Homework: ERC20

Ethereum 101
#2812

What are the benefits of setting a token standard like ERC20?
Efficiency, wallets can operate, read, send and receive ERC20 tokens in the same way. Applications can talk to each other because of the standard
What functions are in the ERC20 Token Standard Interface and what do they do?
total Supply - how many tokens are in circulation
balanceOf - balance of certain address account
transfer
allowance

1 Like
#2813

  1. The benefit of setting a token standard like ERC20 is the that when a new ERC20 token is deployed on the Ethereum network it will be supported by the existing exchanges and wallets.

  2. Functions in the ERC20 Token Standard Interface include balanceOf(), which provides the number of tokens held at a given address, transfer(), which sends tokens from one address to another, approve() and transferFrom() which pay for a function in a smart contract. The allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.

1 Like
#2814

  1. What are the benefits of setting a token standard like ERC20?
    By having stolen stardards, the newly created tokens will be automatically supported by wallets, exchanges…

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Functions in ERC20 Token Standard Interface are solidity functions to define the token or query the information about the token.

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#2815

  1. Allows any wallet, exchange to be programmed to support any token using the ERC20 standard. This simplifies the code and allows for mass scaling. Brings consistency into the space.

  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

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#2816

  1. ERC20 tokens are all identical and fungible which allow wallets and exchanges to add all ERC20 tokens since they all have similar code.

  2. Totalsupply()- gives maximum number of tokens that are in existence
    BalanceOf(address account) – gives the public addresses balance of ERC20 Tokens
    Transfer() – allows someone to transfer their ERC20 tokens to another public address

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#2817

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

The ERC20 standard ensures that all the applications that run on top of the ethereum network inter operate with each other.

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

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

approve(): A simple standard function that calls for the wallet owner to “approve” a transaction that’s about to made on his/her behalf in context of an Allowance.

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

totalSupply(): Equals the sum of all balances.

transfer(): Defines & implements direct wallet-owner-to-peer token transferring.

transferFrom(): Allows for a smart contract to send tokens on the wallet owners’ behalf.

1 Like
#2818

  1. What are the benefits of setting a token standard like ERC20?
    The benefit on setting a token standard is consistency when writing code, this makes it easier for applications that have to interact.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    TotalSupply() - calculates total number of tokens in circulation
    balanceOf() - retrieves the number of tokens held by an address

1 Like
#2819

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    It makes all tokens compatible with wallets and exchanges, it makes all tokens having identical value, it provides fast and efficient interaction.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply - Returns the total circulating amount of tokens
    balanceOf - Returns how many tokens exist in an account
    transfer - Transfer a certain amount of tokens from one account to another.

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#2820
  1. ERC20 makes all the tokens created on the Ethereum network fungible and easier for the wallets to manage.
  2. Total supply: shows the total number of tokens
    Balance of: check total tokens of a certain address
    Transfer: transfer tokens from an address to another one
    Approval: emits details of approval of tokens from one address to another one
    Allowance: number of tokens allowed to be transferred from a given address by another given address
1 Like
#2821

  1. The benefits of standardizing the platform that tokens are issued on are; the token will be compatible with the rest of the ecosystem. Simple to deploy, simple to add to wallets and reduced friction within the system as a whole.

  2. totalSupply() - gives the total supply of tokens
    balanceOf() - gives the balance of an account specified
    transfer() - transfers coins to an address from the sender
    approve() - specifies how many tokens the sender authorizes to be sent and to whom, the amount is know as an allowance

1 Like
#2822

  1. What are the benefits of setting a token standard like ERC20?
    The ERC20 standard makes all tokens acessible and transferable between wallets easily on the Etherum network

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalsupply() this gives the maximum amount of tokens that can exist.
    balanceof (address account) give a public address of tokens.
    transfer () allows someone to transfer their tokens to other addresses.

1 Like
#2823
  1. Having a token standard means that new tokens can be compatible with different wallets and exchanges from the outset. It allows interoperability between different tokens, wallets, exchanges.
    Practically, wallets can list balances on all tokens, and exchanges can list all tokens that are compatible.
  2. TotalSupply - returns the sum of all balances
    BalanceOf - returns the balance of tokens held by a particular address
    transfer - transfers a number of tokens directly from the sender address to another address
    approve - give another address approval to transfer a given number of tokens
    transferFrom - linked to the function above, once approved one can then transfer the approved tokens
    allowance - query the number of tokens an address is allowed to transfer from another
2 Likes
#2824

  1. What are the benefits of setting a token standard like ERC20?
    -Standard ERC20 offers efficiency to make all the wallets and exchanges, or marketplaces can communicate with each other under one standard.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    -function totalSupply(), it represents the total amount of tokens from different account addresses of a smart contract.

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

-function allowance, it provides the number of tokens allowed to be transferred from a given address by another given address.

-function transfer() , means transferring a number of tokens directly from the message sender to another address

-function approve() and function transferFrom()

1 Like
#2825
  1. Standard benefit of tokens like ERC20 allow all exchanges and wallets to interact / call / query smart contracts and block chains for the tokens in the same way. Therefore, the effort, consistency and errors are minimized and allows tremendous amount of effort savings as far as programming is concerned and is having overall benefit to the crypto industry including ease of launching new tokens based on this base standard like ERC20. It also allows different standards to be defined for Fungible tokens and NFT ( all of that programmed in the base standard - be it ERC20 or ERC721 or ERC1155 )
  2. Some of the functions in the ERC20 token standard include balanceOf and totalSupply . total supply allows the exchange and wallets to query the smart contract owner to return the total number of tokens supply available and the balanceOf allows the address to be queried to return the balance of tokens.
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#2826

  1. Benefits of setting such a standard like ERC20 is thats its a fungable standard making wallets easier to manage all tokens.

  2. totalSupply() - total supply of tokens
    balanceOf() - balance of specified account
    transfer() - transfers tokens from one account to another
    approve() - approves another address to transfer up to a certain number of tokens
    allowance() - provides number of tokens allowed to be transferred by another address due to given approval

1 Like
#2827
  1. all the existing apps, wallets and other programs can communicate with each other with one language

2 totalsupply, balanceOf, transfer (…) standard ERC20 functions

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#2828

1. What are the benefits of setting a token standard like ERC20?
The benefits of having a token standard is that it allows for wallets and exchanges to interact with the tokens in a collective manner. This means it resolves a scalability issue of every token having its standard which must be programmed into wallets and exchanges. Additionally it promotes a community effort when new tokens are created.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
BalanceOf() - Checks the balance of a specific address or wallet.

TotalSupply() - Gives the unit of all the fungible tokens available within specific smart contract.

Transfer() - Allows for the transfer of ERC20 tokens to another wallet or address.

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#2829

  1. The benefits are that all tokens will be supported by all wallets by default and smart contracts can easily be programmed for them.

  2. Some of the ERC20 token interface functions:
    totalSupply - gets the total number of tokens in circulation
    balanceOf - gets the balance of a given address
    transfer - transfers a given amount of tokens to an address

also allowance, approveTransfer, etc.

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#2830

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

Yes miss, but could you please describe what those functions do?

If you have any more questions, please let us know so we can help you! :slight_smile:

Carlos Z.

#2831

  1. What are the benefits of setting a token standard like ERC20?
    You are building on top of a pre-existing blockchain. The simplifies creating your new tokens since many functions were already written. You will also be supported by exchanges and wallets immediately that support ERC20 standard.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply(): returns the total number of tokens
    balanceOf(): returns the balance of the wallet

1 Like