Homework: ERC20

[Renz]

1. The benefits of setting the ERC20 standard for tokens are: efficiency for exchanges and wallets, standardized code makes it easier for programmers to use new tokens.

2. These are the functions that are in the ERC20 Token Standard Interface:

totalsupply() : equals the sum of all balances

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() : enables smart contract to move funds from A to B.

doSomething() : execute instruction

approve() : approval from token holder

allowance() : number of allowed tokens to transferred

[Sarokanaan]

1. What are the benefits of setting a token standard like ERC20?
   –It reduces friction within the network. When everything is structured the same, wallets have an easier time accessing the instructions within the code.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
   –The Totalsupply shows the total number of fungible tokens in whichever account you input into the function and balanceOf shows the balance of the account you input.

[kirsten]

1)The benfits of having the ERC20 standard is so that there is no confusion in communication slowing down the network , even though each token might have its own uniqueness or do something different the are mutually interchangeable. Also you are able to create a wallet ID for an ERC20 token by sending it to the ethereum address and it will create the wallet id for that token in your wallet.

2. The ERC20 functions are as follows:

• balanceOf () provides the number of tokens held by an address
• transfer () transfers a number of tokens directly from one address to another address
• approve () and transferFrom () are used for smart contract money rules - handling and payment
• allowance () provides the number of tokens allowed to be transferred from an address by another address.

[jaanandres]

1. Interoperability with wallets, exchanges, other contracts etc.

2. totalSupply() gives total token supply
   balanceOf() Gives wallets token balance

[feedback]

[quote=“filip, post:1, topic:8440”]

• What are the benefits of setting a token standard like ERC20?
  increased efficiency, scaleability and ease of use, storage, network communication, wallet storage. The tokens can communicate and transact in a known and predictable way.

• What functions are in the ERC20 Token Standard Interface and what do they do?
  TotalSupply to communicate the total amount of tokens. BalanceOf communicates the amount of token in a given address. transferFrom specifies the from and to address - the transaction. approve when contract terms have been met and validated the action to be taken.

[maxpower106]

1. Having standards allows wallets and exchanges to easily interact with new tokens that are created. By using a consistent language it means improvements can be built and deployed faster.

2. Functions are instructions within a smart contract. These include identifying total supply and balance.

[Joshua_Fox]

1. Having standards allows us to have interoperability since we are all using the same standard. It also makes it to where we don’t have to reinvent the wheel for each token we create.

2. totalSupply- shows the total supply of tokens
   balanceOf- shows balance accounts have
   transfer- transfer from one address to another

[FunCoupons]

1. The benefits include increased efficiency and interoperability.

2. balanceOf: provides the number of tokens held by a specific address

transfer: transfers a number of tokens directly from the message sender to the specified address

approve: a token holder gives another address approval to transfer up to a certain number of tokens

transferFrom: take certain tokens from the message senders account

doSomething: facilitate instructions

allowance: displays the number of tokens allowed to be transferred from one specific address to another specified address.

[carolb]

• What are the benefits of setting a token standard like ERC20?
  A) All have the same standards and allow wallets " to talk" to each other. Increases interoperability

• What functions are in the ERC20 Token Standard Interface and what do they do?
  A) All ERC20 tokens have Function-total supply,( total supply) Function- Balance, (account balance)Transfer,(send amount) Approve (allow withdrawal) Amount (value)

[NextGen33]

Token standards like ERC20 allow for effective communication between tokens, wallets, and exchanges.
balanceOf() checks the number of tokens held by an address. transfer() moves an amount to an account balance of an address.

[Willcandesign]

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

It is the standard platform from which smart contracts can be written with, which means that all tokens, wallets and exchanges under ERC20 will be able to communicate and exchange data.

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

• balance0f() - function provides the number of tokens held by any address. (Public data as it is on blockchain)

• transfer() - sends tokens from one address to another

• allowance() - function provides the number of tokens allowed to be transferred from one address to another

• totalSupply() - function lets you know how many tokens are in circulation

[FLXSTNVLD]

Homework on ERC20 token standard.

