Homework: ERC20

Ethereum 101
#2712
  1. What are the benefits of setting a token standard like ERC20?
    This standart includes support with all allowed exchanges, wallets. This tokens all working together.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalsupply() - amount of ERC20 Token in system
    balanceOf(adress accounts) - how much token thath balance have
    transfer - send token
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#2713

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

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Carlos Z.

#2714

  1. The benefits of ERC20 is that it is a standard and allows tokens to be predictable on how to call their functions. This allows them to be compatible with wallets right when they are launched.

  2. functions in ERC20 include totalSupply() (to get the total amount of coins in circulation)

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#2715

  1. It makes it easier for different tokens to integrate with each other.

  2. balanceOf() - Returns the balance of the requested address.
    transfer() - Transfers tokens from one specified address to another.
    approve() - Allows a transaction while running another function, approve() specifies the allowance.
    TransferFrom() - Can be used as a second step of approve to transfer the allowance. Runs in
    another custom function.
    allowance() - Gets the available funds of an address.

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#2716

  1. What are the benefits of setting a token standard like ERC20?
    -Setting a token on the standard ERC20 makes it easy to be quickly adopted by several platforms and wallets that use the ERC20 since they all read the same codes.

  2. 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(): transfers a number of tokens directly from the sender to another address.
    -approve(): 2step transfer: authorizes to transfer an amount of tokens to another
    address multiple times up to a certain value amount.
    -transferFrom(): takes the address and the amount to be transferred into from another account.
    -doSomething(): operate instructions.
    -allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.
    -totalSupply(): gives maximum number of tokens that exist

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#2717

  1. The benefits of having a standard ERC20 token is so the network has less friction and can run more smoothly because the code will be consistent with any ERC20 wallets, tokens, and exchanges.

  2. Here are the functions that are used for coding the ERC20 token:

totalSupply() Total number of token held in a particular account.

balanceof() used to check the available token balance of an account.

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

doSomething(). to give instructions

transferFrom(). aToken holder gives another address (usually a smart contract) approval to transfer up to a certain amount of tokens called allowance.Approval() the token holder uses approval() to provide this information.

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

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#2718
  1. What are the benefits of setting a token standard like ERC20?

This ensures that all tokens on the network follow a strict protocol to avoid network abuse and provide a universal “language” that the network can communicate with.

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

balanceOf() can enquire the balance of token for any address.

transfer() can send tokens from one account to another.

approve() is used to set a maximum amount of tokens as an allowance to be used by a smart contract.

transferFrom() then can transfer tokens from an address as long as it stays within the limit set by the allowance.

allowance() sets a limit on how many tokens can be transferred from one address by another address.

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#2719
  1. What are the benefits of setting a token standard like ERC20?

ERC20 standard allows wallets and exchanges to be programmed to support any token using that standard.
ERC20 standard ensure that all apps are interoperable and brings consistency to community by.
This is much simpler and scalable than each token having its own personalized code.

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

Function totalSupply() gives maximum number of tokens that exist.
Function balanceOf(address account) gives a public addresses’ balance of ERC20 tokens.
Function transfer() allows someone to transfer their ERC20 tokens to another public address.
Function allowance() is the maximum amount that’s allowed to be transferred by another address via the approve() function.

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#2720
  1. The ERC20 standard simplifies the creation of tokens on top of Ethereum and optimizies the operation of the network.
  2. name() {returns the name of the token}, symbol() {returns the symbol of the token}, decimals() {returns the number of decimals the token uses}, totalSupply() {returns the total token supply}, balanceOf() {returns the account balance of another account with address _owner}, transfer() {transfers amount of tokens to address}, transferFrom() {transfers amount of toknes from one address to another}, approve() {approve to withdraw}, allowance() {returns the amount which is allowed to be withdrawn}
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#2721
  1. There are many benefits of settling a token standard token example ERC20 is fungible, scalable and interoperable. People can create tokens that work with each other. They have common naming in their code.

balanceOf() one of the functions ERC20 token gives balance of specific account, totalsupply the number total fungible tokens.

