Homework: ERC20

[1984]

@filip

Homework on ERC20 token standard.

1. What are the benefits of setting a token standard like ERC20?
2. What functions are in the ERC20 Token Standard Interface and what do they do?

1. Every token can be used by every wallet and users. Smart contracts can be read by everyone and interoperate
2. Functions allow a token user to find out its balance and to transfer tokens under certain conditions.

[thecil]

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

@magcargar

totalSupply
balanceOf
transfer(adress recipient, amount)
mint

@Pats

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.

@Nick_Roses

2 balanceOf , transfer , totalSupply

Yes sir, but could you please describe what those functions do?

If you have any more questions, please let us know so we can help you!

Carlos Z.

[Pats]

I misunderstood what I was been asked
All I was been asked was the programed functions in the coin !!
Thanks guys

[Emanuila]

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

• Having a standard on which applications are built on, allows to define the way the application is going to be programmed to work.
• Tokens have a similar way of functioning. Exchanges and wallets can support them from the first day of their launch.
• Interoperability between tokens is possible.

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

• Total supply
• balanceOf - provides the number of tokens held by given address.
• allowence - returns the amount remaining
• approve - when called, the owner of the contract authorises the address to withdraw tokens from the owners addresses.
• transfer - transfers an ammount to specified address from the owner of the contract.
• transfer from - specifies a from address to address & a value to transfer.

[andyB]

1. Having a standard like ERC20 means that wallets and exchanges can support new tokens easily. There is greater interoperability which improves efficiency.

2. Functions in the ERC20 Token Standard:
   balanceOf() function provides the number of tokens held by a given address
   totalSupply() function provides the maximum number of tokens that exist
   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
   approve() function gives another address approval to transfer up to a certain number of tokens
   transferFrom() function performs transfer of tokens from one address to another

[aqua142]

1. allows for all application and contracts on network to be able to communicate with one another and work compatibly

2. balanceOf() to provide number of tokensa held in address
   transfer() to transfer tokens directly to address
   approve() to provide allowance information for example alowed number of tokens to be transferred
   transferFrom() to take allowed number of token to transfer to address and carry on contract task
   allowance() provides numnber of tokens allowed to transfer from given address to other given address.

[Draper]

1. Basically, it makes everything more simple. Before ERC-20 tokens, developers might use other terminology in the code - e.g. one token uses [totalAmount] while another uses [totalNumber]. Exchanges and wallets needed to build their platforms to accommodate for each one token’s code. With a universal standard, new tokens can be put on an exchange or transferred to a wallet automatically, once it’s been created. (cointelegraph.com)

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 an amount of tokens on behalf of the token owner to another account.

(yos.io)

[raphipik]

1. There are two main benefits that Ivan mentioned. the first is that standards allow for interoperability (which leads to faster adoption from users across different platforms). Standards can also serve to distinguish between different types of tokens or items and whether they are fungible or not.

2. You can create a cryptocurrency on top of a smart contract

[Nanxo]

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

• ERC20 allows wallets & exchanges to be programmed to assist like-standard tokens.

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

• balanceOf() : Function provides # of tokens held by given address.

• Transfer() : Function serves to transfer a # of tokens from message sender to another address.

• Approve() and Transferfrom() : Are functions that use a two-step process. A token holder gives another address (usually of a SC) approval to transfer up to a certain # of tokens, known as an allowance. The token holder uses coding - approve() to provide this information.

[kurtis27]

1. It allows for the whole industry to propel further as wallets, exchanges know how to interact with an ERC20 token as they are all the same standard.
2. balanceOf() gives balance of an amount and totalsupply() is the amount of total fungible tokens.

[DLG]

1. By setting ERC20 we define a token standard, which all future coins should be written in, in order for wallets, exchanges and other contracts to interact and support them from day one. If we use different function names from the ERC20 standard, it would be like speaking a different language.

totalSupply() gives maximum number of tokens that exist
balanceOf(address account) gives a public addresses’ balance of ERC20 tokens
transfer() allows someone to transfer their ERC20 tokens to another public address

[Gekiere]

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

It allows interoperability which leads to fast adoption. With a universal standard, new tokens can be put on an exchange or transferred to a wallet once it is created.

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

• 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 an amount of tokens on behalf of the token owner to another account.

[nathangray]

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

• It makes things more efficient. It makes it easier for the economy to grow when everything can be created/coded with the same standard.

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

• The functions are direction in the code, to tell the program what to do or what information it needs. One function is total supply another is a balance function.

[Francisco_Fotia]

1. If the code is laid out in the same way for all tokens, then all exchanges and wallets would be able to support the token on day one.
2. totalSupply(); balanceOf(); transfer(). The naming convention standards mean we can all build applications that can talk to each other.

[GableCoin]

1. Tokens within the same standard can communicate with one another. Interoperability between tokens

2. BalanceOf() check balance of specific wallet.
   totalSupply() How many tokens are in circulation
   tranfer and allowance

[Rick.Everitt]

1. Token standards unify the way how developers are creating the tokens. By having those standards, different tokens if the same standard can be easily handled by exchanges and wallets.
2. ERC2- Token Standard have functions like balanceOf (chancking the banalnce of the given address), totalSupply (returns the total supply of a token) and other functions that allow interaction with a smart contract controlling the token.

[crypto_dyzl]

1- Setting a token standard like ERC20 allows many different tokens to be created and exchanged on the same network. These tokens can be programmed with different types of instructions, allowing for many different types of transactions and interactions.

2- Functions include
TotalSupply - gives total supply of the token
BalanceOf - Lists the balance of given account
Transfer- Transfers tokens between accounts

[Scratty]

1 Setting a standard such as ERC-20 allows greater interoperability and also makes exchanging, storing tokens more efficient.
2 balanceOf() - gives balance of account
totalSupply() - the maximum number of tokens for that ERC-20 token.
transfer() - allows holder of address to transfer tokens to another address

[281Cypher]

1. What are the benefits of setting a token standard like ERC20?
2. What functions are in the ERC20 Token Standard Interface and what do they do?

• This allows newly created tokens to be compatible with existing exchanges, wallets and the Ethereum network overall
• ERC20 Standard Functions
  • “transfer()”: Transfer tokens from sender to another address
  • “approve()”: Gives another address (usually a smart contract) approval to transfer tokens into an allowance. This allowance is typically used to pay the cost of executing operations.
  • “transferFrom()”: Operations use this to request tokens from the allowance as payment for executing the operation.
  • “allowance()”: Provides the number of tokens allowed to be transferred from a given address to another to set up an allowance.

[Netcaster]

1. What are the benefits of setting a token standard like ERC20?
2. What functions are in the ERC20 Token Standard Interface and what do they do?

The token standard allows for a common Naming Convention so that anyone programming a Smart Contract will be assured compatibility with other ERC20 Applications.

Some examples of the Functions are:

totalSupply returns a uint of the total supply of that token

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.