Homework: ERC20

[Ryan_Jackson]

1. Benefits of setting a token standard like ERC20 are that all wallets and exchanges can already support them.

2. Functions that are in the ERC 20 Token Standard Interface include:
   balanceOf( ) - provides the balance of tokens held by a given address

transfer( ) - transfers a number of tokens from the message sender to another

totalSupply( ) - total available supply

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

approve( ) - provides amount of tokens that are approved

transferFrom( ) - provides an address to transfer from

[Andrew_MightyO]

1. Setting a standard makes it easier for the blockchain to process and communicate with the smart contracts built upon it.
2. Total supply: tells the total supply of tokens circulating within the smart contract.
   Balance: tells the balance of specified tokens within each wallet.
   Transfer: which tokens are transferred from wallet to wallet

[clbmaia]

1. What are the benefits of setting a token standard like ERC20?
   It’s good to have standards, with everyone doing smart contracts in the same way. If the tokens consider the standards, it means most exchanges and most wallets will accept those tokens.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   Some examples of functions are totalSupply, which gives you how many tokens are in circulation, and balanceOf, which gets the balance of an account.

[Chloec]

1.) Some benefits are: creating fungible tokens that are compatible with the broader Ethereum network to standardizes the core functionality of each token, meaning that all tokens created using this framework are interoperable with each other as well as all ERC-20 compatible services like MyEtherWallet and MetaMask for example.

2.) The functions are:

• 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.

[Barsinbits]

1. The benefit of setting a token standard like ERC20 is it defines how the tokens are programmed on the ETH network. If they are all laid out the same way as an ERC20 token it enables all exchanges and wallets to be able to support them. Its good to have standards.

2. Functions found in ERC20 tokens are:
   *totalSupply = Returns the total circulating amount of tokens
   *balanceOf = Returns how many tokens exist in an account
   *transfer = Enables an account holding a token to transfer to another account
   *approve = A token owner can approve the spender to “transferFrom” the token owners account
   *allowance = returns the amount of tokens approved by the owner that can be transferred to the spender’s account.
   *transferFrom: Allows a spender to transfer tokens on the behalf of the token owner.

[solich]

1. The ERC20 tokens are compatible with all the exchanges and wallets.
2. totalSupply(): returns the total token supply, balanceOf(): returns the balance of an account

[CharlieMo]

1. It allows for all tokens to easily integrate and operates within the network. Example: they can be transfered into wallets and exchanges from day one.

2. Total Supply – how many tokens are in circulation
   Balance of – check balances of accounts/wallets
   transfer – transfers token

[MikeM]

1. Then tokens are fungible They can communicate with one another.
2. They are standard pieces of code that carry out specific processes and do the same things in all ERC20 tokens. They allow wallets and exchanges to communicate with one another.

[Vikthor]

1. What are the benefits of setting a token standard like ERC20?
   All nodes know what to do. Every node can fulfill the smart contract. Every token is based on the same standard what makes it easy for programmers / wallets / apps to communicate.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
   totalSupply - total supply of token
   balanceOf - balance of the account

[KoenV]

1. It defines a common set of rules that allow them to interact with the network. It makes it easier to program.

totalSupply(): returns total amount of tokens
balanceOf() : number of tokens held by given address
transfer(): move amount of tokens from owner to another account
approve(): approve amount of tokens to transferFrom()
allowance(): amount of tokens approved by owner that can be transferred
transferFrom(): allow an amount of tokens to transfer on behalf of the owner

[Bhavan]

1 It is easy interact having the same standard code between wallet and exchange.
2 Are functions that any compliant token must support.

[SopheeDee]

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

It allows everyone to build tokens in the same language, so that everyone can understand each other, inter-operate with each other, which also makes it efficient. in other words, it makes the protocol scalable and more easily adoptable.

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

I don’t know yet in details about the functions, but some of them can be for the Total supply, or for the balance, or for transfer. They allow everyone using this to work on the same level, to understand each other, by using the same naming and parameters.

[Jmroach]

1. When everyone follows the standard the network as a whole is much more efficient, allows wallets, exchanges etc to easily add all ERC 20 tokens.

2. totalSupply() - Returns the amount of tokens in existence.

   balanceof (account) - Returns the amount of tokens owned by account.

   transfer(reciepent, amount) - Moves amount tokens from the caller’s account to recipient.

   allowance (owner, spender) - Returns the remaining number of tokens that spender will be allowed
   to spend on behalf of owner through transferFrom. This is zero by
   default.

   approve (spender, amount) - Sets amount as the allowance of spender over the caller’s tokens.

   transferFrom (sender, recipient, amount)- Moves amount tokens from sender to recipient using the
   allowance mechanism. amount is then deducted from the
   caller’s allowance

[mirabilis79]

1. What are the benefits of setting a token standard like ERC20? - every developer follows as set of rules to create token and streamlining the design makes it all smart contracts manageable and compatible. Same naming convention to be able to communicate with each other.
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

[Bell]

1. What are the benefits of setting a token standard like ERC20?
   Help reach efficiency, Applications can easily integrate with each other
2. What functions are in the ERC20 Token Standard Interface and what do they do?
   The function totalSupply is the sum of all balances and balanceOf (address account), the balance of a particular address.

[Chapin]

1. The benefits of setting standards like ERC20 is it reduces friction and allows the different ERC20 tokens to have interoperability.

2. There are different functions but an example could be - function balanceOf() which gives you the balance of a specific address.

[G_Rett]

1. What are the benefits of setting a token standard like ERC20?
   • The benefits of setting a token standard like ERC20 would be that all of the wallets will be able to exchange each token on the market without any implications because they will all have the same functions.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
   • The balance(of) function provides the number of tokens held by a given address.
   • The transfer( ) function transfers tokens directly from the message sender to another address.
   • The allowance ( ) function provides the number of tokens allowed to be transferred from a given address by another given address
   •. The transfer( ) function is for sending tokens from one user to another. Except, it does not work well when functions are being used to pay for something
   • The approve( ) function gives another address approval to transfer an allowance
   • The transferFrom( ) function is where the smart contract can take up to the allowed number of tokens from a user’s allowance as part of the contract’s operation

[Melshman]

1. New tokens built on the platform will work out-of-the-box with existing ERC20 wallets.
2. balanceOf, totalbalance… they return the balance of a wallet address and total balance of a particular token, respectively.

[Emilio]

1- ERC 20 tokens all function within the same platform and speak the same language. this allows them to interact with each other.

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

[Alex2]

• What are the benefits of setting a token standard like ERC20?
  It means that all tokens built on the ERC 20 standard are accepted and supported by all exchanges and wallets that accept and support Ethereum
• What functions are in the ERC20 Token Standard Interface and what do they do?

1. The main function are total suppoly i.e. how many token there are
2. BalanceOf i.e. how many do you have
   3, Transfer i.e. token going from who to whom