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

All wallets and exchanges will be able to support the token because they know how to interact with the token.

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

• TotalSupply() How many tokens there are in total.
• balanceOf() Number of tokens held by a specific address.
• transfer() Send tokens to another wallet.

[Elgin_Que]

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

• As with the adoption of any standards, setting a token standard like ERC-20 has great benefits because it aligns everyone into a set of rules and allows for greater compatibility and cooperation.

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

• totalSupply( ) = sets the total supply number for a token

• balanceOf( ) = sets the balance of a given address

• transfer( ) = sends a number of tokens from the sender to a specified address

• approve( ) = gives approval for a specified address to transfer a set number of tokens, called an allowance, from the sender

• allowance( ) = specifies the set number of tokens allowed for transfer to the approves\d address

• transferFrom( ) = gives the address from which to transfer the token allowance for the approved address

• doSomething( ) = a function that operates and executes a task that someone wants done

[alank]

1. Benefits of a standard like ERC20 is ease of creation and adoption on the Eth platform. It greatly reduces friction for all parties in the ecosystem.
2. totalSupply, gives the max number of tokens
   balanceOf, gives an addresses’ balance of tokens
   transfer, facilitates a transaction.

[JonBal]

1. “The benefits of creating a token as ERC-20 compliant is such that very few token contracts today are created any other way.” that is taken strait out of the article linked https://medium.com/@jgm.orinoco/understanding-erc-20-token-contracts-a809a7310aa5
   2.Balance of : provides balance of a address
   transfer: transfers tokens directly from message address to another address
   allowance: number of tokens allowed to be transfered from a given address to another
   approval: emits details of approvals of tokens from one address to another

[RoryPhilBTC]

1. The token can be used by all exchanges and wallets as long as they support an ERC20 token, which is most of them.

2. balanceOf() function provides number of tokens held by a given address
   transfer() function transfers a number of tokens directly from the message sender to another address
   allowance() function provides the number of tokens allowed to be transferred from a given address by another given address
   doSomething() function instruction for deployment of a contract
   approve () and transferFrom () allows the above to deploy in a 2-step process

[wildev82]

1.Setting a standard for ERC20 tokens has the key benefits of making all tokens integrate and are interoperable across the board which then makes the economic network so much more efficient. All applications built on the network will be able to read and understand the code standardisation of ERC20 instead of indaviual personal code for each token.
2.Functions that are in the ERC20 standard interface are:
totalsupply-max number of tokens in circulation.
balanceof-reads the address and gives a balance of tokens of that public address
transfer-to be able to transfer the ERC20 tokens to another address.

[RJ_Sinclair]

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

By having a standard such as the ERC20 token programming standard, wallets and exchanges only need to be configured to read one standard (ERC20) yet able to support 100’s of tokens.

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

1. balanceOf(): Provides the number of tokens held by a given address.
2. transfer(): Transfers a number of tokens directly from the message sender to another address – however not recommended to use when paying for functions in a smart contract.
3. approve(): A token holder gives another address approval to transfer up to a certain number of tokens(allowance).
4. transferFrom(): Take certain tokes from sender’s account and carry on its work.
5. doSomething(): To operate instructions.
6. allowance(): Provides the number of tokens allowed to be transferred from a given address by another given address.

[Valerie_Wright]

Token Standard language is very powerful because it creates easy integration, efficiency and no friction in the code and networks.

The ERC20 Token Standard keep the naming conventions from token to token uniform. Some of the functions in ERC 20 token standards indicate:

• balanceOf function, which tells nodes what the address balance is;
• another is a transfer function, which tells nodes which address to send fund to.

[MarcusM]

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

Standards are very important for ensuring developers are creating apps that can interact and work together efficiently with each other and with wallets. Without a standard like ERC20, each developer might name their functions differently, with their own code, and it becomes very difficult for a large community to integrate well.

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

totalSupply shows the total number of tokens in circulation.
balanceOf checks the address account balance.
transfer for sending tokens to a recipient.
approve, approval to transfer up to a certain number of tokens.
allowance, provides the number of tokens allowed to be transferred from a given address by another given address.