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#2722

ERC20 standards allow smart contracts to run on the ETH blockchain more easily - no need to know “all” ways of saying the same thing.
I have read through the posts and see a pattern of operations … however, I think these are limited to relatively simple tasks such as balance, transfer, allowance, approve, transferForm, totalsupply. I will have to investigate further - But I believe there will be many more functions available in ERC20 standards (really a standard language so programmers know what is going on.

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#2723
  1. What are the benefits of setting a token standard like ERC20?
    When a token follows the same standard like ERC20, it will be be supported by all wallets as soon as it is created.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Important functions include
  • totalSupply() tells calling code the maximum number of tokens that can be created for this particular Token
  • balanceOf() tells calling code the account balance of the given wallet address
  • transfer() will deduct specified number of totkens (or its fractions) from sender wallet and add them to recipient wallet
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#2724

  1. It facilitates the development and the exchange of fungible tokens on the Ethereum platform.

  2. The function Totalsupply will give the total amount in circulation of a token, BalanceOf will give the balance of a specific account and Transfer to transfer ERC20 tokens to another public address.

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#2725

  1. Its not just a benefit, it is actually vey important because with the standard like ERC20 every wallet and exchange over the whole world can immediately read the code because its always the same.

  2. totalSupply, balanceOf, and transfer

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#2726
  1. The benefit of the standards are: the whole space can communicate with each other, without them everyone would be building their own version of their token and wallets would talk differently with ERC20 tokens.
  2. The functions Ivan mentions are balanceOf and totalSupply, they allow you to check the balance and see the collective supply.
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#2727
  1. It’s a universal language to have easy interconnectivity between different wallets, exchanges etc. It makes it much easier to create new tokens and have them adapted quickly.
  2. totalSupply() = shows total supply of tokens. balanceOf(adress) shows the total balance of this adress. transfer() = transfers tokens from public A to B
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#2728
  1. What are the benefits of setting a token standard like ERC20?

Standards are used to define functions, methods and other concepts for universal use. This means that everything that uses a certain standard will use the definitions withing the standard. This enables wallets to support all tokens that use, for example, the ERC-20 standard.

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

The functions are:

  • totalSupply(): it is used to return the total amount of circulating tokens

  • balanceOf(): is used to determine the amount of tokens held by a specific address

  • transfer(): is used to transfer tokens from one address to another

  • approve(): is used to approve outgoing transactions to be done

  • allowance(): returns how many tokens have been approved by the owner

  • transferFrom(): is used to transfer tokens from a token owners account to another account

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#2729

  1. The benefits of setting a standard is mainly to erase frictions. Setting a standard allows wallets and exchanges to support the tokens since day 1, and allow tokens to communicate between each other;

  2. balanceOf() - gives the balance of a specific account
    totalsupply() - gives the total supply of a token
    transferFrom() - transfer tokens from one account to another
    doSomething() - execute instructions
    allowance() - provides the number of tokens available to be transfered.

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#2730
  1. All the diffrent contracts and applications can communicate with each other
  2. totalsupply - get the total amount of existing tokens
    balanceOf() - get the amount of token held by a specific wallet/contract
    transfer() - transfer to a specific wallet/contract adress
    transferFrom() - transfers from a specific wallet/contract adress
    approve() - allows a contract or wallet/contract to withdraw a certain amount from the wallet/contract
    allowance() - sets the allowed amount able to be used by a wallet/contract adress from the wallet/contract adress
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#2731

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

A standard creates unity between different parties. This way, innovations are optimized with minimum friction because of interoperability. In addition, it also makes the tokens fungible.

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

totalSupply () - Gives information about the total tokens in circulation.

balanceOf () – Gives information about the balance of the specified account.

transfer () – Lets the owner of the function send tokens to another account

transferFrom () – Lets the smart contract automatically send any given amount of tokens on behalf of the owner

Allowance () – allows another address to retrieve tokens from it

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