Homework: ERC20

Ethereum 101
#2191
  1. Having an ERC20 standard allows exchanges and wallets to be programmed to support any token that follows the standard.
  2. Some functions of ERC20 interface are balanceOf() gives balance, transfer() function transfers tokens from one address to another totalsupply() total amount of ERC20 tokens that are circulating.
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#2192
  1. The benefits of token standards include interoperability and improved efficiencies.
  2. Some ERC20 Functions include balanceOf(), totalsupply(), transfer, and approve and they allow wallets and applications which speak directly to contracts to communicate in the same way.
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#2193

  1. The ERC20 Standard sets the bar of how contracts should be deployed. This is advantageous since everyone is creating on the same standards. Wallets will be able to read and understand all tokens. If not for the Standard different programmers could possibly create Tokens will different name functions resulting in communication barriers from wallets and smart contracts etc.

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

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#2194
  1. So it can be easily read by wallets and exchanges

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

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#2195
  1. Setting a token standard makes things more efficient by making all wallets and exchanges adapt easily to any given token that is within the standard.

totalsupply - equals the sum of all balances
balanceOf() - provides the number of tokens held by a given address
transfer() - sends a given amount from one user to another
doSomething() - does something…haha…well…it executes an instruction
transferFrom() - takes tokens from one account and puts them in another
allowance() - provides the number of tokens allowed to be transferred from one to another

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#2196

  1. A token standard allows for different applications or tokens built on top of the network to communicate with one another.

  2. The balanceOf() function provides the number of tokens held by a given address.
    The transfer() function transfers a number of tokens directly from the message sender to another address.
    The ‘approve()’ function allows the token holder to approve a transfer capped at a certain number of tokens, known as an allowance.
    The allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.

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#2197

  1. What are the benefits of setting a token standard like ERC20?
    Efficiency, in that we are able to build new apps that communicate from the start, integration and inter operable between exchanges.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply - how many tokens that are in circulation

balanceOf (address account) get the balance of how many tokens the acc. has.

transfer (address recipient, uint, 256 amount) allows transfer from sender to another address

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#2198
  1. all (ethereum) wallets, exchanges will be able to work with the new token from the start.
  2. totalSupply () = how many tokens exists in total
    balanceOf () = how many tokens the particular wallet/account holds
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#2199
    1. What are the benefits of setting a token standard like ERC20?
      It allows wallets to exchange all tokens on the network due to fungibility.

2 1. What functions are in the ERC20 Token Standard Interface and what do they do? totalSupply()-allows an instance of the contract to calculate and return the total amount of the token that exists in circulation.
balanceOf()-allows a smart contract to store and return the balance of the provided address.
approve()- When calling this function, the owner of the contract authorizes, or approves , the given address to withdraw instances of the token from the owner’s address.
transfer()-This function lets the owner of the contract send a given amount of the token to another address just like a conventional cryptocurrency transaction.
transferFrom()-This function allows a smart contract to automate the transfer process and send a given amount of the token on behalf of the owner.

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#2200

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

  • By following the same protocol - Ethereum Request for Comments (ERC-20) to write a Smart contract and issue tokens will allow exchange, wallet services to support new tokens the day they are launched.
  • If wallet and exchnages can support one ERC-20 token, it pretty much can support any other token build on the ERC-20 standards since it follows the same protocol.

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

  • Total Supply - Gives the total supply of the token
  • Balance of - gives the banace of the given address
  • Transfer - transfer from the total supply to given address
  • Transfer From - Transfer between any two accounts
  • Approve - to approve the transaction and checking the total supply
  • Allowance - To approve and making sure the account has enough balance
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#2201

Homework on ERC20 token standard.

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

A. Reduces admin friction; allows inter-operability an higher efficiency in smart contracts; wallet use and deployment of new tokens made easier because ERC20 is fungible token - all the same.

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

A. function balance Of ( ) account balance at that address
Total supply is standard function of total tokens in circulation.
Transfer ( ) allows transfer of ERC20 tokens to another public address.

