Homework: ERC20

Ethereum 101
#221
  1. All the apps can be built and will be able to communicate with each other
  2. totalsupply() GIVES MAX NUMBER OF TOKES
    balanceof() gives a public addresses balance of erc20 tokens
    transfer() allows someone to transfer tokens to another public address
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#222

  1. They can all easily add to all wallets and exchanges

  2. totalSupply() gives max number of tokens
    balanceOf(address account) gives a public addresses balance of ERC20 tokens
    transfer() allows transfer of tokens to someone else

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#223

  1. This means that when an exchange or wallet or any other 3rd party application interacts with an ERC20 standardā€™s compliant token, that it can act on that token in a standard way without any modifications to the protocol.

    • balanceOf - gets the balance an address
    • transfer - transfers tokens from one address to another
    • approve - delegates another address with permissions to transfer up to a threshold in value
    • transferFrom - The delegated user can use this function to withdraw from the selected address at their discretion up to the limit specified in approve.
    • allowance - Gives the number of tokens that is allowed to be transferred from one address to another.
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#224

Having a universal standard helps tokens when they launch there is no confusion on how to integrate them with wallets or exchanges. It helps propel the industry forward and innovation is not stalled because people are not writing code however, they want instead they follow the ERC-20 Standard.

All tokens using the ERC-20 Standard are Fungible. The ERC-20 tokens also have standard functions that when used in writing the code of a token makes wallet integration and use by exchanges use easy. Functions like balance tells us what is the balance of each address. The total supply function tells us how many token are in circulating.

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#225
  1. When we have standard like ERC20, everything around that standard is more interoperable, market is by that more efficient.
  2. Total supply, balanceOf etc.
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#226

  1. The benefits of setting a token standard such as ERC20, is that it creates a more efficient economy where wallets do not have to program exceptions for each new token.

  2. ERC20 token standards:
    totalsupply() = defines the number of tokens in existance
    balanceof() = returns the balance of an address that is listed
    approve() = this functions causes the owner of the smart contract to give permission to the recipient to withdraw funds
    transfer() = this function allows the owner of the smart contract to send funds directly
    transferFrom() = this function allows the owner of the smart contract to automatically send funds directly such as periodically every month.

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#227

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

  • balanceOf - gets the balance an address
    • transfer - transfers tokens from one address to another
    • approve - delegates another address with permissions to transfer up to a threshold in value
    • transferFrom - The delegated user can use this function to withdraw from the selected address at their discretion up to the limit specified in approve .
    • allowance - Gives the number of tokens that is allowed to be transferred from one address to another.
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#228

  1. The benefit from creating a standard like ERC20 is that it establishes a baseline of technology that we can trust is already bug free. It also ensures that new tokens built with the standard will have immediate compatibility on all platforms that support that standard.

  2. Functions in the ERC20 standard:
    totalSupply() - returns the total number of tokens created in the contract
    balanceOf() - returns the total balance of a particular address
    transfer() - Transfers specified tokens from one address to another
    approve() - Gives a contract permission to spend an allowed amount of tokens
    transferFrom() - Gives contract access to funds in another address
    allowance() - sets the number of tokens a contract os able to transfer

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#229

  1. standards create naming and parameter conventions and makes it possible that different applications can communicate with each other. If everyone would build their own version of a token, wallets and exchanges for example would need to talk differently to everyone of them. This is impossible as the effort of coding it to make it possible is to high and the whole blockchain space would moove much slower.

balanceOf() - present number of tokens held by address
transfer() - update the two balances of sender and receiver

if tokens are being used to pay for a function in a smart contract

approve() - gives the contract approval to transfer up to a certain number of tokens (creates allowance) transferFrom() - send tokens to the function
allowance() - provides the number of tokens allowed to be transferred from a given address by another given address

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#230

  1. What are the benefits of setting a token standard like ERC20?
    Exchanges, wallets, etc. will all know how to interact with an ERC20 token since they all follow the same standard with the same functions that can be called.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() - assigns the total supply of tokens for an ERC20 token blockchain.
    balanceOf(address account) - will tell you how many tokens are in an account.
    transfer(address recipient, uint256 amount) - can transfer tokens.

