Homework: ERC20

Ethereum 101
#201

What are the benefits of setting a token standard like ERC20?
If the tokens are laid out in the same way, all exchanges and all wallets will be able to support the tokens from day one. Having a token standard on the Ethereum smart contract platform has been extremely beneficial for the entire space and makes the token fungible.

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

balanceOf – returns integer, balance of the account
transfer – takes two parameters, the to and from addresses
transferFrom- (delegated transfer)
approve- call approve address
allowance- returns integer - how many tokens permission to use
totalSupply – value of tokens in circulation

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#202
  1. What are the benefits of setting a token standard like ERC20?
    Benefits: have the same platform for different tokens on Ethereum, so that tokens have easy interaction between.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Total supply - total supply of that token;
    Balance of - check the balance;
    Transfer - send and receive tokens.
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#203

  1. Wallets like Metamask are programmed to hold all kind of ERC20 token there and there are hundreds of them.

  2. balanceOf() function provides the number of tokens held by one. The transfer() function transfers a number of tokens directly from wallet to another wallet. approve() and transferFrom() are two functions that can be user when you execute instructions in several steps.

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#204

  1. What are the benefits of setting a token standard like ERC20?
    It provides a standardized code structure which makes it easier for exchanges wallets to provide balances and interact with the token with a universal code naming convention.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    A few ERC20 funtions are:
    balanceOf() function gives the number of tokens that are held in the address given.

transfer() Can be used for sending tokens from one user to another.

allowance() function Is used to provide the number of tokens allowed to be transferred from the given address to another address target.

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#205

  1. All tokens on all platforms work seamlessly. Increases efficiency for programmers because they don’t need to learn about a new token.

  2. ERC20 defines the functions balanceOf , totalSupply , transfer , transferFrom , approve , and allowance . It also has a few optional fields like the token name, symbol, and the number of decimal places with which it will be measured.

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#206

1. What are the benefits of setting a token standard like ERC20?
It would be extremely inefficient if each programmer would program his tokens differently. Conversely, if they are all programmed in the same way then all exchanges and all wallets can support new tokens from Day 1. So ERC-20 is a standard way to program and deploy new tokens on the Ethereum platform. ERC -20 is a standard for fungible tokens versus ERC-721 or ERC-1155 which are used for NFT’s.

2*. What functions are in the ERC20 Token Standard Interface and what do they do?*
All functions in the ERC-20 standard follow the same naming convention. If done this way, all exchanges and wallets will recognize the tokens. Examples include totalSupply, balanceOf….

Having established standards and uniform naming conventions reduce friction in the space and improve adoption of different tokens.

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#207

  1. the benefit of a token standard like ERC20 makes it easier for wallets and exchanges to support these tokens. All new ERC20 tokens that are released can therefore be supported immediately from day 1. Another benefit is that each ERC20 token can be easily traded together as a pair eg ETH / LINK. ERC20 thus achieves more uniformity, less risk and reduces complexity.

  2. The ERC20 protocol standard contains basic functions that every token should implement to be traded. The basic functions are for example: send token, request balance from any address and the total number of tokens available.

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#208

Answer:

  1. It creates a way for mass deployment and less friction when an application has to talk with each other.
  2. Name - it is the name of a token by which everyone should know what this token represents.
    Symbol - this function returns a symbol for wallets and exchanges to show the user a short name of the token quickly.
    Decimals - returns how much divisible your token should be.
    Totalsupply - returns how much token there is in existence.
#209

1. What are the benefits of setting a token standard like ERC20?
Having a common standard brings consistency and efficiency by making different tokens easy to exchange and to interact with smart contracts. Deploying new wallets, creating new tokens and exchanging them becomes easier. Programmers can use the standard to create new tokens and projects more easily.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
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 (doesn’t work so well when tokens are being used to pay for a function in a smart contract). To pay for these functions there’s the approve() function, which allows smart contracts to use tokens defined as “allowance” and when any function is called smart contracts use transferFrom() to take tokens from allowance as a payment.
The allowance() is providing info about how many tokens are in the allowance.
totalSupply() provides the total balance of the token supply.

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#210
  1. What are the benefits of setting a token standard like ERC20?
  • It is beneficial to set a token standard like ERC20 because it allows new tokens to be exchanged with all tokens without any problems.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • Functions that are included in the ERC20 token standard interface are totalSupply(): calculates number of tokens in circulation ,and balanceOf(address account): allows scripts to communicate with all wallets about balance in account.
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#211
  1. What are the benefits of setting a token standard like ERC20?
  • It is good having a standard like ERC20, it will increase efficiency to deploy new tokens, wallets and
    exchanges can handle that token with no problem.The code is standard.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • totalSupply() = Get total token supply in circulation
    balanceOf() = Get balance of account address
    transfer() = Send amount of token from sender to address
    approve() = Gives permission from token owner to transfer token to recipients account to spend.
    allowance() = Provides the number of tokens allowed to be transferred from a given address to
    another given address
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#212
  1. allows wallets and exchange to add new tokens easily
  2. Functions in ERC20
    totalSupply() - total supply of tokens
    transfer() - transfer tokens from the sender address to another address
    balanceOf() - gives back the balance of a specificaddress
    approve() - appreove someone to spend from your account
    allowance() - shows how many tokens are allowed to be transferd
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#213

  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?

  3. Standards are importent so wallets and exchanges etc can communicate.

  4. Balance Of() -check account balance-, transfer () -to send money-, and totalSupply ().

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#214

  1. Benefits are that everyone has the same structure so it doesn’t over complicate by having everyone’s smart contract layed out differently.

    1. totalSupply - the total supply of tokens (even if they’re not currently circulating)
      balanceOf - gives the balance of an address
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#215
  • What are the benefits of setting a token standard like ERC20?
    ERC20 Standardisation creates commonality of design and interaction which in turn leads to efficiency and predictability and greater adoption within the industry.
  • What functions are in the ERC20 Token Standard Interface and what do they do? The key standardized functions in an ERC20 token are: Contract Address, Total Supply of tokens, the name, symbol & number of decimal places. In addition the standard protocol allows for transfer of tokens by way of transfer(), approve() & transfer-from().
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#216
  1. What are the benefits of setting a token standard like ERC20?

Standards are very important because if all tokens are fundamentally built on the same basic principles, it’s much easier to implement new tokens into already existing wallets and exchanges.

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

I learned about totalSupply() function which must be used in order to predetermine the total number of tokens that will be available and balanceOf(address account) function which gives the account balance status.

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#217
  1. It means creating a standard with which all tokens can communicate. This means efficiency.It means, for example, that wallets can communicate with the tokens and show the correct balances.
  2. It provides token balances for hundreds of different tokens. It creates a means for exchanges to list more tokens by providing nothing more than the address of the token’s contract.
#218
  1. Interoperability between wallets and apps, adoptability and standardization
  2. Man, there are many :)) who knows?
    balanceOf()
    transfer()
    approve()
    transferFrom()
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#219
  1. Exchange platforms can instantly allow trading in all of those tokens
  2. function totalSupply() - shows how many tokens in total
    function balanceOf(address account) - shows how much money in specific account
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#220

1, standards helps us on integrating each other easily. And wallets and exchanges can communicate by following one naming functions.

2, total supply- how many token will there be
balanceOf- show account balance

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