Homework: ERC20

Ethereum 101
#2391

1. What are the benefits of setting a token standard like ERC20?
A benefit is, that all exchanges and wallets can easily interact and add ERC20 standard Tokens.
another one is an increasing efficiency in the market because of interoperability.

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

  • The function totalSupply (): Tells you how many Tokens in circulation
  • The function balanceOf(X): How many Tokens does Wallet X have
  • The function transfer(): transferring Tokens
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#2392 
  1. What are the benefits of setting a token standard like ERC20?

Standards are so reliant because they are able to make the whole space able to communicate with each other. Wallets, exchanges, and applications will be able to use same functions in the smart contract of the token from Day 1. Also promotes programming best practices and benefits interface standardization.

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

function totalsupply() ===> equals the sum of all balances,
function balanceOf() ====> provides the number of tokens held by a given address.
function tranfer() ====> transfers a number of tokens directly from the message sender to another address.
function approve(), transferFrom() —> 2 functions that allow a 2-step scenario.

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#2393

1. What are the benefits of setting a token standard like ERC20?
The benefit is that with a token standard it’s more reliant because they let the whole space communicate with each other, they are the same ==> Fungible. Hereby all exchanges & wallets will support them.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
function totalsupply () ==> how many tokensin circulation
function balanceOf(address account) ==> how much tokens/balance that particular address has
function transfer() ==> to transfer tokens

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#2394

1.It allows all tokes to be easily recognisable and acceptable by wallets and exchanges.
2. total supply
balanceOf
approve

#2395

  1. Benefits are that all wallets and exchange platforms will accept tokens that are built on standard like ERC20.

  2. They are:

totalsupply ( total number of fungible tokens in circulation)

balanceOf ( balance of account)

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#2396

  1. What are the benefits of setting a token standard like ERC20?
    Standards are very important to ensure that anyone creating a new smart contract uses the same code or set of standard functions. Without this everyone would be able to make their own set of functions with different names and parameters. It is like using a common language verses everyone inventing their own language, we could not talk to each other very effectively.

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

totalSupply - returns the total supply of the token

balanceOf - returns the token balance of a specific address

approve - gives approval for someone else to spend from your account (eg an exchange)

allowance - you provide the number of tokens that are allowed to be transferred from an address by another address (eg the maximum you allow the exchange to transfer for you)

transferFrom - you provide the address of the sender, the receiver and the amount to transfer, returns the result of the transfer, ie either successful or unsuccessful

transfer - you provide only the receiver address & the amount of tokens being sent, it returns the result of the transfer, ie either successful or unsuccessful

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#2397

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

Efficiency. Making the different tokens exchange easily, allowing wallets to provide token balances for different tokens.

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. But it doesn’t work well when tokens are being used to pay for a function in a smart contract.

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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#2398

1.) ERC20 token standard allow wallets, exchanges to program new tokens, using the same standard.

2.)

  • “totalSupply” is a function that all ERC20 standard tokens have.
  • “balanceOf” is a function that show the balance of a token for the address given. eg.
    "balanceOf(address account)
  • 'transfer" transfers a number of tokens directly from the message sender to another address.
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#2399
  1. Efficiency we can all build applications that talk to each other, Erc 20 is fungible meaning all tokens are identical and can be easily supported by wallets and exchanges
  2. Most common are supply and balances which allows wallets and exchanges to see total supply and balance
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#2400
  1. It improves operability and efficiency in smart contracts.
  2. balanceOf , totalSupply , transfer , transferFrom , approve , and allowance
    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. But it doesn’t work well when tokens are being used to pay for a function in a smart contract.

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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#2401

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

Yes sir(s), but could you please describe what those functions do?

If you have any more questions, please let us know so we can help you! :slight_smile:

Carlos Z.

#2402

1. What are the benefits of setting a token standard like ERC20?
The standards in ERC20 tokens allow different exchanges and wallets to use them.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf( ) provides number of tokens held by an address.
transfer( ) sends tokens from one address to another. Not payable of smart contracts.
approve( ) a set number of tokens
transferFrom( ) does what it sounds like transferring tokens usually from a smart contract, known as an allowance
allowance( ) provides the number of tokens allowed to be transferred between 2 addresses

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#2403
  1. What are the benefits of setting a token standard like ERC20?
  • ERC20 token standard allows all wallets, exchanges, applications, It optimizes the usages of accounts and makes transactions much more convenient
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • Total supply() which gives you how many tokens are in circulation
  • balanceOf() function which show the balance
  • Function of transfer() which show the transfer made.
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#2404

1.the standard will facilitate its adoption and use between all integrating parts of the ecosystem.
2. there are functions like total supply, ownership, send/receive, balance, etc and they dictate the token behaviour

#2405

Homework: ERC20

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

Setting standards allows wallets, exchanges, web servers and other contracts to easily interact with the Token. It is easily incorporated and diminishes the need for administration intervention.

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

It starts with a list of function that each Token must incorporate in its programing which basically defines and validates the existence of the standard.

The standard code defines the posable function characteristics of a Token potential which derives from functions such as: Token Ownership, Balance, Token Issue and Token Burn, Total Supply.

The functions are:

  • totalSupply: Returns the total circulating amount of tokens.
  • balanceOf: Returns how many tokens exist in an account.
  • transfer: Transfer an amount of tokens from token owner’s account to another account.
  • approve: A token owner can approve for spender to transferFrom tokens from the token owner’s account.
  • allowance: Returns the amount of tokens approved by the owner that can transferred to the spender’s account.
  • transferFrom: Allows a spender account to transfer an amount of tokens on behalf of the token owner to another account.
#2406

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

Yes sir(s), but could you please describe what those functions do?

If you have any more questions, please let us know so we can help you! :slight_smile:

Carlos Z.

1 Like
#2407

[quote=“filip, post:1, topic:8440”]
Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    The operability and the flexibility, reduces friction, promotes transparency increasing interaction with applications.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf = provides the amount of tokens in an address.
    transfer = sends tokens to an specific address.
    transferFrom = moves amount between addressees.
    totalSupply = is the maximum amount of tokens available circulating.
    This ones are a few ones that are mostly used, on the interface we have more specific options.

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#2408

  1. What are the benefits of setting a token standard like ERC20?
    By setting a token standard, a programmer is provided with a set of common functions used by all who adhere to the ERC20 protocol

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalsupply() - number of tokens in circulation
    balanceOf(address account) - number of tokens for that particular address

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#2409
  1. tokens based on the same standard will all operate in the same way
  2. balanceOf() provides given tokens of an address
    transfer() send tokens from one address to another
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#2410

  1. Much easier for developers to code their own token and easier for wallets to be able to communicate with all tokens under this standard

  2. balanceOf() - gets the balance of an input address
    transfer() - sends tokens from sender to input recipient
    approve() - approves an address, usually smart contract, to spend a certain amount of tokens
    transferFrom() - allows user to specify which address to get the tokens from
    allowance() - specifies the amount of tokens that can be transferred/spent from address A by address B

1 Like