Homework: ERC20

Ethereum 101
#2291

  1. Having a standard makes life for exchnages easier because all ERC20 coins are written the same way so that exchanges dont have to write a whole new different structure everytime they add a coin, also it is easier for new coders because the structures will feel very familiar very fast, making us feel more confident while writting code, and thus attracting new coders everyday, because is a good enviroment, also transactions between coins is faster since they all have the same structure, so it has maaany advantages, it makes things simpler, cheaper and faster, compared to coins with different strcutures.

  2. The functions are

balanceOf() : the balance of the requested address.

transfer() : function that sends tokenz from the msg.sender to another address

transferFrom() & approve() : Tthey work together, approve gives another address(usually a contract) the approval for using its do tokens, and then after the contract received the approval it can extract do tokens by using transferFrom(), the amount of do tokens that a contract can use is set with the function allowance().

1 Like
#2292

1)Increase of efficiency- all wallets, exchanges, platforms can add the token very easily. easy to exchange from one coin to another and is same language for programmers

2)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.

1 Like
#2293

Answer to Question #1:
Common standard allows for functions to be the same for all ERC20 tokens, the same standard allows all tokens talk to the network and streamline the broader ecosystem. All exchanges and wallets are able to execute the same conventions and parameters.

Answer to questions #2:

The functions are the same so that all wallets and exchanges can read the code and execute it according to the ERC20 token standard. By making the conventions and parameters the same all applications can interact with each other.

1 Like
#2294

Benefits of ERC20: set’s a programming standard for tokens and hence allows wallets and exchanges to handle many tokens – tokens all following this ERC20 standard are fungible (and hence can be traded via the wallets and exchanges).

Functions in the ERC20 Standard Interface : First, Tokens are smart contracts that create a map (like a ledger) of addresses and token balances for each address. All token contracts require a name, symbol, decimal designation (for display of fractional interests, since ethereum only calculates in integers) and totalsupply (which shows the sum of all tokens at all addresses). Functions that are part of ERC20 include: balanceOf() - which shows the balance of tokens at at given address; transfer() which allows tokens to be transferred directly from one address to another, approve() which creates an allowance for a specified # of tokens being authorized to be transferred to another address (authorized but not actually transferred by virtue of the approve() function alone). The approve() function is used in conjunction with a transferFrom() which let’s a smart contract verify that tokens are being transferred from the proper address in order for the conditions of the smart contract to be met But even with the approve() and transferFrom() combo, the smart contract still has to independently verify that the sender of the allowance actually has sufficient tokens to cover the allowance made.

1 Like
#2295
  1. Having standards allows wallets, exchanges etc to easily add all ERC 20 tokens as they have common naming in their code.
  2. balanceOf() Gives balance of a specific account, totalsupply the number total fungible tokens.
1 Like
#2296
  1. What are the benefits of setting a token standard like ERC20?

Having a standard allows wallets and exchanges to be programmed to support any token using that standard.

  1. 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 address

1 Like
#2297
  1. The benefits of having standards can allow exchanges and wallets to communicate and support with all ERC20 tokens with increased efficiency.

2.balanceOf - gives the balance of a specific account.
totalSupply - provide information of the total token supply
transfer - Execute transfer of a specific number of tokens to a specific adress
allowance - returns a number of tokens from a spender to the owner
approve - allow a spender to withdraw a number of tokens from a specified account

1 Like
#2298
  1. What are the benefits of setting a token standard like ERC20?
    removes frictions, leads to higher efficiency and ensure interoperability.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() - fixes total token supply
    balanceOf() - allows smart contracts to query and return the balance of a provided address
    approve() - approves the given address to withdraw tokens from the owner’s address
    transfer() - allows the owner of the contract to send a given amount
    transferFrom() - allows a smart contract to automate the transfer process
1 Like
#2299

Homework on ERC20 token standard.

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

This way all exchanges can operate with one another under 1 standard and language. Different tokens follow the same standard so transactions can be made using the same language. This creates efficiency across the blockchain/crypto marketplace.

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

totalSupply: Tells you how many tokens are in circulation.

balanceOf : get the balance of any account as long as you provide the address of the account.

transfer : transfer token to another account.