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#231

  1. All tokens that were created with the same standard can be supported by the same wallet, exchange and other same standard platforms or interface. The standard also enables the creation of streamlined convention coding.

  2. totalsupply - the maximum token supply.
    balanceOf - display the token balance.
    transfer - transfer a number of token from the message sender to another address.
    allowance- the number of tokens allowed to be transferred from one address to another address.

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#232

  1. What are the benefits of setting a token standard like ERC20?
    With standards you can achieve better efficiencies. Agreeing on a programming standard like ERC20 opens better interaction with wallets or exchanges.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() - total number of tokens supplied to the blockchain
    balanceOf() - amount of tokens in a specific account
    transfer() - sending tokens
    allowance() - holds the amount of tokens possible to be send

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#233

Hi,
1, Its like with power cable for you Pc or phone. Standarts make life easier for developers, users etc. Because rules are same for everyone. Same rules means easier readability, usability etc

2, totalsupply- its total supply of all tokens
balanceOf(account)- its balance of specific account
there are moreā€¦

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#234

1. What are the benefits of setting a token standard like ERC20? Help programmer, Exchange and wallet to create some program that can use the same Standard structure of naming function to be able to simplify the communication of all different application, STANDARD itā€™s a very important KEY when you build a Network.
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
totalsupply equals the sum of all balances

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#235

Its a fungible standard, so all the tokens are same and identical, have the same value.
Helps with token liquidity, simpler token interactions, more secure contracts.
Transactions are faster and confirmations are more efficient.
2.
balanceOf() - provides the number of tokens held by a given address.
allowance() - provides the number of tokens allowed to be transferred from A to B.
transfer() - transfers a number of tokens directly from the message sender to another address.
Approval() - emits details of approvals of tokens from A address to B

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#236

  1. It makes interaction with different tokens much easier for wallets and exchanges because they can treat all tokens that adhere to the same standard in the same way.

  • name - returns the name of the token
  • symbol - returns the symbol of the token
  • decimal - returns the number of decimals the token uses
  • totalSupply - returns the total token supply
  • balanceOf - returns the account balance of address _owner
  • transfer - transfers _value amount to address _to
  • transferFrom - transfers _value amount from address _from to address _to
  • approve - allows _spender to withdraw from your account multiple times up to the _value amount
  • allowance - returns the amount the _spender is still allowed to withdraw from _owner
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#237

1.It allows many established exchanges adapt your token swiftly.
2. totalSupply, balanceOf, transferFrom, approveā€¦

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#238

  1. Allows other applications in the ecosystem like wallets and exchanges to interact with the token. It also makes it easier to develop new tokens.

  2. Some functions within the ERC20 token standard include:

  • balanceOf()This tells us how many tokens are currently within a specific address
  • transfer() Transfers a number of tokens to a specific address
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#239

1.Benefits of ERC20 token standard is because all tokens build on this platform use same programing language codes -and every platform can add them (if every token have his own codes it will be difficult to use and check them one by one )
2. ERC20 Functions:

  • balanceOf()- provides the number of tokens held by a given address
    -transfer() - function transfers a number of tokens directly from sender to another address. ( this function works fine when sending from one address to another but doesnā€™t work well when tokens are used in function in smart contract).
    -doSomething() - is run function( what to do)
    -approve()- token holder gives approval to address ( smart contract) to transfer certain number of tokens( known as allowance)
    -transferFrom()- from which address founds to be transfered when we have doSomething() function before
    -allowance() - provides number of tokens allowed to be transfered from one address to another address.
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#240

Standards ensure that all tokens function in the same way and all exchanges and wallets are able to support them.

Total Supply - tells you how many are in circulation.

Balance of - tells you what your balance is.

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