Homework: ERC20

Ethereum 101
#2311

  1. The benefits are all wallets and exchanges can support them making it more scalable.

  2. Some functions in erc20 are total supply - total supply of token, balance of - so wallets and exchanges can check balance.

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#2312

With a standard like ERC20, allows exchanges and wallets to support new tokens. Also avoid friction between smart contracts.

  • totalSupply() this function allows an instance of the contract to calculate and return the total amount of the token that exists in circulation.
  • balanceOf() will return the number of tokens in a given 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.
  • 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.
  • … .
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#2313

  1. What are the benefits of setting a token standard like ERC20?
    The ERC 20 standard allows wallets to provide token balances for hundreds of different tokens.
    They also create a means for exchanges to list more tokens by providing nothing more than the address of the tokens contract.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    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.
    totalSupply() - gives the number of tokens in circulation.

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#2314

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

It allows any exchange or wallet to support any token that uses the ERC20 standard. Which has allowed the space to grow in terms of scalability

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

balanceOf() – the number of held by a given address

transfer() – transfers a number of tokens directly from the message sender to the address.

approve() – used to provide info about the transfer of tokens from one address to another

transferFrom() – takes the transferred tokens to carry out some work. If transferred number of tokens is less that what is required, function will fail.

allowance() – provides the number of tokens allowed to be transferred from a given address to another.

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#2315
  1. The Main benefit is that all new tokens are supported on Ethereum network it makes adaptation and development easier, faster and more predictable.
  • totalSupply() public constant returns (uint);
  • balanceOf(address tokenOwner) public constant returns (uint balance);
  • allowance(address tokenOwner, address spender) public constant returns (uint remaining);
  • transfer(address to, uint tokens) public returns (bool success);
  • approve(address spender, uint tokens) public returns (bool success);
  • transferFrom(address from, address to, uint tokens) public returns (bool success).
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#2316
  1. The benefits of setting a token standard like ERC20 is to make it easy for the space to accept all tokins and correspond with other software like wallets.

2.The Functions Ivan went over in the last video :
totalSupply(): how many tokins are in circulation
balanceOf(): balance of a specific address
transfer(address recipient): transfer an amount to a recipient

allowance but Ivan skipped it in the video, I am guessing it is

allowance(): it gives a certain amount to a specific address.

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#2317
  1. It allows any exchange or wallet to support and adapt any token that uses the ERC20 standard. This is highly beneficial in terms of scalability.
  2. The ERC-20 token standard contains functions that allows users to find their account balances under varying conditions. These functions include:
    -totalSupply(): Shows how many tokens are in circulation
    -balanceOf(): Queries the balance of an address
    -transfer(): Transfers a number of tokens directly from the message sender to another address
    -allowance(): Displays the number of tokens that can be transferred
    -approve(): Give someone approval to spend from your account
    -doSomething(): Performs the provided instructions
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#2318

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

    -ability for ERC20 tokens and wallets to understand each other and communicate with each other

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

    • 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 allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.

      -The doSomething() function basically performs instructions

      -The approve() function gives an approval to transfer tokens from holder A to holder B

      -The transferFrom()function takes tokens and carry its work

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#2319
  1. What are the benefits of setting a token standard like ERC20

When all coins are ERC 20 tokens (follow the standard), all wallets will be able to recognize all tokes and read them. They become interchangeable.

  1. What functions are in the ERC20 Token Standard Interface and what do they do?
    2 examples of this is:
  • Total Supply ( all ERC tokens must have a total supply)
  • BalanceOf (wallet address) what wallets use to check your balances.
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#2320
  1. What are the benefits of setting a token standard like ERC20? This allows for inter-operability between different tokens running on the Ethereum network and for exchanging different tokens on a trading basis such as in global trade and for corporates.
  2. What functions are in the ERC20 Token Standard Interface and what do they do? One such function is the “totalsupplyOf” which returns a value giving the number of circulating tokens on that network. There are many such standard functions which allows different tokens to be exchanged.
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#2321

  1. What are the benefits of setting a token standard like ERC20?
    The universal interface standard of ERC20 (in some cases with improvements by more ERCs) makes it possible to handle all those tokens that comply with the standard together in the same places and in the same way. 'Cos of this it also produces an incentive for all tokens to use that standard. Likewise, it matters that it is meant for fungible tokens. NFTs have other standards.

