Homework: ERC20

Ethereum 101
#2692

  1. What are the benefits of setting a token standard like ERC20?
    This allows for automatic, day 1 ETH operability and interoperability of tokens created for use on the ETH network.

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

-balanceOf (account balance),
-totalSupply (total number of tokens existing at the time of calculation),
-transfer(send token),
-transferFrom (allow automatic sending of tokens),
-approve (authorization of token withdrawals), and
-allowance functions (authorizes a 3rd party like a smart contract to transact with an owner’s token)

1 Like
#2693
  1. What are the benefits of setting a token standard like ERC20?
  • The standardisation of a token like ERC20 means that this ensures that the wallets, exchanges or applications that interact with this Smart contract know how to interpret or interact with them. Standards are important and necessary to promote programming best practices.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • Basically a token contract is a smart contract that contains a map of account addresses and their balances.The token behaviours are to manage accounting or balance enquiry, manage token ownership, and issue or burn tokens.
    The functions include:
  • totalSupply() - which allows the contract to calculate the total amount of the token that exists in circulation.
  • balanceOf() - to store and return the balance of the provided address
  • approve() - the owner of the contract approves the given address to withdraw tokens
  • transfer() - this lets the owner of the contract send an amount to another address
  • transferFrom() - this function allows a smart contract to automate the transfer process, like when you set up a regular automatic payment from a bank
2 Likes
#2694
  1. Its built on EVM to be interchangeable
  2. ER20 token can represent its own crypto currency
1 Like
#2695

  1. It allows new tokens to be programmed and created on Ethereum, resulting in efficiency when interacting with SC.

  2. totalSupply() will give the total supply of tokens
    balanceOf() show the current balance of an address
    allowance() specify the amount of tokens allowed to transfer from an address
    transfer() send a token from one address to another
    approve() give permission to use an allowance of tokens
    transferFrom() tell a SC to transfer which will not work if the balance is insufficient

1 Like
#2696

  1. What are the benefits of setting a token standard like ERC20?
    ERC20 refers to a token standard for ethereum. ERC20 as a set of basic guidelines and functions that any new token created in the ethereum network must follow

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

  • totalSupply (provide information about the total token supply)
  • balanceOf (provide account balance of the owner’s account)
  • transfer (execute transfer of a specified number of tokens to a specified address)
1 Like
#2697

  1. What are the benefits of setting a token standard like ERC20?
    To make it easy to interoperate. In object oriented program we’d say, “We have the same interface”. This makes it so that any ERC20 token can be inserted where any other ERC20 token is, which is why you can add any ERC20 token to your wallet just by knowing the contract number.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() - Gives to total number of tokens available in this contract
    balanceof(account) - Gives the amount of tokens in any particular account
    transfer(to, amount) - Push tokens from one account to another
    allowance(owner, spender) - Tell another address it is allowed to pull a limited amount of tokens from this address
    allow(spender, amount) - allow another account or contract to pull tokens out of contract
    transferFrom(from, to, amount) - pull tokens from an account or contract (which previously “allowanced” that amount
    Events are functions that the contract calls out to listeners
    event Transfer() - a transfer happened
    event Approval() - an approval occurred
    }

1 Like
#2698
  1. It allows for all ERC20 standard tokens to be transferred in ERC20 compatible wallet and work in Ethereum network by just knowing the contract number. For example, when a new ERC20 token is listed on Uniswap you can purchase it and have it your wallet by knowing the contract number.
    2.Total Supply- Gives total number of contract available in the contract
    Balance of- you can see howmuch you have in particular acount
    Transfer- Move from one token to another
    Allowance- To pull token from an address
1 Like
#2699
  1. so wallets. app and exchanges … can interact with all token
  2. Balance of() give an address balance, total supply() number of token exist, transfer() for transfer tokens
1 Like
#2700

What are the benefits of setting a token standard like ERC20?
It creates greater efficiency and interoperability as there is no friction between exchanges and wallets.

