Homework: ERC20

Ethereum 101
#2351

  1. What are the benefits of setting a token standard like ERC20?
    Common set of features and interface providing interoperability

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalsupply: sum of all balance
    balanceOf; provides the balance of a given address
    transfer; transfers a number of tokens directly from the message sender to another address.

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#2352
  1. More efficient by allowing wallet exchanges to be programed to support any token using that standard.
  2. totalSupply() gives maximum number of tokens that exist in a given address
    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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#2353

  1. Standards like ERC20 are platforms, upon which multiple tokens can be set. This allows compatibility of technologies, that are being developed on top and interaction with each other. Common standard simplifies and promotes adoption and expansion of network.

  2. Functions are:
    balanceOf() - defines amount of tokens, that an address holds
    totalSupply() - defines total supply of tokens
    transfer() - transfers tokens from one holder’s address to another
    doSomething() - operates instructions
    allowance() - allows max number of tokens to be transferred
    approve() - approval of tokens to be withdrawn from senders address

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#2354

  1. The benefits of setting a token standard like ERC20 is that all tokens on the Ethereum network are of the same standard. They can all use smart contracts that are written the same. The wallets can add all new tokens that are developed on the network from day one as their coding fundamentals are the same. Wallets can read all ERC20 tokens without needing to add other personalized code.

  2. balanceOf() gives the balance of tokens in an address. totalSupply() gives the maximum number of tokens that exist. transfer() takes tokens from one address to another.

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#2355

  1. ERC-20 has many benefits, including allowing wallets to provide token balances for hundreds of different tokens and creating a means for exchanges to list more tokens by providing nothing more than the address of the token’s contract. The benefits of creating a token as ERC-20 compliant is such that very few token contracts today are created any other way.

  2. totalSupply: Gives you the number of tokens in circulation.
    balanceOf : Balance of tokens contained in a wallet.

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#2356

  1. What are the benefits of setting a token standard like ERC20? All applications that reference the token will now have same base standards to reference since its built on top of ETH.

  2. What functions are in the ERC20 Token Standard Interface and what do they do? totalSupply = how many tokens are in circulation & balanceOf (address account) which will show how much tokens that balance has .

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#2357

  1. What are the benefits of setting a token standard like ERC20?
    So people with different tokens can still work together.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?function totalSupply() = Get the total token supply.

function balanceOf() = Get the account balance of another account with address owner
function allowance() = Send value amount of tokens to address to
function transfer() = Send value amount of tokens from address from to address to
function approve() = Allow spender to withdraw from your account, multiple times, up to the value amount. If this function is called again it overwrites the current allowance with value
function transferFrom() = Returns the amount which spender is still allowed to withdraw from owner

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#2358
  1. What are the benefits of setting a token standard like ERC20?

With a s standard such as ERC20 we make sure the language we use for programming has the same wording. this way we make sure there is a convention and all the software/hardware can interact/talk the same way with every contract.

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

Functions to set a token total supply, check the balance on a wallet or transfer functions to do transactions.

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#2359

an erc20 token standard allows wallets and exchanges to b programmed to support any token using that standard.

In order to send tokens to a local function in a contract we use 2 stage procedure:

  1. approve() = send token to the holder’s another address
  2. transferFrom() = send from adress to function.allowance() = numbers of tokens allowed to be transferred
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#2360

1) What are the benefits of setting a token standard like ERC20?
All developers create tokens in the same way

2) What functions are in the ERC20 Token Standard Interface and what do they do?
totalsupply() - how many coins are in circulation
balanceOf(address of account) - get balance of address
transfer() - returns total supply

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#2361

  1. It allows applications to be built that can interact with all erc 20 tokens in the same way. This way you can build an app for one token and it will work for erc 20 tokens

  2. totalSupply() gives maximum amount of tokens,
    balanceof() gives the the balance of a given public address

1 Like
#2362
  1. What are the benefits of setting a token standard like ERC20?
    We get efficency since its easier for tokens to interact with each other and tokens have same program commands
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    function totalSupply(): Shows the equal sum of all balances
    function balanceOf(): Shows the total balance of the address
    function transfer(): transfer tokens from one address to another
    function transferFrom(): enables the smart contract to execute a transfer
    function allowance(): shows the number of maximum allowd tokens to sent to another address
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#2363
  1. What are the benefits of setting a token standard like ERC20?

communication and efficiency among wallets and exchanges and in the whole community

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

totalSupply() shows how many tokens are in circulation
balanceOf(address account) shows how many tokens that balance has
transfer() allows transfer their ERC20 tokens to another public address

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#2364
  1. increased accessibility to wallets and exchanges
  1. Total supply of which indicates the number of tokens in circulation
    Balance of gives the balance of a specified address
    Transfer allow the transfer of ERC-20 tokens
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#2365
  1. Efficiency. The same definition of programing tokens for everybody.
  2. totalSupply() equals the sum of all tokens balances.
    balanceOf() balance of tokens held by a given address.
    transfer() transfers a number of tokens directly from sender to another address.
    approve() and transferFrom() are two-step process for transfer.
    allowance() provides the number of tokens allowed to be transferred from a given address by another guven address.
    approval() emits details of approvals of tokens from one adrress to another.
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#2366

1 - The ERC20 standard allows for greater interoperability and efficiency between wallets and exchanges, as each ERC20 token uses the same code.
2 - Functions include (but are not limited to), totalSupply (), balanceOf (), transfer() and allowance (). totalSupply tells you how many tokens are in circulation. balanceOf tells you the amount of tokens that an address is holding. transfer allows an ERC20 token to be sent from 1 address to another. allowance allows a token holder to see how many tokens they are send to another address.

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#2367
  1. What are the benefits of setting a token standard like ERC20? - Standardisation. When the functions are standardised, the programmer knows what code to use for a certain tasks.
  2. What functions are in the ERC20 Token Standard Interface and what do they do? - " The first event is Transfer() which emits details of the movement of tokens from one address to another. The second event is Approval() which emits details of approvals of tokens from one address to another."
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#2368
  1. What are the benefits of setting a token standard like ERC20? It allows for the code in different tokens to be laid out in the same way it also allows wallet and exchange to support those tokens. ERC20 is the Ethereum standard for fungible tokens.
  2. What functions are in the ERC20 Token Standard Interface and what do they do? ERC20 Provides a common set functions and interfaces for tokens built on Ethereum these functions include wallets that give balances for many tokens and create a means of exchange.
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#2369
  1. Smart contracts on a standard interact with each other. Also, ERC20 tokens can be recognized by most wallets and exchanges allowing for immediate use by the community
  2. totalSupply -> Total number of existing tokens
    balanceOf -> gets account balance
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#2370

1. What are the benefits of setting a token standard like ERC20?
Having a standard like ERC20 allows wallets and exchanges to be programmed to support any token using that standard. This is much simpler and scalable than each token having its own personalized code.

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

1 Like