1 Like
#2300

  1. Having a standard is beneficial because the community knows what is the ERC20 and what isn’t. Having a standard allows a programmer to create new money on top of ether. Without standards how could the blockchain communicate with each other. Not understand what is being asked for or what is being supplied

  2. a) fuction totalSuppy
    b) fuction balanceOf
    c) fuction transfer

1 Like
#2301
  1. Benefits of setting a token standard like ERC20 is that it increases efficiency and allows tokens to operate on platforms and wallets seamlessly.
  2. The functions that are in the ERC20 are:
  • totalSupply() which gives a number as an output. This number is the total supply of the token
  • balanceOf() which takes the address of an owner as the input and gives the balance of the users as output
  • allowance() function takes in the address of the tokenOwner and the spender and gives as output, the number of tokens allowed to be transferred from a given address by another given address.
  • transfer() function simply takes in the address of the receiver and the funds which are to be sent to the account
  • approve() function. You can approve someone to spend from your account.
  • transferFrom() function. It takes in three inputs — the address of the sender, the address of the receiver, as well as the number of tokens to be transferred. And gives an output of the success or failure of the transfer.
1 Like
#2302
  1. Prevent friction and make things more understandable. If everyone uses the same standard functions, it’s easyier to understand and communicate cross-platform.
  2. a. balanceOf()
    b. transfer()
    c. approve()
    d. transferFrom()
    e. allowance()
    f. totalSupply()
1 Like
#2303
  1. Using ERC20 as the standard, you can deploy tokens usable by anyone on the Ethereum network.
  2. Function totalSupply() returns the total number of tokens in circulation, and function balanceOf() is used to find the balance of a particular wallet.
1 Like
#2304

  1. Setting a token standard for erc20 allows wallets and exchanges to immediately understand the value of your tokens

  2. Transfer() allows the transfer or erc tokens from wallet to wallet
    Balanceof() balance of a wallet
    Totalsupply. The total supply of tokens

1 Like
#2305

  1. What are the benefits of setting a token standard like ERC20?
    Having a standard like ERC20 allows for an ecosystem of different tokens to be created that are able to communicate well with each other and have great interoperability in application

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Functions include:
    totalsupply(): total supply of tokens
    balanceOf(): balance of a specific address
    transfer(): transfer a number of tokens from sender address to receiver address

1 Like
#2306 
  1.  What are the benefits of setting a token standard like ERC20?

Standards drive reliability and efficiency allowing different tokens to exchange trough the common interface. Allows wallets to provide token balances for different tokens.

  1. Functions and explanation of the ERC20 Token Standard Interface:

    balanceOf(): shows quantity of tokens held by an address.

    allowance(): shows quantity of tokens allowed to be transferred from an address by another address.

    transfer(): transfers tokens directly from the message sender to another address.

    doSomething(): do operate instructions.

    transferFrom(): transfer tokens from the senders address to another address.

    approve(): a token holder gives another address approval to transfer an allaowance().

1 Like
#2307

  1. What are the benefits of setting a token standard like ERC20?
    using a standard makes sure that newly created tokens are immediately supported by wallets, exchanges,… This makes it more efficient and provides less friction when everyone works with the same standard.

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

  • function totalsupply (): Sets the total amount of tokens in circulation
  • function balanceOf (address account): Get the balance of a specific address
  • function transfer (address recipient, unit256 amount): send x amount of tokens to specific address
  • …
1 Like
#2308

  1. Some of the benefits of ERC20 is providing a standard approach to developing smart contracts which enable wallets and exchanges to support the new token immediately.

  2. Function balanceOf() provides the balance of a given address; transfer() function transfers a number of tokens directly from the message sender to another address

1 Like
#2309
  1. The benefit of setting a token standard like ERC20 is, it allows exchanges and wallets to support these tokens.
  2. The functions that are in the ERC20 Token Standard are total supply, show the amount of tokens in circulation, balance, shows the amount of tokens in a particular account, transference allow movement of tokens from one exchange or wallet to another.
1 Like
#2310

1). Setting a standard like ERC20 provides some uniformity to the development in order for the tokens to be usable and interchangeable in a predictable way.

  1. The functions in the interface allow the developer to set up total supply and accounts.
1 Like