of this, it has promoted growth within the Ethereum market/community.

totalSupply() – Used to get the sum total token supply of a ABC token
balanceOf() – Keeps track of the token balance of ABC token in each unique Ethereum wallet/address
transfer() – After the creation of ABC token, this function can send tokens to a wallet
transferFrom() – After ABC token is distributed, this command allows token holders to exchange tokens with one another
approve() – Allows other accounts to withdraw a certain amount of ABC token from the account executing the function
allowance() – After approve() is executed, allowance() is used to see the amount of ABC token that has been approved by the holder to be withdrawn from their account.

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#189
  1. Everyone speaks the same language, uses the same conventions. Because of that, all tokens can be easily understood by users, exchanges, and wallets. Out of the box adoption.
  2. totalSupply() equals the sum of all balances.
    balanceOf() provides the number of tokens held by a given address.
    transferFrom() describes what to transfer from where
    approve() token holder gives approval to transfer up to a certain number of tokens to where
    allowance() provides the number of tokens allowed to be transferred from a given address by another given address.
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#190
  1. The benefits of ERC20 tokens are its a standard with the ability of any of its tokens to be used on the same platforms.
  2. Some of the functions of an ERC20 token standard are totalsupply () gives the total supply of a token, balenceOf () gives the balance of an account, transfer () is a simple transfer of funds from one account to another, doSomething () does an action, approve() approves the doSomething function, transferFrom () is a more complex transfer action.
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#191
  • What are the benefits of setting a token standard like ERC20?
  • Allows wallets and exchanges to support all fungible tokens.
  • ERC20 allows contracts to inter-operate efficiently with each other. Increases efficiency and reduces frictions, granting programers to have one structure to create their apps and smart contracts
  • What functions are in the ERC20 Token Standard Interface and what do they do?
  • function totalSupply() it gives how many tokens are in circulation.
  • function balanceOf() it gives the balance of a wallet
  • function transfer() it allows sending tokens to one user to another
  • function allowance() provides the nº of tokens allowed to be transfer from a given address by another given address
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#192
  1. What are the benefits of setting a token standard like ERC20? It prevents programmers from writing their own code which in turn will have to create different wallets.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?ERC-20 token contracts come with a number of functions to allow users to find out the balances of accounts as well as to transfer them from one account to another under varying conditions.
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#193

  1. The ERC20 standard ensures that ERC20 tokens are interoperable as they share the same syntax. Thus, it is easier to integrate new tokens into already existing systems.

  • The balanceOf() function provides the number of tokens held by a given address.
  • The transfer() function transfers a number of tokens directly from the message sender to another address
  • The approve() function gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens, known as an allowance.
  • The transferFrom() function transfers a set number of tokens from address to another (up to a maximum of the total allowance). If the address does not contain sufficient funds to make the transfer, the function will fail.
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#194

What are the benefits of setting a token standard like ERC20?

The benefits are: Easy interaction, between exchanges wallets and network. It reduces friction on administration.

What functions are in the ERC20 Token Standard Interface and what do they do?

The functions present are : Total supply – check total supply;

Balance Of – check the balance in a particular wallet

Transfer - manage token

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#195
  1. Facilitate communication, more efficiency
  2. Total supply function: total amount of a specific token that exists
    BalanceOf function: balance of a specific address
    Allowance function: shows how many tokens are allowed to be transferred
    Transfer function: transfers token from one address to another address
    Approve function: gives another address the approval to transfer a certain amount of funds from the given address
    TransferFrom function: automate the transfer process and send a given amount of the token on behalf of the owner
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#196
  1. The benefit of the ERC20 token standard is that newly launched projects do not interfere with each other. The use of ERC20 makes tokenization less risky as all adhere to the same standards. It also brings a kind of uniformity to the network, reduces the complexity of token interaction, and enhances token liquidity.
  2. The functions are:
  • totalSupply(): Returns the total circulating amount of tokens.
  • balanceOf(): Returns how many tokens exist in an account.
  • transfer(): Transfer an amount of tokens from token owner’s account to another account.
  • approve(): A token owner can approve for spender to transferFrom tokens from the token owner’s account.
  • allowance(): Returns the amount of tokens approved by the owner that can transferred to the spender’s account.
  • transferFrom(): Allows a spender account to transfer the amount of tokens on behalf of the token owner to another account.
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#197
  1. It makes it easier for everyone to adhere to the same structure, meaning wallets and exchanges have an easier time dealing with these tokens
  2. totalsupply() - Gives supply of existing token
    balanceOf() - Gives the balance of an specific account
    transfer() - Used to transfer their ERC20 tokens
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#198

  1. The benefits of setting a token standard like ERC20 is that all developers can create tokens the same way, under the same conventions, and exchange and wallets are able to support these tokens.

  2. The functions are:
    . balanceOf( ) function, which provides the number of tokens held by a given address;
    . transfer( ) function, which transfers a number of tokens directly from the message sender to another address;
    . approve( ) function, which gives another address (usually of a smart contract) approval to transfer up to a certain amount of funds;
    . transferFrom( ) function is the function that executes the transferring of funds by another address after the approve( ) function;
    . allowance( ) function, which provides the number of tokens allowed to be transferred from a given address by another given address;

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#199

What are the benefits of setting a token standard like ERC20?
By setting a standard in allows easier interoperability between a new token and existing infrastructure such as exchanges, wallets and other tokens. This is because they can refer to a guaranteed minimum API existing which has correctly defined functions.

What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf() - provides the number of tokens held by a given address
transfer() - transfers a number of tokens directly from the message sender to another address
approve() - provides an address to the token which has authority to request up to the amount specified, known as the allowance
allowance() - provides the number of tokens allowed to be transferred from a given address by another given address
transferFrom() - provides the mechanism for an approved address to request an amount not greater than its allowance or greater than the tokens balance

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#200

What are the benefits of setting a token standard like ERC20?
Token standards, which include well-tested common functions, attributes and features, provide innovators a way to develop applications that interact.

What functions are in the ERC20 Token Standard Interface and what do they do?
The ERC20 token standard functions include:

  • totalSupply - returns the total token supply
  • balanceOf - returns the balance for an account owner
  • transfer - returns TRUE to indicate a successful transaction of tokens to another account
  • transferFrom - returns TRUE to indicate a successful transaction of tokens to another account as directed by an approved proxy “from” account
  • approve - returns TRUE to indicate the successful approval of an address able to spend a token amount
  • allowance - returns a balance available for withdraw by an approved spender
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