Homework: ERC20

[ogm]

• What are the benefits of setting a token standard like ERC20? A standard ensures that all users (programmers) code using the same constructs, such as function names and their parameters are set ahead of time. It almost seems like a library has been set up. The benefit of using standard programming is that the Wallets and Exchanges will be able to interface with the new tokens built with the standard. Also, code reviews will be made easier.
• What functions are in the ERC20 Token Standard Interface and what do they do? There are loop functions (I did not see the syntax in the article), Total Balance function, Transfer function, Approve function. The functions find balances, calculate new balances, transfer funds, and also do an Allowance and Approve function that I don’t fully understand. But I will.

[Fogwai]

1. Improves communication, wallets and exchanges can support more tokens using the same standard, creation of new tokens becomes easier. All applications can be built to communicate with each other.

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

[kareniandean]

1. The benefits of a standard ERC20 token is that it allows all tokens to interact without friction , which allows this space to move forward and is good for all parties involved in making smart contracts and programming .

2. balanceOf () number of tokens held a a public address ,
   transfer() lets transfer their own ERC20 tokens to another address ,
   event Approval() When a user is approved rights to withdraw funds ,.

   allowance() provides the amount of tokens to be transferred from a said address by another .

[FuriousD]

1. It creates a standard protocol for applications such as wallets to use when interacting with ERC20 compatible cryptocurrencies.

totalSupply() - returns total supply of the token
balanceOf(address tokenOwner) - returns the balance of the owner specified
allowance(address tokenOwner, address spender) returns the number of tokens allowed to be
transferred from a given address by another given address
transfer(address to, uint tokens) - transfers the number of tokens to the address specified and
returns a boolean indicating if the transfer was successful
approve(address spender, uint tokens) approves someone to spend from your account, returns a
boolean indicating if successful
transferFrom(address from, address to, uint tokens) - transfers the number of tokens specified from
the address specified to the address specified, returns a boolean indicating if the transfer was
successful

[Mujtahid_Haque]

1. With the ERC-20 token standard, there is interoperability and efficiency in handing the smart contracts.

2. Functions in ERC-20

totalSupply() = total supply of tokens
balanceOf(address) = balance of token in address
allowance() = Maximum allowed to transfer
transfer(to, tokens) = transfer tokens to address
approve (address, tokens) = allow transfer of tokens
transferFrom(address) = transfer funds from address

[CryptoCarlito]

1. There are several benefits of a token standard. First, it provides programmers and the community in general with clarity. Second, it promotes programming best practices meaning that interacting between other contracts, web servers, exchanges and wallets will be much easier and convinient. Finally, it makes it easier for the admin to control the smart contract.
2. Some of functions accepted in the ERCO standard are the following:
   -totalSupply() which denotes the total amount of coins to be created,
   -balanceOf() which denotes the toatal amount of token to be held by a single address,
   -transfer() which allows to transfer directly tokens from the send address to the recepient address
   -approve() is used by a token holder to allow a smart contract to transfer up to a certain number of tokens to another address. This process is know as allowance.
   -tranferFrom() is used by a smart contract function doSomething() to take some tokens from the address which gave the allowance to execute its order.

[Zado]

1. With token standard it is easy to implement the token in wallets and exchanges.

2. function name-returns the name of the token, improve usability
   function symbol-returns the name of the token, improve usability
   function decimal-unti8, means to devide the token amount by 100000000 to get its user
   representation
   function total supply, returns the total token supply
   function balanceof, returns account balance of another account with adresse
   function transfere , value amount of token to adresse

[Jirure]

1. To have wallets and exchanges interoperable. All new tokens using the standard are immediately available.

totalSupply() = token supply
allowance() = maximum transfer allowance
balanceOf() = balance of a token in an address
transfer() = transfer tokens to address
approve () = allow token transfer
transferFrom() = transfer funds from address

[Aigars]

1. It is easy to built tokens on top of ERC20. It is easy to communicate between wallets, exchanges etc, by everyone accepting the same standard

2. Transfer, verify, check balance

[HotCrytoGuy45]

1. What are the benefits of setting a token standard like ERC20?
   One benefit is that exchanges and other entities in the crypto industry can use the same code for all ethereum based tokens. For example When the function for looking up the amount of tokens on an adress is the same for all tokens you don’t have to spend working hours changing that function call for each individual erc20 token on the exchange.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
   balanceOf(). Given you the number of tokens held by an address.
   transfer() sendt tokens to the messagesender to another address.
   approve() gives another address aproval to transfer a certain amount of tokens from the address calling the approve() function.

[Zoltan]

@filip

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

Every exchange and wallet can read the code the same way. It’s good for interoperability and frictionless economy.

@filip

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

balanceOf() - Shows the balance of addresses
approve() - approves another address to transfer a maximum amount of funds previously set by the owner of the originating address.
transfer() - transfers tokens from one address to another
transferFrom() - transfers tokens from a specified address to another specified address

[Ouzo69]

@filip

Homework on ERC20 token standard.

1. What are the benefits of setting a token standard like ERC20?
2. What functions are in the ERC20 Token Standard Interface and what do they do?