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

totalSupply() – The sum of all address balances in an account
balanceOf() – The balance of an individual address
transfer() – Transfer e.g to a wallet that can receive this token
transferFrom() – Move token between accounts
approve() – Allow other accounts to withdraw a certain amount
allowance() – The maximum amount that the user of the requested account has approved for withdrawal

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#2322

  1. What are the benefits of setting a token standard like ERC20?
    The naming conventions and standards are the same. This makes that different projects and tokens built on Ethereum can talk together an cooperate. Standards are important and it makes cooperation easier. As projects or tokens agree on the same standards it is easier to understand.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    I guess there are many, but when it comes to total supply the ERC20 network agrees on using function totalsupply(). When it comes to balance checking they agree to use balanceOf (). When projects or currencies create smart contracts and looping, the standars being the same is an advantage.

#2323
  1. What are the benefits of setting a token standard like ERC20?

-Setting a token standard allows users to interact easier and be more efficient. Allows users to exchange tokens easily, Allows wallets to provide token balances for different tokens.

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

-balanceOf()-provides number of tokens for a given address.
-transfer()-transfers tokens from the message sender to another address
-allowance()-provides the number of tokens allowed to be transferred from a given address by another address.

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#2324

  1. It would be recognize by the ever-growing network, everywhere! It is the standard in regards of the blockchain network including wallets.

  2. One type of function is “function TotalSupply” which would gather the total balance.
    Another function can be “function balanceOf (address)” which would check the total balance of that mentioned address

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#2325
  1. Having a token standard means that all tokens that are programmed using that standard can be supported by all exchanges and wallets.
  2. balanceOf() takes a token owner’s address and gives the balance.
    totalSupply() gives the total number of tokens in circulation
    transfer() transfers a number of tokens directly from the message sender to another address
    allowance(0 provides the number of tokens allowed to be transferred from a given address to another given address
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#2326

  1. Common functions work on tokens based in the same standart, this allows to show the total supply of that token, check the balance of a Wallet and execute transactions between different wallets. It is a benefit that brings efficiency and transparency to the community.

  2. totalSupply() shows the total number of existing ERC20 tokens

    balanceOf() gives the balance information of ERC20 tokens on an specific public address

    transfer() transfers an specified amount of tokens from the address owner to another public address

transferFrom() transfers an specified amount of tokes from one public address to another

approve() allows a public address to withdraw a specific amount of tokens from owners address multiple times up to the defined maximum value

allowance() returns the amount which spender has left to withdraw from owners address

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#2327
  1. Interoperability with other tokens, easily adoptable tokens by wallet, exchanges etc. We need to keep the same language to easily communicate.
  2. totalsupply/balanceOf
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#2328

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    Standards allow all exchanges and wallets to seamlessly integrate new tokens since the tokens all follow the same standards by using the same code and functions.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    There are many but some include the total supply function which gives the total supply of the tokens and another is the balance of address function which gives the token balance stored in some address.

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#2329

  1. What are the benefits of setting a token standard like ERC20?
    Standards ensure all apps are interoperable, brings consistency and removes friction.

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

    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(): a token holder gives another address approval to transfer up to a certain number of tokens(allowance).

    transferFrom(): take certain tokes from sender’s account and carry on its work.

    doSomething(): to operate instructions.

    allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.

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#2330

1-Standard ERC-20 token language increases efficiency by allowing applications to seamlessly talk to each other. There is no friction when they interact.

2-Functions include the following:
function name() public view returns
function symbol() public view returns
function decimals() public view returns
function totalSupply() public view returns
function balanceOf(address _owner) public view returns (uint256 balance)
function transfer()
function transferFrom(address _from, address _to, uint256 _value) public returns
function approve(address _spender, uint256 _value) public returns
function allowance(address _owner, address _spender) public view returns

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