Homework: ERC20

[Sparagus]

1. if you create new token on erc20 from day 1 it gonna be supported by wallets, exchanges, network
   2.totalSupply-shows number of total fungible token, balanceOf- shows balance of spesific account

[Tose]

The benefits are summarized as interoperability. All wallets can easily recognize the code and transfer tokens, keep balances etc.

totalSupply() how many tokens are in circulation
balanceOf(address account) wallets and exchanges show your balance of tokens
allowance() number of tokens allowed to be spent from a specific address
transfer() how many tokens sent to a specific address
approve() authorize the amount of tokens being sent or receieved
doSomething() instructions
transferForm() allows the transfer of tokens using smart contracts automatically

[Sebas]

@filip

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

1. Having the ERC20 Standard allows for standardized programming of wallets and exchanges. When new token are released under the ERC20 standard, they will directly work with existing apps. This is much more efficient.

totalSupply() =>Number of total token supply.
balanceOf() =>Available balance of an address
allowance() => cap for the number of tokens allowed to be transferred
transfer() => transfer tokens from message sender to other address
approve() => approving payment for SC functions
transferFrom() => tranfer tokens from a given address that previous had given approval for that

[SirGoat]

1. setting standards means that all code for ERC20 tokens/coins uses the same naming conventions and commands. As such it means that exchanges and wallets can natively read balances and and tx the same as if they were ETH 1.0 coins. Interoperability
2. functions of ERC20 are chunks of code which perform specific functions within the blockchain. Such as:
   function totalSupply() constant returns total supply of token/coin
   function balanceOf(address _owner) constant returns balance of specified wallet address
   function transfer(address _to, uint _value) allows the owner of a wallet to send a specified amount of currency to a specified wallet address
   function transferFrom(address _from, address _to, uint _value) allows the owner to program sending a specified amount of currency from one wallet to another
   function approve(address _spender, uint _value) allows the owner of a wallet to approve the withdrawal from their specified wallet address of a specified amount of currency

[Mirran]

• What are the benefits of setting a token standard like ERC20?
  Setting a token standard means everyone is defining their movement of tokens with a common protocol and therefore everyone using the standard can recognize the tokens . For example, an exchange or a wallet can automatically recognize a new token simply because it is using the ERC-20 standard and only needs to know the id information of the token to deal with it.

• What functions are in the ERC20 Token Standard Interface and what do they do?
  Functions and their uses are:
  balanceOf - Get token balance of owner
  totalSupply - Get total token aupply
  transfer - Transfer tokens to another account
  approve - Approve delegate to withdraw tokens
  allowance - Get number of tokens approved for withdrawal
  transferFrom - Allows an approved delegate to transfer owner funds to a third-party account

[Vito92]

1. ERC20 tokens are designed and used only on the Ethereum platform. The Ethereum community created a list of standards to follow that allow to share, exchange and transfer the tokens.

2. Optional =

-Token name
-Symbol
-Decimal

Mantatory =

-Total supply
-Balance of
-Transfer
-Transfer from
-Approve
-Allowance

[Me_wes_lee]

1. Wallets & Exchanges can from the start support the token because of the ERC20 standard.
2. The balanceOf() function provides the number of tokens held by a given address. Note that anyone can query any address’ balance, as all data on the blockchain is public.
   totalsupply equals the sum of all balances.
   The transfer() function transfers a number of tokens directly from the message sender to another address. Note that there are no checks made on the recipient address, so it is incumbent on the sender to ensure that the recipient is as intended.

[don.bastiano]

@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?

If you need help with the last question, you can read more about the functions here: https://medium.com/@jgm.orinoco/understanding-erc-20-token-contracts-a809a7310aa5

1. Same standard = same naming, same conventions. It makes easier to integrate and cooperate. IE Exchanges or Wallets support tokens from day1 no need to build special support/environment for every token, cos they all come from the same standard, they all use same type of code.

