Homework: ERC20

Ethereum 101
#2431
  • All exchanges and wallets would be able to support this token from day one.
  • The tokens and the networks would be able to interact with each other because they follow the same standards, therefore a more complex system can be achieved from a macro perspective.
  • total supply function that shows the total amount of tokens in circulation.
  • Balance Of function that can show you the balance of any address you require.
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#2432
  1. What are the benefits of setting a token standard like ERC20?
  • All of them work in a similar fashion, which makes adoption and readability immediate from day 1.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • for example totalsupply (total supply of the token) and balanceOf (balance of a specific account)
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#2433

  1. What are the benefits of setting a token standard like ERC20?
    a) Promotes best programming practices.
    b) All wallets are then able to talk to all smart programs on the platform.
    c)Smart contracts are able to communicate to other smart contracts.
    d) Exchanges are then able to interact with other Tokens supported on the platform.
    e) Smart contracts can interact with web servers. Cool

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    a) The balanceOf() function provides the number of tokens held by a given address.
    b) The transfer() function transfers a number of tokens directly from the message sender to another address.
    c) The approve() function. A token holder gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens, known as an allowance.
    d) The totalsupply ` function equals the sum of all balances.

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#2434

Answers:

  1. Benefits of setting a token standard like ERC20 is that it creates interoperability between tokens built on Ethereum under such a standard;
  2. Some of the functions contained within the ERC20 standard interface include:
    -"function total Supply()’, which defines the number of totals in circulation;
    -“function balanceOf()”, which is used so wallets may check the token balance of a specific address;
    -“function transfer ()”, which is used to transfer tokens to a particular address.
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#2435

  1. The standard helped streamline adoption of ERC20 tokens by making it easy for wallets and exchanges to interoperate with the various tokens.

  2. totalSupply() - gives the total number of this token available on the network
    balanceOf() - queries and outputs the balance of an inputted address
    allowance() - takes the address of tokenOwner and spender, gives an output of number of tokens allowed to be transferred from a given address to a given address
    approve() - can approve someone to spend from account
    transferFrom() - takes address of sender and receiver, and number of tokens, gives an output to notify success or failure of transfer.

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#2436
  1. Setting a token standard like ERC20 ensures that all programmers are developing in the same way, and all exchanges and wallets will be able to support the tokens.
  2. Examples of ERC20 functions are:
totalSupply()
balanceOf() 
transfer()

These functions direct the execution of the smart contract (for instance, by checking the total number of tokens, checking account balances, and sending money to a particular address, etc.)

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#2437
  1. allowing all smart contracts built on/with ERC20 to talk to each other. It reduces friction and makes the ecosystem more efficient.
  2. There was one for total supply where the developer will put their total supply of the token. Another one is, “balance of” which allows them to check the balance of any address.
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#2438
  1. What are the benefits of setting a token standard like ERC20?
  • The benefits of setting a token standard are that the standard sets uniform interoperation allowing for more efficient communication across the network. The standard enables easier integration and greater efficiency across exchanges.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • And I quote from the article: " 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."
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#2439

  1. What are the benefits of setting a token standard like ERC20?
    A standard like ERC20 speeds up development and adoption of new tokens, because existing exchanges and wallets supporting ERC20 will be abled to support the new token by default.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    ERC20 defines the functions :
    Taken from EIP-20: ERC-20 Token Standard
    name() - Returns the name of the token - e.g. “MyToken”.E.g. “HIX”.
    symbol() - Returns the symbol of the token.
    decimals() - Returns the number of decimals the token uses
    totalSupply() - Returns the total token supply.
    balanceOf() - Returns the account balance of another account with address _owner.
    transfer() - Transfers _value amount of tokens to address _to.
    transferFrom() - Transfers _value amount of tokens 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 which _spender is still allowed to withdraw from _owner.

