1.It allows for Ethereum Network to be a platform for which tokens can be built on top of its network. This allows for new tokens to be automatically accepted by wallets and exchanges.
2.There is the balance function and the transfer function. The balance function calculates the total number of tokens for an address. The transfer function allows tokens to be moved from one address to another.
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- The benefits are that all the tokens use the same programmable language and allows wallets and exchanges to add all the ERC20 tokens from day one.
- The functions in ERC20 Token Standard Interface are:
totalSupply: Returns the total circulating amount of tokens.
balanceOf: Returns how many tokens exist in an account.
transfer: Transfers an amount of tokens from token owner’s account to another account.
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What are the benefits of setting a token standard like ERC20?
exchanges and wallets are able to support tokens more readily when they follow the same standard -
What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply - provides total supply of token
balanceOf - provides token balance of wallet address
transfer - transfers tokens from one given address to another
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- Setting a token standard is beneficial so the entire community can communicate without confusion.
- The ERC20 token interface functions have the coding for the max supply, balance, and transfers of the fungible tokens. This standard is so tokens can be understood by wallets and exchanges.
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1.Having standards ensures wallet and exchange compatibility.
2. Many functions that standardize interaction and function. Including but not limited to:
- BalanceOf(account)- Allows a program to check how many of a token are in a account.
- totalSupply- gives the amount of a token that currently exist.
- Transfer- Allows a token to give/send tokens.
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- Standards allow wallets to be able to read many different tokens.
- balanceOf() - read balance of an account
totalSupply() - total supply of a token
transfer() - transfer tokens
transferFrom() - transfer from an account
allowance() - number of tokens transacted
approve() - approve a transaction
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The benefits of having a token standard like ERC20 is it is easily to interact with the web browser and the codes are in standard.
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Functions of ERC20 is the total supply() and balanceof() which basically the standard code in ERC20.
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What are the benefits of setting a token standard like ERC20?
All functions within ERC20 tokens are the same no matter the token. It builds a platform where you don’t have variability between tokens. -
What functions are in the ERC20 Token Standard Interface and what do they do?
Total supply shows how many tokens are in circulation.
Total balance will show you how many tokens that you have available in a wallet.
Since all ERC token have the same standards, programming between them are identical.
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- What are the benefits of setting a token standard like ERC20?
- Standardization helps in interacting between wallets,exchanges, smart contracts.
- What functions are in the ERC20 Token Standard Interface and what do they do?
- totalSupply() - sum of all balances
- balanceOf() - function that shows amount of token each holder has (public)
- allowance() - first step in creating a smart contract ( approving another
address which will be interacted with)
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transfer () - transfer of tokens from one account to another
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transferFrom() & approve() - part of two-step verification for executing smart
contract -
transferFrom() - function that is used to execute smart contracts
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approve() - token hodler uses to approve smart contract
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By using the same standard for all ERC20 tokens it is possible for Wallets and Exchanges to interact with all new tokens direct after listing.
- totalSupply() - Get the total token supply
- balanceOf() - Get the account balance of another Adress
- transfer() - transfers a number of tokens to another address
- approve() - approval to transfer
- allowance() - provides the number of tokens allowed to be transferred from one dress to an other.
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- What are the benefits of setting a token standard like ERC20?
If the syntax of a programming language is standardized (in this case as ERC20), it is much easier for the community to develop Apps on the Ethereum network, benefits are:
- readability
- integration
- faster deployment
- common interface
- What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf() = provides the number of tokens held by a address
approve() = is the first step of a token holder to approve a transaction
transferFrom() = is the second step in which the amount is transferred, this function is called by doSomethin().
doSomething() = will check the balance and will execute the transaction or if there are insufficient funds then the function will fail.
allowance() = is the function which provides the number of tokens that are allowed to be transferred
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the program code is almost the same so is much more easier for the token, wallet and exchanges to communicate
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balanceOf(): provides the number of tokens held by an address.
transferFrom(): move tokes from sender’s account to another ore use them for something
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.
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- Setting a token standard like ERC20 is important because it reduces friction within the monetary system thus allowing for increased efficiency and it allows individual wallets to communicate on the ethereum blockchain with ease and interoperability.
2.The functions found in the ERC-20 Token standard interface are as follows: a) balanceOf(), which provides the balances of public addresses, b) transfer(), which allows the transfer of ERC-20 tokens to other public accounts, c) totalSupply(), which provides the total supply (number) of that specific ERC-20 token currently in existence.
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You have a base starting point for every token.
Burning, Minting, Balances and Transfers
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- Standards are important for small contracts because new tokens can easily integrate and interoperate. Exchanges and wallets can support it from day one.
- each ERC20 token has function totalSupply - how many tokens are in circulation.
balanceOf (address acount) function - you get balance of specific account for ERC20 tokens
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- ERC20 regulations present a developed blueprint for developers to follow. This is much simpler and scalable than each token having its own personalised code. (can interoperate)
- BalanceOf- number of tokens held by a given address (data is public)
TransferOf- transfer a number of tokens directly from the message sender to another account
TotalSupply- gives maximum number of tokens that exist
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1.all exchanges and wallets will be able to support , it makes it fungible. This allows all wallets and exchanges to talk to each other and it makes the token economy very efficient
2.
Total supply – gives you the total supply in circulation
balanceOf – gives you the address account and this allow exchanges to check how much balance a wallet has
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the coins becomes fungible and interchangeable!!!all the space and network can comunicate with each other and promote the industry
its correct?)
functions like total supply() defines the total supply of tokens that everybody knows
**balanceof(address adfdgfr231rfd2 account) can use to check how much funds exicst in the ballance specific address and there a lot of another function but all the function the same standards **
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Setting a standard like ERC20 ensure there is a uniform structure and functions for smart contracts for ERC20 tokens. This enable both users, developers and investors to quickly engage in various token ecosystems.
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ie. "balanceof(), transferfrom(), dosomething() etc,
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- What are the benefits of setting a token standard like ERC20?
It translates into a less complicated approach for exchanges and users to be able to communicate in the Ethereum blockchain. By having a set of mandatory rulesets, we are ensuring that a contract can do a basic function and it can succesfully comunicate in the blockchain seamlessly.
- What functions are in the ERC20 Token Standard Interface and what do they do?
total supply = dictates the max amount of coins issued
blanaceOf = has to be able to read the balance of a certain user in the contract
transfer = ability to send out the token
transferFrom = ability to send out the token from a spcific user
approve = has to approve a tx
allowance = checking balances in a token and ensuring the user has funds to carry out intended operation.
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