Homework: ERC20

Ethereum 101
#2551
  1. What are the benefits of setting a token standard like ERC20?

All token are programmed and built with the same standard functionalities. This is to build application that can interact and work well with each other.

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

balanceOf - this is used to get the balance of token held by a specific address.
totalSupply - this is used to calculate the number of tokens in circulation.
transfer - this function is used to send tokens to another address.
transferFrom - this is used to transfer tokens to an address on behalf of the owner of the tokens.
approve - this is used to approve the withdrawal of the tokens.
allowance - this is to set the amount of token that can be transferred from an addrees to another.

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#2552

  1. Having a set standard makes it easier for people to create and deploy the tokens as the network will already know how to execute the contract as it is already formatted. This also makes interoperability between tokens possible and gives the ability to provide token balances for different tokens.

  2. totalSupply() gives maximum number of tokens that exist
    balanceOf(address account) gives a public addresses’ balance of ERC20 tokens
    transfer() allows someone to transfer their ERC20 tokens to another public address

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#2553
  1. What are the benefits of setting a token standard like ERC20?
    THe benefit is that, different tokens can communicate and interact with each othe, includin as well wallets, other contracts, exchanges etc.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() tells the total supply of a specific token, balanceOf() indentifies the balance of a token in a wallet
    transfer() transfer ERC20 token to another public address
    approve()give approval to transfer tokens to another address
    allowance()provide the number of tokens allow to be transfer to another address
    doSomething() to operates instructions
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#2554

  1. What are the benefits of setting a token standard like ERC20?
    It allows all of the tokens on Ethereum to communicate simply and efficiently with one another. It is like a common language for all of its citizens.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf() - queries the balance of the account
    transfer() - transfers tokens from one account to the next
    totalsupply() - establishes the total supply of the token

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#2555
  1. By setting and applying the ERC 20 standard, all developers and tokens can communicate freely without friction.
  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.
    totalsupply is the final item that defines an ERC20 token contract.
    decimals is often called a humanising factor because it allows token contracts to define how they would like balances to be displayed to users.
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#2556
  1. What are the benefits of setting a token standard like ERC20?

The biggest benefit is fungibility, which means that all tokens and application created on ERC-20 standard can speak in the same language and can understand and communicate between one another. Moreover, this is especially beneficial when it comes to exchanges and wallets, which can store and exchange any token that is created on this standard.

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

Some of the basic functions are totalSupply (measuring total supply of the token), balanceOf (address account ) and transfer function.

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#2557
  1. The ERC20 standard defines the way developers create the token so that all exchanges and wallets can support it.
  2. Function totalSupply relates to how many tokens are in circulation, function balanceOf relates to how many tokens you have, and function transfer communicates the recipient. They will be checked by exchanges when given address.
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#2558

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

The wallets can adapt token easier since they know the ERC-20 already.

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

totalSupply() gives maximum number of tokens that exist.
balanceOf(address account) gives a public addresses’ balance of ERC20 tokens.
transfer() allows someone to transfer their ERC20 tokens to another public address.

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#2559
  • What are the benefits of setting a token standard like ERC20?

Standard naming conventions make the actors in the space compatible for integration and allow seamless communication, for improved efficiency.

“These standards allowing wallets to provide token balances for hundreds of different tokens and creating a means for exchanges to list more tokens by providing nothing more than the address of the token’s contract. The benefits of creating a token as ERC-20 compliant is such that very few token contracts today are created any other way.” from

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

balanceOf(address account) = exchanges and wallets can check the balance of an address/account

totalSupply() = total supply of a coin in circulation

transfer(address recipient, uint256 amount), or approve() and transferFrom() [often required 2-step process] = transfer coins from one account to another

allowance() = gets number of tokens allowed to be transferred from an address by another address

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#2560

  1. The benefits are that the applications and tokens can communicate easily with each other. that makes everything easier to use.

  2. function totalSupply( ) Shows the amount of all tokens that are in circulation, function balanceOf says how many token a balance have, function transfer shows the transfer that account make

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#2561

  1. Standards allow all participants in space communicate efficiently (standards remove frictions.) In the case of ERC20, the standards cause fungibility, allowing many different applications easily communicate with all the separate tokens.