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#2440

  1. The benefit of setting a token standard like ERC20 is that they improve efficiency and are propelling the industry much faster further to grow

  2. Functions in ERC20 Token Standards are commands that are set for this system to read. They are used for example by wallets to read balance of an account or make transfers.

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#2441

  1. What are the benefits of setting a token standard like ERC20?
    Using ERC20 means that it is the same standards across the board. They use the same code so can interact across multiple wallets and exchanges for a better user experience etc.

  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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#2442

1: Adopting a standard ensure systems are streamlined from the start to operate efficiently, are easily adopted, learnt and expanded upon

2: Some examples are totalSupply and balanceOf to return the total supply of a token and or the balance of a specified (x). These functions enable a standardised way across the ecosystem to carry out these queries on any number of wallets, accounts, tokens or contracts and has propelled the industry forward

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#2443
  1. Its increasing efficiency, and its easy for tokens to exchange.
  2. totalSupply = tells the total supply of the tokens

balanceOF= tells the number of tokens held by a given address
Transfer = It allows a tranfser of their ERC20 tokens from an address to another.
doSomething = operate an instruction.

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#2444
  1. What are the benefits of setting a token standard like ERC20?
    This way all the tokens are based on the same standard and all the tokens can communicate easily with each other, and all the wallets can handle the token immediately after it`s released.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf() – gives the number of tokens on a given address
    transfer() – transfers tokens from an address
    approve() – token holder approves another address to transfer certain amount of token
    transferFrom() – takes a given amount of token from the sender`s account
    doSomething() – operate instructions
    allowance() – sets the amount of tokens allowed to be transferred from an address by another address
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#2445
  1. What are the benefits of setting a token standard like ERC20?
  • each wallet is functioning the same way. For example exchanges know How ro collect data
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • total supply and balance
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#2446
  1. What are the benefits of setting a token standard like ERC20? Everybody using the same ERC20 standard makes it easier for exchanges and wallets to add all the coins that are on the same standard and it is easier for new coins to be made.
  2. What functions are in the ERC20 Token Standard Interface and what do they do? transfer() allows someone to transfer their ERC20 tokens to another address. Totalsupply allows give the number of tokens, BalanceOf gives the available token balance for an account.
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#2447
  1. standards make tokens interoperable and thus make it possible for all apps in the space to communicate with each other, instilling efficiency
  2. balances , total supply , transfers , approve, allowance, token name, symbol, and the number of decimal places with which it will be measured
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#2448
  1. What are the benefits of setting a token standard like ERC20?

Having standards that unite all ERC20 tokens makes it easier to build them and have them communicate with each other and other important components of the ecosystem such as wallets and exchanges. It makes the ecosystem much more efficient and allows it to grow and become adopted faster.

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

function totalSupply() states total supply of tokens in circulation

function balanceOf(address account) states balance of a specified account

function transfer() transfers a specified number of tokens from one address to another

function allowance() displays the number of tokens that spender will be allowed to spend on behalf of owner

function transferFrom() allows a smart contract to automate the transfer process and send a given amount of tokens on owner’s behalf

function approve() authorizes the given address to withdraw tokens from owner’s address

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#2449

It is a great benefit to have token standards like the ERC20. These standards allow all wallets and applications to have interoperability to do things like exchange tokens or take balances seamlessly.

  1. The main functions in the ERC20 token standard interface are balanceOf(), transfer(), approve(), allowance() and transerFrom(). BalanceOf() tells the user how many tokens are held in a certain address. Transfer() sends tokens from messenger to sender. TransferFrom() is useful for smart contracts because it allows for a transfer from one address to another when the message’s sender is a third party. Approve() allows a token holder to designate which addresses can take tokens from their address. Allowance() sets the number of tokens that can be taken from an address.
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#2450

  1. by using the same standard (in coding), all wallets, exchanges, etc… can easily add these ERC20 tokens onto their application

  2. e.g. function balanceOf / totalSupply / …

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