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#2202
  1. Having a standard like ERC20 helps to have a common ground. In the ERC20 standard you may expect for the tokens to provide certain basic function common for all ERC20 tokens. This allows any Software to use these functions and simplifies integration into other applications such as wallets.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
  • totalSupply( ) = sets the total supply number for a token
  • balance Of( ) = sets the balance of a given address
  • transfer( ) = sends a number of tokens from the sender to a specified address
  • approve( ) = gives approval for a specified address to transfer a set number of tokens, called an allowance, from the sender
  • allowance( ) = specifies the set number of tokens allowed for transfer to the approves\d address
  • transferFrom( ) = gives the address from which to transfer the token allowance for the approved address
  • doSomething( ) = a function that operates and executes a task that someone wants done.
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#2203

What are the benefits of setting a token standard like ERC20?
Having standard enables all participants (wallets, exchanges) to build software that can handle all ERC20 tokens with same code.

What functions are in the ERC20 Token Standard Interface and what do they do?
name, symbol, decimals, totalSupply, balanceOf, transfer, transferFrom, approve, allowance
These functions are used to define the token (supply, name, decimals), be able to see balances and make transfers.
(details can be read in ERC20 documentation no need to copy paste here)

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#2204
  1. All fungible tokens created on Ethereum behave similarly, allowing for efficient economies with little friction as everyone knows what to expect with each token,
  2. balanceOf() shows the token balance of a particular Ethereum address, transfer() transfers the specified number of tokens to an address, allowance() function provides the spend limit for outgoing tokens to a specified address, totalSupply() shows the circulating supply.
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#2205

1.The benefit is that all tokens based on the same standards will be able to communicate in a known
and expected way, meaning interoperability between the tokens is possible.

  1. totalSupply(): gives maximum number of tokens that exist
    balanceOf(address): gives a public addresses’ balance of ERC20 tokens
    transfer(): allows transfer of their ERC20 tokens to another public address
    doSomething(): operates instructions.
    allowance(): provides the number of tokens allowed to be transferred from a given address by
    another.
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#2206

1. What are the benefits of setting a token standard like ERC20?
allows wallets or exchanges the ability to support any tokens using it
2. What functions are in the ERC20 Token Standard Interface and what do they do?

  • totalSupply() >>> gives the maximum number of tokens
  • balanceOf(Account Address) >>> Calls the current balance of the address
  • transfer() >>> Allows you to transfer tokens to another account
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#2207
  1. You have a common protocol and a set of commands for all the network.
  2. balanceOf to get the balance of a a given address, transfer() sending tokens from one user to another, transferFrom to transfer from specified address and approve() to approve a specific transaction
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#2208

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20? It is good to have standards so that all tokens function the same way. If the code laid out in the same way all exchanges and wallets will be able to support tokens from day 1. A token standard allows for a standard way to program, a standard way to deploy, on the etherium smart contract platform has been extremely beneficial.
  2. What functions are in the ERC20 Token Standard Interface and what do they do? totalSupply, balanceOf, transfer,allowance
    [/quote]
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#2209

Lesson 5: Homework on ERC20 token standard

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

It allows unilateral cross ethereum blockchain platform communication standards for smart contracts including standard communication rules regarding tokens on outside platforms in the cryptocurrency industry as a whole, like Crypto Exchanges, Crypto Wallets and other Crypto Websites.

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

There are 6 functions in the ERC 20 Token standard Interface:

  1. balanceOf()
    Used to get the token supply of a specific ERC-20 token.

  2. totalSupply()
    Keeps track of the token balance in each Ethereum wallet.

  3. transfer()
    Upon token creation, this function can send all the tokens to one wallet or distribute them to ICO investors.

  4. transferFrom()
    Enables token holders to exchange tokens with one another after the initial distribution occurs.

  5. approve()
    Used to “approve” other accounts to withdraw a certain amount of tokens from the account calling the function.

  6. allowance()
    After approve() is used, allowance() is used to see the amount of tokens the approved account is allowed to withdraw from the original account.

Source: crushcrypto.com

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#2210

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    Interoperability which also enables simplicity, scalability, and efficiency

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Ivan reference two:
    totalSupply() - calcs the total token supply that exists
    balanceOf(address account) - enables transferring of tokens from one address to another.

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