Homework: ERC20

Ethereum 101
#2772

  1. The benefitsof a standard are fungibility. A common language for all tokens and users.

  2. transfer( ) function transfers a number of tokens directly from one account to another, to turn this into a smart contract with uses one could use the function doSomething ( )

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#2773
  1. makes its easy to integrate, allows wallets and exchanges to be able to support ERC tokens standard that everyone adheres too, same naming convention, easy communication between various ERC20 tokens. Scalability
    2)ERC20 token standard interface functions are
    balance Of- sum tokens held at the address
    transfer Of- transfer tokens between addresses
    approve Of- a token holder gives another address approval to transfer an allowance
    transfer Form- take certain tokens from senders and carry on work
    doSomething-to operate instructions
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#2774

  1. Having a standard means that all tokens can be read and interpreted by all necessary nodes on the blockchain, such as wallets, and also on exchanges.

  2. ERC20 tokens are fungible tokens that are used in smart contracts/cryptos built on the Ethereum network.

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#2775
  1. What are the benefits of setting a token standard like ERC20?
    Efficiency, making the different tokens easily exchangable and allowing wallets to provide balances for different tokens. The benefit is that all tokens are based on the same standard and are able to communicate in a known and expected way.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply - the total supply of that token
    balanceOf - in an given adress it returns their account balanceOf
    transfer() - transfers a number of tokens from one address to the another.
    approve() - a token holder gives another address approval to transfer up to a certain number of tokens
    allowance() - provides the number of tokens allowed to be transferred from a given address by another.
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#2776

  1. having a set coding standard like ERC20 allows wallets and exchanges to accept a wide variety of tokens, creating less friction.

  2. function:
    total supply- shows how much supply of a token there is.
    balanceOf(address account)- shows the balance of tokens of a public address
    transfer- allows transfer of an ERC20 token to a given public address.

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#2777

  1. What are the benefits of setting a token standard like ERC20?
    Having a standard ERC20 means all use the same programing making them more interoperable.

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

total supply, balanceof(adress), transfer, etc

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#2778

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

The benefits of setting a token standard like ERC20 are they set a dominant pathway for the creation of new tokens in the cryptocurrency space for some time via wallets and exchanges. Also, all tokens with the ERC20 token standard are fungible in rules and regulations.

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

The functions available in the ERC20 Token Standard Interface and what they do, are as follows:

  • totalSupply - This provides info about the total token supply.
  • balanceOf - Provides account balance of the owner's account.
  • transfer - Execute transfer of a specified number of tokens to a specified address.
  • transferFrom - Execute transfer of a specified number of tokens from a specified address.
  • approve - Allow a spender to withdraw a set number of tokens from a specified account.
  • allowance - Return a set number of tokens from a spender to the owner.

1160×588

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#2779
  1. What are the benefits of setting a token standard like ERC20?
    With a uniform token standard all exchanges, wallets, etc. can immediately support. So wallets can provide balances for hundreds of tokens and exchanges can list more tokens simply from the token’s contract address.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf() - provides balance of toekns held by a given address
    totalsupply - the number of maximum extant tokens
    transfer() - transfers tokens from the message sender to another address
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#2780
  1. What are the benefits of setting a token standard like ERC20?
    With standard all wallets or exchanges can work the same way to check tokens e.g. supply
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    transfer() - transfer tokens from sender to receiver
    balance0f()- number of tokens @given address
    allowance()- number of tokens to be allowed to transfer from given address to another gven address
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#2781

  1. Token standards are beneficial and important for interaction because they prevent “friction” due to programmers creating new smart contract functions that aren’t interoperable with the rest of the tokens on the network.

  2. totalSupply() gives maximum number of tokens that exist
    balanceOf(address account) gives a public addresses’ balance of ERC20 tokens
    transfer() allows user to transfer ERC20 tokens to another public address

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#2782

  1. What are the benefits of setting a token standard like ERC20?
    It makes that every wallet and every exchange can immediately handle new tokens.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    The most important functions might be balanceOf(), transfer() and totalSupply().

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#2783

  1. Standards of all kind become the language of a community and creates order and the ability for Co-Operation between people from different backgrounds or cultures etc. Standards help to create a global community. ERC20 standards mean that you can actually create a token that operates in the world that you create via your app, while it can also be recognized in the greater markets as well because the language is understood.

  2. A few are:

  • totalSupply : which gives full amount of tokens created
  • balanceOf(address) gives the balance of a specific account address
  • transfer : transfers currency
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#2784

  1. What are the benefits of setting a token standard like ERC20?
    All tokens can interact with wallets, exchanges etc. Increases scalability.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Total supply, name, symbol, decimals.
    balanceOf() -Provides the function of the number of tokens held in an address
    transfer() -Transfer tokens from one address to another.
    transferFrom() + approve() -Pay for a function in a smart contract with a two step process. Token holder gives another address approval to transfer the reserved amount of tokens and then approves the tx.
    allowance() -Provides the number of tokens allowed to be transferred from address to address.

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#2785
  1. If all the tokens function the same way they are immediately supported by all the exchanges and wallets.
  2. totalSupply - tells you how many tokens are in circulation
    balanceOf - allows exchanges and wallets to get your balance.
    transfer - the address, name, and amount for a transaction.
    transferFrom() - is the account that tokens can be taken from.
    allowance() is the number of tokens allowed to be transferred from the transferFrom
    address.
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#2786
  1. What are the benefits of setting a token standard like ERC20?

Standardization and to reduce friction of the economy. It allows all wallets and exchanges to be programmed to support any new ERC20 token.

  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(): 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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#2787

  1. Using the same naming conventions, parameters and standards, we can create an efficient standard way to communicate and transact with one another, and allowing wallets and exchanges to easily read and accept ERC-20 tokens.

  2. Some examples of the functions in the ERC-20 token:
    function totalsupply() - see how many tokens are in circulation
    function balanceOf() - check balance of account
    function transferFrom() - transferring specified amount of tokens from one address to another

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#2788

  1. Benefits of setting a token standard include the ability for tokens to work, understand and communicate with each other.

  2. totalSupply is a function in the ERC20 token standard that lets people know how many tokens are in circulation.

balanceOf is a function lets us know what the balance of a certain ERC20 token is in an address.

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#2789

1)Having an ERC20 token standard make it possible to interact with the Ethereum network.
2)transfer, balanceOf, totalSupply. Transfer is used to move tokens (unit256) to another person or contract. balanceOf returns the balance of an address. totalSupply returns the total token supply.

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#2790
  1. What are the benefits of setting a token standard like ERC20? using such a standard creates programming efficiency and also interoperability across different smart contracts, wallets, and exchanges
  2. What functions are in the ERC20 Token Standard Interface and what do they do?balanceOf() shows number of tokens at an address
    transfer() transfers a specified number of tokens from the sender to another address
    approve() gives approval from the holder to the specified recipient to receive a specified number of tokens
    allowance() shows the number of tokens available and allowed to be transferred from one specified address to another
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#2791
  1. What are the benefits of setting a token standard like ERC20?
    The benefit of a standard token, such as ERC20, is that it ensures that all tokens utilize the same protocol, allowing interoperability between the tokens and the smart contracts built on Ethereum. It also ensures that different wallets do not have to integrate thousands of different token protocols, but rather can adopt significantly less protocols but still support many tokens and interact with a given network accordingly.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    There are many different functions within the ERC20 Token Standard Interface, including, but not limited to:

totalSupply(): establishes the total number of tokens available
balanceof(): provides the balance of a given address
transfer(): transfers specified funds to from sender to a receiver’s address

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