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With this all tokens have the same type of code, and use the same functions. And with this it is easy to interact with other wallets, exchanges, other contracts etc.
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The once I got from the training video:
totalSupply(), this gives the number of ERC20 tokens that exist.
balanceOf(), this gives the balance of the ERC20 account that you want to see.
transfer(), this function allows you to transfer tokens to another account.
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- One programable language that allow to all exchanges, users, wallets etc. To easily track, trade, offer tokens ERC 20.
- totalSupply() which checks the total supply of the tokens. balanceOf() gives the balance of specific account.
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- benefits are that all programmers wanting to create fungible tokens/currency use the same naming and parameter conventions, it reduces friction, increases efficiency and functionality in the network.
2.functions are:
function totalSupply - include the total supply of the token
Function balanceOf (address account) - determines the account balance
Function transfer (address recipient,…) - instructs where to send
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- The benefits of setting a token standard is that when someone wants to build their own smart contract with in the ethereum network, they wont have to much trouble because they can use the ERC20 standard to build it and build their own token as well. another benefit is that if another smart contract wants to work with yours in can because of the ERC20 standard, this increases efficiency within the community.
- Functions: totalsupply(), balanceOf(address account), tranfer(address recepient, amount).
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- Exchanges and wallets can support new tokens released in set standart from day one.
- The tokens of the same standart can comunicate with each other.
- Reaching efficiency with less friction in the ecosystem.
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“totalSupply()” function: Outlines how many tokens are in circulation
“balanceOf(address account)” funcion: Outlines how many tokens an inserted address has.
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- the benefit are the standards, in this way all the token created on ethereum have the same feature, characteristics
- balance, transfer, total supply,…
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- What are the benefits of setting a token standard like ERC20?
It is important to have a token standard so the wallet’s can communicate between each other, it make adoption and transfer’s easier then if every token had a different token standard, that would be a total mess to transfer values. - What functions are in the ERC20 Token Standard Interface and what do they do?
ERC20 tokens have different functions such as :
-balanceOf(…) which says the balance of a specific address
-transfer(…) which transfers the amount to a specific address.
-allowance(…) how many tokens can be sent by this specific adress.
-and other functions such as "transferFrom(…), doSomething(…) etc…
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- What are the benefits of setting a token standard like ERC20?
Create standards to everyone use in the same code (exchanges),and to be easily to talk between wallets - What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply
balanceOf
transfer(adress recipient, amount)
mint
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What are the benefits of setting a token standard like ERC20?
All wallets and exchanges can interact with tokens without any updates because the code is written in the same way -
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. But it doesn’t work well when tokens are being used to pay for a function in a smart contract.
approve(): a token holder gives another address approval to transfer up to a certain number of tokens(allowance).
transferFrom(): take certain tokes from sender’s account and carry on its work.
doSomething(): to operate instructions.
allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.
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- Keeps everything simple , wallets , exchanges ,trading is all standardised.
- ERC-20 Tokens have many benefits, including allowing wallets to br able to provide for hundreds of different Tokens, this also helps exchanges list hundreds of more Tokens,
Nearly all Token languages come in this format now , so make s it easier to code smart contracts.
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What are the benefits of setting a token standard like ERC20?
The standard helps wallet, exchange etc. developers to build application by reducing their efforts to adapt the programming for each and every project build on Ethereum. -
What functions are in the ERC20 Token Standard Interface and what do they do?
function totalSupply()… --> how many tokens are in circulation
function balanceOf(address account)… --> how much tokens this account has
function transfer( address recipient, uint256 amount)… --> transferring tokens
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- What are the benefits of setting a token standard like ERC20?
with erc20 we reach efficiency. it allows wallets exchanges and etc to easily interoperate with each other. - What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() - how many tokens are in circulation
balanceOf() - how much tokens the address has
transfer() - transfer n amount of tokens to recipient address
allowance()
approve()
transferFrom()
increaseAllowance() …
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Enables wallets and exchanges to easily implement a new token built on a standard that is
common knowledge and true for all ERRC20 tokens. -
-balanceOf() function provides the number of tokens held by a given address.
-transfer() function transfers a number of tokens directly from the message sender to another
address.
-totalsupply() function which gives a number as an output.
-allowance() function takes the address of the token owner and gives as output , the number of
tokens allowed to be transferred from a given address by another given address.
-approve() function you can approve someone to spend from your account .
-transferFrom() function it takes in three inputs . The address of the sender , the address of
receiver, as well as the number of tokens to be transferred. And gives an output of success of
failure of the transfer.
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- usability and quick adaptation by exchanges, wallets since they all programmed and deployed same way
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- balanceOf() - function provides the number of tokens held by a given address
- transfer() - function transfers a number of tokens from one address to another
- transferFrom() - used to tell smart contract to use approved amount of tokens for
function required - approve() - token holder gives another address (usual a smart contract) approval
to transfer certain amount of tokens. - allowance() - number of tokens allowed to be transferred
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- a standard makes the tokens fungible i.e. completely interchangeable, so that most exchanges & wallets can work with them.
- totalsupply function shows the amount of tokens in circulation; balanceOf shows the balance of a specific address; transfer shows what has been transferred and where
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- Standards ensure apps are interoperable which in turn bring consistency across the community by increasing efficiency.
- totalsupply, balanceOf(account), transfer, approve are few functions which are part of erc 20. Totalsupply gives number of tokens, balanceOf gives available token balance for an account, transfer is used to send to other account whereas approve allows user to approve the transfer to a function.
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1 benefits are that all smartcontracts can interact with exchanges and wallets and other platforms right away
2 balanceOf , transfer , totalSupply
- What are the benefits of setting a token standard like ERC20?
Universal acceptablty across of wallets and other metric applications and query processes
- What functions are in the ERC20 Token Standard Interface and what do they do?
TotalSupply() =Total supply of token
BalanceOf()= Balanace for given address
transferFrom() = specifies a from address
allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.
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What are the benefits of setting a token standard like ERC20?
By using a standard token it means that wallets, exchanges and others are able to process and understand the code. It saves time and energy as all tokens under the standard are built the same way allowing wallets and exchanges simple methods of running the code. -
What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf(address account) gives the balance of the specified address
totalsupply is the sum of all balances holding the ERC20 token
transfer() sends a specified amount of a token from one user to another.
approve() a user gives permission for a portion or total amount of a token to be transferred.
transferFrom() Takes tokens from the specified account to do the function required.
allowance() gives a set number of tokens that are allowed to be transferred from the account
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It allows for intrinsic compatibility and interoperability of a new token since all parties will be communicating in the same language.
The balanceOf () function returns the token balance of the target address. Any address can be viewed by anyone as the blockchain is a public ledger.
The transfer() function transfers tokens from the senders address to another.
The approve() function sets the allowance of how many tokens are permitted to be transferred from one address to another.
The transferFrom() function transfers tokens from one address to another so long as the number of tokens are available and within the addresses allowance, otherwise this function will fail.
The allowance() function returns the allowance of the target address. Allowances are public data and viewable by anyone.
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