Homework: ERC20

Ethereum 101
#2411

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

Setting a standard for all people developing benefits through interoperability.
It makes development much more efficient when everybody uses the same structure.

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

e.g. totalSupply() - gives how many tokens there are in circulation.
balanceOf(adress account) - returns the balance of a given account.

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#2412

Hello Carlos,

Thanks for the interaction.

A few are:

transfer(): Transfers tokens between accounts
balanceOf(): Expresses the balance of a specific address
transferFrom(): Takes the address of the recipient and amount to be sent
total supply() Expresses how many tokens are in circulation
approve(): Authorize the transfer of an amount of tokens to a defined recipient.

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#2413

  1. It allows exchanges and wallets to handle tokens by them being laid out in the same way.

  2. Total supply - which tells you the total supply of the tokens and Balance Of - which gives you the balance of an address.

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#2414

@Gremillion Yes sir(s), but could you please mention more function?

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

Abel S

#2415

This is what was discussed in the video. Ivan said that he would get more in-depth when I get to the programming course.

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#2416
  1. It allows developers to a use the same frame work when creating new tokens. This uniformity means that anyone coming into the space only needs to learn one method and they can operate.
  2. ERC20 defines the functions Balanceof, Totalsupply, transfer, transfer from, approve, token name, symbol and a few other things. All of these features show through code how many tokens exist, but also allow for the trading of these tokens among users.
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#2417
  • What are the benefits of setting a token standard like ERC20?
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    A1: Allows wallets, exchanges etc to increase inoperability.
    A2: * totalSupply (provide information about the total token supply)
  • balanceOf (provide account balance of the owner’s account)
  • transfer (execute transfer of a specified number of tokens to a specified address)
  • transferFrom (execute transfer of a specified number of tokens from a specified address)
  • approve (allow a spender to withdraw a set number of tokens from a specified account)
  • allowance (return a set number of tokens from a spender to the owner
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#2418

  • What are the benefits of setting a token standard like ERC20?
    Scalability and greater adoption. A standarized token allows exchanges, wallets to support any token programmed using this standard.

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

totalSupply: gives maximum number of tokens that exist
balanceOf : gives a public addresses’ balance of ERC20 tokens
transfer: allows transfer of ERC20 tokens to another public address
approve: a token holder gives another address approval to transfer up to a certain number of tokens(allowance).
transferFrom: take certain tokens from sender’s account and carry on its work.
doSomething: operates instructions.
allowance: provides number of tokens allowed to be transferred from a given address by another.

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#2419
  1. Applications and exchanges have a standard way of interfacing with erc20 tokens.
  2. balanceof, totalsupply, transfer, transferfrom, approve, token name, etc. They perform actions as they’re names would imply.
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#2420

1.ERC20- can interact with other wallets, contracts and exchanges, its simpler way of work due to standards have made ERC20 smart contracts one of the best systems using blockchain technology
2.Total supply
Sum of all Balances
Total supply of tokens
Balance of
Balance of tokens held by certain address

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#2421

1. What are the benefits of setting a token standard like ERC20?
The benefits of setting a token standard like ERC20 is dat all tokens are programmed the same way. The functions one uses to program a token work exactly the same when programming another token. This makes the exchange of tokens more easy, allowing wallets to provide token balances for different tokens.

** 2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply(): it gives an overview of how many tokens are in circulation.
balanceOF(): this shows how many tokens a certain adres contains.
transfer(): transfers an amount to a specified address from the owner of the contract
transferFrom(): specifies a from address, to address and a value to transfer
approve(): when called, the owner of the contract authorises the address to withdraw tokens from the owners address

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#2422

  1. Wallets and exchanges can support all tokens build on ERC 20 standard from the beginning.

  2. totalSupply() --> how many tokens are in circulation.
    balanceOf(address account) --> gives balance of account

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#2423

  • What are the benefits of setting a token standard like ERC20?
    Everyone can talk and program using the same language, easy to interface among the progams and application of the technology

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf() transfer() They are standardized routines and functions that can apply to all creations of Tokens and applications of Tokens so that everything is compatible as it runs on the blockchain

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#2424

1- Having the same standards alow from the start that all tokens are supported in all exchanges and wallets that have ERC20 standards, also allow interaction between other tokens
2- totalSupply( ) gives number of tokens that exist
balanceOf(address account) given a public address it returns the balance
transfer() transfers an amount another public address

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#2425
  1. Using ERC20 standard ensure all the wallets, application and exchanges knows how to interact with the smart conctract.
  2. There is for example:

  • totalSupply() which shows a total amount of token in circulation.

  • balanceOf() which shows a balance of the account address I provide.

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

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

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

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

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#2426
  1. tokens are fungible, everyone have the same standards and car work with the same community. also you can create any token on this ERC20 standard.
  2. total supply (total fungile tokens), balanceof (balance of a specific account)
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#2427

  1. ease of use. Any wallet that supports ERC-20 tokens can add that particular ‘coin’ to hold an account balance.

  2. totalSupply( ) allows you to verify the maximum amount.

balanceOf() allows you to verify the balance of a particular smart contract.

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#2428

  1. What are the benefits of setting a token standard like ERC20?
    Eliminate the issue of spams and network load on the ETH blockchain.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    The functions are:
    TtalSupply : Returns the total circulating amount of tokens.
    BalanceOf : Returns how many tokens exist in an account. t
    Transfer : Transfer an amount of tokens from token owner’s account to another account.

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#2429

  1. All tokens created with this standard will be developed with the same infrastructure and therefore easily listable by exchanges and tradable by wallets.

  2. balanceOf() for balance enquiry of a specific account
    _totalSupply for the total number of fungible tokens
    transfer() enables transfer function between public addresses

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#2430
  1. What are the benefits of setting a token standard like ERC20?
    Having token standards helps :
  • Anyone who knows Solidity to create their own fungible token.
  • Tokens can interact with each other.
  • Wallets can exchanges can easily determine token balance.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply= Total number of tokens in circulation.
    balanceOf= Balance in a wallet or exchange.
    transfer= Send tokens.
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