Homework: ERC20

Ethereum 101
#2491
  1. Wallets, exchanges and basically everything that interacts with that standard will accept and be friendly working with many different tokens, smart contracts or apps that runs in it.
  2. Total supply, transfer from, balanceof, etc.
2 Likes
#2492

  1. What are the benefits of setting a token standard like ERC20?
    All wallets and exchanges in the ecosystem have a common language, so to speak.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    • totalSupply() public
    o constant returns (unit)

• balanceOf(address tokenOwner)
o public constant returns (unit balance)

• allowance(address tokenOwner, address spender)
o public constant returns (unit remaining)

• transfer(address to, unit tokens)
o public returns (bool success)

• approve(address spender, unit tokens)
o public returns (bool success)

• transferFrom(address from, address to, unit tokens)
o public returns (bool success)

2 Likes
#2493
  1. What are the benefits of setting a token standard like ERC20? Ensures interoperability with applications and exchanges.
  2. What functions are in the ERC20 Token Standard Interface and what do they do? Tokens are built from the same naming and parameter conventions. For example Exchange wallets will be able to communicate to determine standard functions such as “Total Supply” or “balance of”.
2 Likes
#2494

  1. What are the benefits of setting a token standard like ERC20?
    Setting a standard for tokens makes it so that everyone immediately understands what a new token is an how to use it.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf(account) gives the balance of a user account
    totalSupply() gives the total supply of the tokens
    transer(address, value) transfers tokens
    It looks like there are some others too.

2 Likes
#2495
  1. What are the benefits of setting a token standard like ERC20?

The benefits of having a token standard is that everybody’s using the same functions to carry out a particular actions making it easier to interact with smart contracts. It becomes easier to create new tokens, it’s easier to add tokens to exchanges and overall the efficiency is increased in these areas.

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

totalSupply()
This function will tell you the total amount of tokens in circulation
balanceOf()
This function allows you to view the balance of the provided address.
transfer()
This allows you to transfer tokens from one address to another
approve()
a token holder gives another address approval to transfer tokens
allowance()
provides the number of tokens allowed to be transferred from one address to another
transferFrom()
This function will allow a smart contract to automatically transfer tokens to recipient on the behalf of the owner

3 Likes
#2496

  1. That means all the exchanges and wallets would be able to support these tokens

  2. 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.
    The allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.

2 Likes
#2497

  1. Setting a token standard like ERC20 is beneficial, because it allows wallets and exchanges to easily operate on the Ethereum network using the standard.

  2. Functions of the ERC20 token include totalSupply, which gives maximum number of tokens that exist and balanceOf, which gives a public addresses’ balance of ERC20 tokens and transfer(), which allows someone to transfer their ERC20 tokens to someone else.

1 Like
#2498

Hi @Tane_Frei

could you describe what those function do? :slight_smile:

Happy learning,
Abel S

1 Like
#2499
  1. single standard helps all addresses, wallets, exchanges etc. to communicate with different tokens and token holders the same way. Removed friction.
  2. TotalSupply -> the maximum supply of the token. BalanceOf -> account balance.
2 Likes
#2500
  1. Standardized language across different tokens
  2. Balance/total supply of tokens available
2 Likes
#2501

burning means reducing the token supply, minting means increasing it, transfering means updating the balances of two accoutns and balance returns the balance of a specific wallet i think…

Thanks for keeping a close eye on my homework :wink:

1 Like
#2502
  1. Interoperabilty of different tokens, common interface, common wallets capable of supporting multiple assets
  2. balanceOf () 0 return balance, as defined by token creator
    transfer(tokens x, address y) - send x tokens to address y
    allowance(tokens x, address y) - grants approval for up to x tokens to be sent to address y
    transferFrom() - allows smart contract to pull funds from an approved account
2 Likes
#2503

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    When we have use cases that come up over and over again having standards and following them help us reach efficiency getting things done quicker.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    function totalSupply() = gives you how many tokens are in circulation
    function balanceOf(address account) = gives the balance of a specific address
    function transferFrom() allows to take from an address and transfer
    function allowance() gives the number of tokens allowed to be transferred from a given address by another given address

2 Likes
#2504
  1. So all tokens can communicate in the same manner. Like language, it makes it difficult when one guy speaks hindu and then other one swedish = little understanding.

Approve , someone is approved to use tokens from account
Allowance provides the number of tokens that are permitted to take from the account
Totalsupply() is the maximum number of tokens that exists.
Balanceof shows the public adress’ balance of how many ERC20tokens it holds.
Transfer() allows the user to transfer tokens to a different adress.
Dosomething( gives a specifik instruction)

2 Likes
#2505
  1. it allows all the applications and tokens developed on the same standard to work together.
  2. totalSupply() sets the total supply of the token
    balanceOf() provides the total number of tokens at a specific address
    transfer() transfers a specific number of tokens from one address to another
2 Likes
#2506
  1. What are the benefits of setting a token standard like ERC20?
    ERC20 Standard makes tokens more efficient
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() = max number of tokens
    balanceOf(address account) = balance of ERC20 tokens
    transfer() allows transaction of ERC20 tokens
2 Likes
#2507
  1. What are the benefits of setting a token standard like ERC20? It simplifies the establishment of new tokens.
  2. What functions are in the ERC20 Token Standard Interface and what do they do? The functions provide a common interface to the network/blockchain, which in turn simplifies communications and establishment of new tokens and functions.
1 Like
#2508

  1. What are the benefits of setting a token standard like ERC20? Standards allow for all coins new and old to interact with each other ecr 20 is the standard for ethereum

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Total supply = total number of tokens
    Tramsfer = allows for transfers ot ecr 20 tokens
    balance of = gives the balance from public addresses

2 Likes
#2509
  1. common conventions in code (e.g. function names) mean that teh token is automatically supported if other tokens with the same standard are supported.
  2. e.g.
    totalSupply() = returns total supply of the token
    balanceOf() = return balance of the token for a given address
    transfer() = transfers token from one address to another
    and some others
2 Likes
#2510
  1. What are the benefits of setting a token standard like ERC20?

Defining a standard for the behavior of tokens makes them easier to interact with. From the perspective of a complex operation like an exchange or some defi app, it greatly simplifies things to be able to interact with a wide array of tokens in a systematic, predictable manner.

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

totalSupply() returns the total supply of tokens in circulation
balanceOf() returns the balance of the provided address
approve() approves the usage/sending of instances of a token by a given address
transfer() transfer a given amount to a receiver’s address - conventional transaction
transferFrom() automate the transfer process from a sender to a receiver: contract sends on your
behalf

3 Likes