What functions are in the ERC20 Token Standard Interface and what do they do?
totalsupply equals the sum of all balances.

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

transfer() the number of tokens transferred directly from the message sender to another address.

1 Like
#2701

1.What are the benefits of setting a token standard like ERC20?
It aligns developers and wallets in the way they work so they all understand each other.

2.What functions are in the ERC20 Token Standard Interface and what do they do?
“transfer()” function just transfers tokens from the message sender to another address;
“balanceOf()” provides the ammount of tokens held by a given address;
“approve()” function gives approval to a smart contract to take, up to the specified ammount, tokens
from the address that gave the approval; etc…

1 Like
#2702

  1. setting standards Is vital to community growth because it allows newly developed projects the ability to communicate with the entire ecosystem.

balanceOf(): provides the number of tokens held 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.

1 Like
#2703

  1. What are the benefits of setting a token standard like ERC20?
    A new created token is compatible to the existing systems (wallets, exchanges,…)
    The standard is important to ensure interoperability between different eco systems based on the same standard.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf , store and returns the balance of a specified address
    totalSupply , returns the total amount of tokens in circulation
    transfer , the contract owner sends a given amount to the defined address
    transferFrom , the smart contract sends a given amount to the defined address on behalf
    approve , the contract owner approves the address to withdraw from the owners address

1 Like
#2704

  1. This allows tokens to communicate with each other, or apps to talk to each other.

  2. Functions include “balanceOf” which determine an address’ balance. Total supply determines the total token supply and transfer allows someone to transfer their ERC20 token.

1 Like
#2705

1: Setting a standard in the creation of token allows them to exist as the same. Wallets can interact easily with a variety of tokens with the same standard.

2: totalSupply = returns the total amount of circulating coins, balanceOf = returns how many tokens exist in an account , transfer = transfers from one account to another.

1 Like
#2706

1 Having the same standards for all tokens will allow them to work properly together with and easier communication between them.

2 totalSupply() shows all the supply of tokens.
doSomething() to do the instructions indicated
transfer () to send tokens from and address to another one.
allowance () indicates how many tokens are allowed to be sent
approve () transfers authorized.

1 Like
#2707
  1. the benefit of the standard is that everyone understands instructions in the same way so that the language is efficient and can be easily repeated
  2. ERC20 standards define how tokens built on Ethereum are designed so that everyone can use them in the same way. This makes the tokens fungible and compatible with other tokens built on top of Ehereum.
1 Like
#2708
  1. What are the benefits of setting a token standard like ERC20?

If you require token standards, then at a minimum all tokens will be interoperable with the same wallets, exchanges and other interfaces.

  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • totalsupply(): required by ERC20; details the maximum tokens to be issued by the contract
  • balanceOf(): reports the balance of any token in a wallet, given the addresses of the token and wallet
  • transfer(): a standard send token command
  • approve(): pre-approval to a contract for spending a specified amount of a token from a wallet address
  • transferFrom(): the later operation used by the contract to obtain the amount of token required to execute the contract. limited to the approval amount
1 Like
#2709

*What are the benefits of setting a token standard like ERC20?
allows extending interactions possibilities

#2710
  1. What are the benefits of setting a token standard like ERC20?
    When a new token comes out it’s possible for this one to get listed on exchanges/wallets because they already know the standard.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalsupply function shows amount of tokens in circulation
    balanceof shows the balance of a particular address
    transfer shows what has been transferred
1 Like
#2711

1.) With a token standard it minimizes friction between applications and programs there for making the space more easier to navigate. as long is a most of the apps and platforms use a standard it is much easier to manage it and work with each other.

2.) in the ERC20 token interface you can have functions for
balaceOf - show balance
transfer - transfer funds
dosomething
approve - approval for the smart contract to transfer the allowance
allowance-maximum transferable supply from one address to another

1 Like