Homework: ERC20

Ethereum 101
#2631

  1. This makes it easy for wallets and exchanges to support these different tokens as the wallets will know to speak to them all in the same way. It increases interoperability.

totalSupply - How many tokens are in circulation
balanceOf (address account) - used to check the balance of an address
transfer (address recipient, uint amount) - used to transfer tokens to another address
allowance (address owner, address spender) - This was not directly discussed in the video but I believe it is the amount of tokens that are allowed to be transferred from one address to another

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#2632
  1. It makes it easier for everyone to integrate. If you build a new token with ERC-20 exchanges don’t need to build a new backend to interperate what your token is doing. Also, allows programmers to be able to program smart contracts for multiple tokens. There are alot of benefits, but overall improve efficiency and limits confusion by switching standards.
  2. totalsupply () will get the token supply balanceof(address) will get the balance of a particular address.
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#2633
  1. What are the benefits of setting a token standard like ERC20?

Using standards allows wallets to easily interact with new tokens.

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

totalSupply(): This function controls the total supply of a token.

blanceOf(): This is used to get the balance of a token at an address.

transfer(): This function transfers tokens from the message sender to a different address.

approve(): This function regulates how much in allowed to be transferred from an address.

allowance(): This function gives the quantity of token allowed to be moved by another address.

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#2634

  1. By having a standard like ERC20, the community is assured that any token using that standard will work on the ethereum platform. This increases efficiency and allows wallets to manage different kind of tokens.

  2. The functions in ERC are:
    totalSupply(): Provides total token supply
    balanceOf(): Gives you the balance of the wallet you want to check
    transfer(): transfers a specified amount to a specified account
    approve(): Gives another address permission to take funds from the given address. Usually for the
    purpose of paying fees for services.
    transferFrom(): The function that begins the request of funds being transferred from another address
    allowance(): Maximum amount allowed to be transferred by another address via the approve() function.

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#2635

  1. *it makes token fungible,
    *wallets and exchanges can support tokens in the entire network,
    *all network can easily communicate and integrate tokens.

  2. *total supply - shows the sum of balances that’s include existing coins/tokens and these which will be added in the future.
    *balance of - provide number of tokens held by given addresses
    *transfer - transfer 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 to another given address

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#2636
  • What are the benefits of setting a token standard like ERC20?
    when theres a standard it makes it easier for other developers/user to understand what a token does
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    transfer() moves amount to another address
    balanceOf() gets the balance of address
    doSomething() does request
    approve() approves request for transfer function
    allowance() provides the number of tokens allowed to be transferred from a given address by another given address.
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#2637

1. What are the benefits of setting a token standard like ERC20?
A standard makes everything more efficient.
If you do something that is universally accepted, you can spread the Industry far away.
A ERC20 token compliant, can easily communicate with all Exchanges, Wallets, Apps that use the same standard.
To do so, they share the same function as “totalSupply()” or “balanceOf()”.
Any Exchange, Wallet, App can read the code of the token and display the data for its usage.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
A. BalanceOf(): provides the number of tokens held by a given address. It is public. Anyone can ask it.
B. transfer(): transfers a number of tokens to another address.
C. approve(): the token holder gives the approval to transfer certain amount of tokens
D. totalSupply(): give the total supply of a token

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#2638
  1. It allows the exchanges and wallets which support the standard to support all the ERC20 tokens.
  2. balanceOf() gives the balance of a specific account, totalSupply() gives the total supply of a particular token.
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#2639

  1. What are the benefits of setting a token standard like ERC20?
    Friction less it can easily integrated, inter operated with each other and efficiency.

  2. What functions are in the ERC20 Token Standard Interface and what do they do? totalSupply - It tell how much tokens in circulation.
    balanceOf - to tell how much tokes that balance has.
    transfer - to transfer amount to specified address.
    transferFrom - to moved amount from and to. doSomething - instruction

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#2640

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

Having standards makes it easier for tokens to communicate with exchanges, wallets, and communicate with the entire ecosystem.

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

A couple of typical functions:
A function to return the total supply: totalSuppy{…}
A function to return the balance: balanceOf {…}

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#2641
  1. What are the benefits of setting a token standard like ERC20?
  • applications can communicate with each other - easy interoperation, integration, no friction
  1. What functions are in the ERC20 Token Standard Interface and what do they do?

balanceOf() - provides the number of tokens held by a given address
transfer() - function transfers a number of tokens directly from the message sender to another address

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#2642

  1. What are the benefits of setting a token standard like ERC20?
    It’s important to have a standard across an entire platform in order for there to be interchangeability across the network.

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

balanceOf ( ) function provides the number of tokens held by a given address.

transfer ( ) function transfers a number of token directly from the message sender to another address. Important for the sender to ensure that the recipient is as intended.

totalSupply ( ) function is the total number of tokens.

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

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#2643

Keeps it uniform for token support and value.
2. communication between tokens and exchanges. function for balance, func. for transfer. etc etc.

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#2644
  • What are the benefits of setting a token standard like ERC20?
    Everyone can interact with each other, exchanges can easily be made, a common language.
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    Total Supply-total supply of tokens
    Balance-balance of the specific address
    TRansfer-transfer tokens from one address to another
    Approve-approve someone to spend from your account
    Allowance-show how much money is allowed to transfer
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#2645

1 The whole space can communicute each other
2 totalSupply-how many tokens are in circulation
balanceOf-How many tokens the balance has

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#2646
  1. The standard allows the ecosystem to be more harmonious, structured, and efficient.
  2. TotalSupply helps the system communicate with each other. BalanceOf helps exchanges know what your balance is
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#2647

[quote=“filip, post:1, topic:8440”]
Homework on ERC20 token standard.

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

Making the different tokens exchange easily, allowing wallets to provide token balances for different tokens.They are fungible.

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

totalSupply() This number is the total supply of the token

balanceOf(): provides the number of tokens have by a given address.

transfer(): transfers a number of tokens directly from the message sender to another address. But it doesn’t work well when tokens are being used to pay for a function in a smart contract.

approve(): a token holder gives another address approval to transfer up to a certain number of tokens(allowance).

transferFrom(): take certain tokes from sender’s account and carry on its work.

doSomething(): to operate instructions.

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

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#2648
  1. The ERC20 standard helps all tokens built on the Ethereum Blockchain to interact with all ERC20 wallets and exchanges with no problems.
  2. totalSupply() Total supply of tokens in existance
    balanceOf(address account) Public address’s balance of tokens
    transfer() allows tokens to be sent to other addresses
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#2649
  1. What are the benefits of setting a token standard like ERC20?
    simpler, efficiency, it gives you how many tokens are in circulation
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf() function provides the number of tokens held by a given address.
    transfer() function transfers a number of tokens directly from the message sender to another address.
    balanceOf (address account) to see the balance
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#2650

  1. What are the benefits of setting a token standard like ERC20?
    It allows the tokens to be accepted and compatible with all major wallets and cryptocurrency exchanges.

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

balanceOf () – Shows the total sum of the tokens stored at a particular address.

transfer () – Used to transfer tokens between addresses.

approve () – Approves the transfer of funds from address to address.

transferFrom () – Performs the actual transfer of tokens that was approved by the approve () function.

allowance () – Defines the maximum token amount which can be removed from one account by another.

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