2. 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 and trasferFrom () allow a two step process. In the first step a token holder gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens, known as an allowance. The token holder uses approve() to provide this information.
   allowance() function provides the number of tokens allowed to be transferred from a given address by another given address. Any contract using allowance() must additionally consider the balance of the holder when calculating the number of tokens available to it

[Farrero]

1. It reduces administrative friction and it promotes programming in a certain way so the new token can interact perfectly with wallets, exchanges etc.
2. totalSupply() for the quantity of tokens
   balanceOf() to get the amount of tokens in an account
   transfer() to send tokens to a speciffic address.

[Hunter_Orion]

1. A token standard allows for better communication and integration between tokens. This increases efficiency and reduces friction between tokens, as they all follow a similar ruleset in their creation.
2. totalsupply gives the number of tokens, balanceOf gives the available toen balance, transfer sendsto other accounts.

[Tommypop]

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

It creates less friction as all tokens built on the network share the same building blocks. If every token had it’s own unique structure it would be incredibly hard for tokens to interoperate.

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

balanceOf - gives the current balance of a particular token in a given address or wallet
transfer - moving of assets from one wallet to another (payment between parties)
approve - gives permission to the smart contract to allow it to spend an allowance of tokens from an address.
allowance - the maximum amount of tokens that can be transferred from an address to another address (a wallet address to a smart contract address, for example)
transferFrom - once approve has successfully run, transferFrom is the function that will actually transfer the tokens (up to the agreed allowance).

[Zane]

So computers can communicate with each other.
Total supply, transfer form, allowance,balanceof, approve and transfer.

[Rhys_Harry]

1 It allows wallets and nodes and computers to understand and action information with additional computations saving time energy and work. Its a universally understood abbreviation of the function of the programming code.

2 transfers, balances, communication, approval/ confirmation, and more.

[Julian97]

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

Setting a token standard allows all dapps and SCs programmed and deployed on the ETH blockchain to communicate with the entire crypocurrency ecosystem, such as wallets, exchanges and applications. As SCs are programmed frequently in the ETH network, e.g. when creating new tokens, this standard was and is important to create efficiencies in communication and therefore cross-integration and interoperability.

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

totalSupply(): Denominates the total supply of the token.

balanceOf(): Presents the balance of any address, anyone can search the public ledger for an address using this function.

transfer(): Used to send funds from one user to another

approve(): Allows another address to transfer tokens up to a cap (“allowance”)

doSomething(): Carries out instructions

allowance(): specifies the amount of tokens that can be transferred from a sending to a receiving address

[Benjamin_Langegger]

1. it makes it easier for wallets, exchanges and generally anybody that wants to use or integrate a token into their business, because they all have the same/ very similar structure and properties.

2. balanceOf()gives you the balance for an address/totalSupply()tells you the number of tokens /transfer() allows a transfer of an ERC20 token to another address

[Mario]

1. The benefit is that all token can communicate and be adopted immediately into exchanges and wallets

2. BalanceOf() allows you to check balance of an address
   transfer() transfer tokens from one address to another
   total supply gives total balance of all fungible tokens

[PineyRiver65]

1. We can build applications that can talk to each other and that increases the efficiency of the system. Using standards allows exchanges and wallets to be able to support all of the tokens coded in ERC20.

2. totalSupply( ) - gives the total supply of coins or tokens in circulation.
   balanceOf( ) - gives the balance of a certain account.

[AlexaE]

1. All the coins are built on one coin, like ethereum, for example. They all have the same programming and base as eachother, and can be connected. It has totalSupply, which every coin built on ERC20 token standard has, and it allows you to see all the coins in circulation.

2. One is called totalSupply, and as every coin built on ERC20 token standard has this function, it lets you see all the coins’ circulation. Another is called balanceOf, and with that you put in your address for that account, and it shows you your total balance in that account.

[Dora_Csonka]

1**. What are the benefits of setting a token standard like ERC20?**
Allows wallets and exchange to add new tokens early.
** 2. What functions are in the ERC20 Token Standard Interface and what do they do?**
balance Of ( ) provides the number of tokens held by given address (It’s public)
transfer ( ) send tokens from A to B
allowance ( ) provides the number of tokens allowed to be transferred from a given address to another given address. Is used to see the amount of token that has been approved by the holder to be withdraw from their account.

[Fluffpinkkitten]

To allow applications to talk to each other in a standard language

Total supply
Balance of
Transfer