  2. total supply- how many tokens are in circulation
    balanceOf- queries amount of tokens in an account
    transfer() - transfer between account

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#2562

  1. What are the benefits of setting a token standard like ERC20?
    Every wallet and exchange can read any token that follows those standards. Tokens and smart contracts can act similarly to how Bitcoin and Ethereum work. All the information regarding a token can be publicly verified, for example, the total supply, the balance of a particular address, they can be sent and received.

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

balanceOf() - Provides the number of tokens that any given address holds.

transfer() - This function simply transfers tokens between addresses.

doSomething() – An action or instruction that will be executed after an allowance of tokens has been approved and later transferred to the smart contract’s address. This function will allow a smart contract to carry on an instruction. In order to do this, doSomething() needs tokens to operate (the allowance).

approve() and transferFrom() – Two-step function.

approve() allows the token holder to designate the allowance that will be later transferred to another address (smart contract).

transferFrom() – This function will be called by doSomething(), as it requires the tokens transferred to the smart contract address.

Allowance() – A function that states the number of tokens that can be transferred from one address to another one.

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#2563
  1. The benefits of setting a token standard like ERC20 is that all wallets,exchanges, and network of computers communicate in the same way and all different types of ERC20 tokens can be on the same blockchain.
  2. function totalSupply() public view return
    function balanceOf(address account) public view return
    function transfer(address recipient, uint 256 amount) public view return

The first function reveals the total supply in circulation, the second function reveals the public address showing balance, the third function reveals how much is sent.

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#2564

  1. having a standard it help all wallet and exchanges to support all tokens on the ERC-20. it help to reduce friction.

  2. totalSupply() = Number of token in existence
    balanceOf() = Number of token in a wallet
    name() = Name of the actual token
    transfer() = number of token from the sender to the receiving wallet

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#2565
  1. The standard lets every platform and wallet accept all the different coins easily than if every coin had different programming it would need to be manually updated for every different platform and wallets.
  2. totalSupply() tells the number of total ERC20 token that exist or will ever exist
    balanceOf(address of account) gives the balance of a specific account, wallet.
    transfer() allows token holders to transfer there ERC20 tokens to other public addresses, wallets, accounts
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#2566

  1. The benefits of having token standards is that all ERC20 become interoperable. It also simplifies communication within the Ethereum Network.

  2. One function on the ERC20 Token Standard is balanceOf() which provides the number of tokens held within a specific account on the network. Another function on the ERC20 Token Standard is transfer() which allows for the transfer of tokens from one address to the other. These are obviously just a few.

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#2567
  1. Benefits of having ERC20 as a standard is that all tokens can interact with all types of hardware. It creates efficient communication in the network.
  2. Functions of ERC20 include, balanceOf(), transfer(), and totalSupply(). Used respectively to get the amount of tokens on the account, move tokens, and the total amount of tokens available.
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#2568

1.The benefits are people can aggree on one single rule to write the ERC20 token so that people can communicate each other easily and smoothly on the blockchain. In this manner, the code can be more efficient and productive for the entire community to move on building the smart contract world.
2.

  • totalSupply() gives the maximum number of tokens that exist.
  • balanceOf() gives a public addresses’ balance of ERC20 tokens
  • transfer() allows somebody to transfer their ERC20 tokens to another public address.
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#2569

  1. The erc 20 standard set a blueprint for the foundation on which a network of compatible tokens could be built providing a list of rules to ne followed

  2. The functions of erc 20 tokens are as follows

Balanceof - stores and returns balance of an address
Total supply - checks total supply of coin in curculation
Transfer - allows individuals to send money
Transferfrom - automates a transfer
Approve - aproves transfer from

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#2570

  1. Wallets know the set of functions to utilize to communicate with the token. Easier to deploy smart contracts as everyone is using a set of functions.

  2. Ivan mentioned balanceOf() and totalSupply(). Balance of queries for the balance of a wallet. Total supply is the total supply for the ERC-20 token.

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