1. What are the benefits of setting a token standard like ERC20?
   The benefits of using a standard like ERC20 is less risk, more uniformity, reduced complexity, and enhanced liquidity of tokens.
   It is good to use a token standard, because the name of all functions are specified and therefore all ERC20 token can be handled in the same manner, e.g. from the exchanges listing an ERC20 token. ERC20 compliant tokens all have the same functions, with the same names, that take the same arguments.

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

The function totalSupply returns the total number of a particular token.

The function balanceOf returns the balance of the given address.

The function allowance returns the current approved number of tokens by an owner to a specific delegate, as set in the approve function.

The function transfer sends the specified amount of tokens from the owner’s balance to the receiver’s balance.

The function approve allows an owner to approve a delegate account to withdraw tokens from his account and to transfer them to other accounts.

The function transferFrom is the peer of the approve function. It allows a delegate approved for withdrawal to transfer owner funds to a third-party account.

[Toby_K]

@filip

• 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?

1. Standards allow for easier communication between the different components of the ETH network, such as EVM, wallets, nodes, dexes, etc. They create a high level of efficiency.

2. ERC-20 defines many standard functions in order to manage funds in the account system such as:

• balanceOf() - returns the number of tokens held by an address.

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

• approve() - allows another address to access a certain amount of tokens.

[Kav]

1 What are the benefits of setting a token standard like ERC20?
Token implementation and execution become easy for developers.
There is a standard protocol to maintain and follow.
ERC20 tokens offer high liquidity.
Smart-contracts ensure that transactions are risk-free.

2 What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply: Returns the total circulating amount of tokens.

balanceOf: Returns how many tokens exist in an account.

transfer: Transfer an amount of tokens from token owner’s account to another account.

approve: A token owner can approve for spender to transferFrom tokens from the token owner’s account.

allowance: Returns the amount of tokens approved by the owner that can transferred to the spender’s account.

transferFrom: Allows a spender account to transfer an amount of tokens on behalf of the token owner to another account.

[Yoshi]

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

• Having a standard, that all people can follow, allows new ERC-20 token contracts to be easily integrated into current systems.

2. What functions are in the ERC-20 token standard interface and what do they do?

• balanceOf() function will show the number of tokens held by a given address.

• transfer() function for sending tokens from one user to another.

• approve() function provides information—approval to transfer up to a certain number of tokens, known as an allowance

• transferFrom() function will take a certain amount of tokens from an individual’s account.

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

[jdbarrancs]

1. The benefits of setting a token standard like ERC20 is that it is easier for wallets and exchanges to integrate the tokens, since all are programmed basically the same way.

2. Functions in the ERC20 Token Standard Interface:

   • totalSupply(): maximum number of tokens in existence
   • balanceOf(): Balance of tokens in a specific address
   • approve(): gives a token holder approval to transfer a certain amount of tokens
   • transfer(): transfers tokens directly from one sender to another
   • allowance(): provides the number of tokens allowed to be transferred from a given address by another given address

[Dimitar_Stefanov]

1. There is a reliable similarity between multiple tokens and is easily interoperatable.

• totalSupply returns the total supply of a token
• balanceOf - returns the balance of an address
• transfer - transfers money from one address to another
• transferFrom - Having set an allowance a contract can use transferFrom to get money from the caller up to specified allowance
• approve - A method to approve a set allowance
• allowance - amount of money an address specifies that another address (smart contract perhaps) can use on the initial address behalf (can exceed the actual amount of money address 1 has)

[Julia]

1. What are the benefits of setting a token standard like ERC20?
   The benefits of standards is that everyone speaks the same language and it is easier to develop the blockchain
2. What functions are in the ERC20 Token Standard Interface and what do they do?
   dont know

[dragos_andrei_87]

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

• The Token can be adopted by all Wallets and Exchange Websites from Day 1 of creation.
• It makes the token Fungible.

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

balanceOf() - provides the number of tokens of a given address;

transfer() - transfers a specific number of tokens from one address to another;

approve() - the token holder gives approval to another address (most commonly a Smart Contract) to transfer a certain number of tokens, also known as Allowance.

As soon as the Allowance was created, the Smart Contract can take from the user’s Allowance the number of tokens allowed as part of the Smart Contract’s operation.

transferFrom() - After the Allowance between the Smart Contract and Holder was created, the Smart Contract can transfer tokens from Holder’s account in order to carry on the operation.

[Phyllis]

1. Using ERC20 allows completely different tokens, wallets and exchanges to be used on the same Ethereum platform. Because of this standard the tokens are able to function with any type of smart contract under the same standard streamlining a diverse market of currencies

2. totalSupply: Gives you a total of how many coins are in circulation

   balanceOf: Used by those who want to check the balance of a certain address

   transfer: A function that is good for transferring money from one person to another but not so well
   when tokens are being used to pay for a function in a Smart Contract because “at the time the
   smart contract runs it has no access to details of which addresses transferred funds where and so
   cannot assert that the user calling the contract has paid the required amount of funds to operate
   the contract.”

   approve/transferFrom: Two functions that act together in order to pay a Smart Contract for a
   function

   allowance: This provides the number of tokens that is allowed to be set from one address to
   another