Homework: ERC20

Ethereum 101
#2091
  1. What are the benefits of setting a token standard like ERC20?
  • Everyone is familiar with it and uses te same code. This allows for interoperability and innovation.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • totalSupply() - Get the total token supply
  • transfer() - transfers a number of tokens directly from the message sender to another address
  • approve() checks a transaction against the total supply of tokens.
  • transferFrom() is the function that allows a user to transfer tokens to another user.
  • balanceOf() allows to input adress account and recieve total balance
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#2092

  1. What are the benefits of setting a token standard like ERC20?
    Everyone has the same rules

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Total supply,( balanceOF) of the account, transfer

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#2093

Wallets and exchanges can easily recognize my tokens since they have the same standard as the others.
2. BalanceOf() provides information about an addresses’ balance
Transfer() provides an ablitity to transfer tokens
Approve() ,TransferFrom() doSomething() these functions allow you to use tokens for
payment within a smart contract

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#2094

  1. It is easier for exchanges to interact with the contract. The token creator does not have to reinvent the wheel.

  2. Examples are totalsupply, transfer, they create and manage the tokens.

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#2095
  1. So that exchanges and wallets can support new tokens right away.
  2. totalsupply is function that defines the total supply of tokens, balance is a function that define the balance of a specific adress.
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#2096

1. What are the benefits of setting a token standard like ERC20?
It allows all tokens to be able to communicate with each other making it more efficient. With the same structure it creates simplicity and easier adoption.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalsupply() - gives number of tokens
balanceOf(address account) - gives an addresses balance of the token
transfer() transfer of tokens

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#2097

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

The benefits of having a token standard like ERC20 is that standards allows you to work successfully across all related and integrated platforms that create continuous functionality. For example, if a non-standard ERC20 token was created then it would not work with any of the major exchanges and wallets.

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

The functions in the ERC20 Token Standard are:

  1. function totalSupply() - defines the total number of tokens.

  2. function balanceOf(address tokenOwner) – gives the total number of tokens in the smart contract.

  3. function approve() - smart contract gives approval for recipient to collect tokens from sender.

  4. function transfer() - lets smart contract owner send a set amount of tokens to recipient.

  5. function transferFrom() - assists in automation of payments transfers to specific accounts.

  6. function allowance() - checks the required minimum amount of tokens in the smart contract.

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#2098

1- The benefit of setting a token standard like ERC20 is that the ecosystem will be structured under one convention, which allows exchanges, wallets, and other applications to communicate and interact with different ERC20 tokens efficiently

2- Some functions in ERC20 Token Standard Interface:

  • balanceOf() : Retrieves the token balance of any address
  • transfer() : Transfers a number of tokens from the sender to the designated address
  • approve(): Allow for a certain amount of tokens to be transferred from token holder address by another address
  • transferFrom(): After calling approve(), transferFrom() will transfer tokens from token holder address to recipient address up to the approved amount by the token holder
  • allowance(): Returns the number of tokens available to be transferred from one address by another given address
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#2099
  1. Allow wallets to provide balance for all tokens based on ERC20 standard. Makes life simpler :slight_smile:
  2. balanceOf() - return balance for provided address
    transfer() - transfer number of tokens from message sender to another account
    approve() - is used to provide approval for transfer tokens
    transferFrom() - is used in case when smart contract require payment for function
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#2100
  1. That you have a common standard that everyone can integrate with
  2. totalSupply() gives max number of existing tokens
    balanceOf() addresses balance
    transfer() transfers to public address
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#2101

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    technical standard, used for smart contracts to provide list of rules which must be followed.

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

    ERC20 token standard is a set of criteria developed by the Ethereum community for how to set up smart contracts on the blockchain in order to ensure optimal interoperability. ERC stands for Ethereum Request for Comments and this particular request was to help improve the standards to which developers should strive to adhere in developing smart tokens.Specifies the format and meaning of certain events. ( Transfer, BalanceOf )

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#2102

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 - Efficiency, when setting up a new token with ERC20 standard the exchanges, wallets and other applications will be able to interact with it very easily.

2 - Set up total supply function, getting balance function, transferring function and many many others.

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#2103

  1. The benefits is that, the friction of doing transactions reduces. This is because, for basic operations like checking balance or coins in circulation, you can always rely upon the standard functions included in these standards.

  2. There are couple of them:
    . transfer (transfers token from one account to other)
    . balanceOf (tells the balance of a given account)
    . totalsupply (tells total tokens in circulation)
    . allowance (tell the total number of tokens allowed to be transferred from one account to other)

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#2104

  1. It standardizes the creation of tokens which makes everything much easier, from wallets to future protocol changes.

  2. getTotalSupply - checks total tokens supply, getBalance - checks a wallets balance.

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#2105
  1. The standard allows the exchanges and wallets to support each token.
  2. totalSupply(), balanceOf(address account), transfer(), approve.
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#2106

  1. Setting a Token standard like ERC20 allows their fongibility : they work the same way and can be unterchangeable

  2. ERC20 : balanceOf, transfer, approve, transferform, dosomething

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#2107
  1. Standards are important for smart contracts as they allow integration and operability amongst the network including exchanges and wallets. Smart contracts can have different standards but for example ERC20 has token standards that allow other smart contracts to communicate easier.
  2. Market Cap. Balance of address. Number of tokens in supply.
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#2108

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    A: Interoperability! Wallets, exchanges etc don’t have to keep rewriting their software to support new tokens (If they are ERC20!)

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    A:
    balanceOf(address): returns the balance of the address passed in
    totalSupply(): returns the total supply of the token
    transfer(address, value): transfer the amount specified by value to the address passed in

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#2109
  • What are the benefits of setting a token standard like ERC20?
    Benefits of setting a token standard like ERC20 is reaching efficiency in the network, all excanges and wallets are able to support tokens from day one, its a standard for fungible tokens that are all identical
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    function totalSupply gives us unit of total supply of that token
    function balanceOf gives us balance of specified adress - account
    function transfer takes number of tokens from sender to receiver…
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#2110

1. What are the benefits of setting a token standard like ERC20?
Entities such as exchanges will understand the token standards when integrating wallets into its infrastructure due to the standard functionality with all ERC20 tokens.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply - how many tokens are in circulation
balanceOf - check wallet balances
transfer - function to transfer tokens from sending to receiving address

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