Homework: ERC20

Ethereum 101
#2852

  1. Different tokens can interact with each other. Also exchanges, wallets and dapps are more interoperable.

  2. -totalSupply() -> max number of all tokens
    -balanceOf (adress acount) -> returns the balance of a specific adress
    -transfer() -> allows to tranfer balance between two adresses

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#2853

  1. It is easier for the ecosystem to communicate through multiple applications when using the same token standard. Like all countries in the EU are using the Euro.

  2. many different functions that to things like provide balance, transfer, or do something.

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#2854

*** What are the benefits of setting a token standard like ERC20?**
It defines how we program the tokens that are built on the ethereum network. ERC20 has standards and it is good that developers create tokens the same way with predefined built-in functions so all exchanges and wallets are able to support these tokens.

*** What functions are in the ERC20 Token Standard Interface and what do they do?**
function totalSupply() -> how many tokens are in circulation.
function balanceOf( address account ) -> how many tokens are in that that account.
function transfer( address recipient, uint 256 amount ) -> to transfer tokens

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#2855

  • What are the benefits of setting a token standard like ERC20?
    -> Using a standard allows applications to be interoperable

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    -> totalSupply() : return a number as an output. This number is the total supply of the token
    -> balanceOf() : takes the address of an owner and return the balance of the users
    -> allowance() : takes in the address of the tokenOwner and the spender and returns the number of tokens allowed to be transferred from a given address to another given address.
    -> transfer() : takes in the address of the receiver and the funds which are to be sent to the account
    -> approve() : to approve somebody to spend from your account.
    -> transferFrom() : takes the address of the sender, the address of the receiver and the number of tokens to be transferred and returns the success or failure of the transfer.

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#2856
  1. What are the benefits of setting a token standard like ERC20?

Since they function in the same way and the code is laid in the same way, all exchanges and wallets will be able to support these ERC20 tokens from day one.

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

  • function totalSupply: how many tokens there are in circulation

  • function balanceOf : check the balance on the account

  • function transfer : transfer token to other addresses

& etc…

  • the standards are important so all applications can communicate and understand each other. without these standards everyone would build their own version of their token where the function names would be different, different codes and names would make it difficult to communicate with each other. This means that the tokens are interoperable and how the system reaches efficiency.
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#2857

  1. It means that everybody knows certain properties that a token will have because it is ERC-20. It makes it easier to build things which interact with different tokens.

  2. approve, transfer, transferFrom, balanceOf, and allowance.

Balance of returns the number of tokens held by a given address.

Approve can be used to approve the transfer of tokens from a smart contract.

TransferFrom is used to transfer tokens from a contract once approved.

allowance provides the number of tokens allowed to be transferred from a given address to another given address.

Transfer is used for sending tokens to another address/account.

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#2858
  1. What are the benefits of setting a token standard like ERC20?
    A. Promotes best standards, reduces friction, easy to interact with different tokens.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    A. Transfers (exchange ERC20 tokens with another), supply limits (maximum number of tokens that exist) and balances (gives balance of en ERC20 address).
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#2859
  1. What are the benefits of setting a token standard like ERC20? - fungible tokens are able to integrate and interoperate, which leads to efficiency(no frictions). Tokens “speak” the same language.
  2. What functions are in the ERC20 Token Standard Interface and what do they do? - total supply function returns the result on how many tokens are in circulation, the balanceOf function of a certain address-account returns the balance of that account.
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#2860
  1. The benefits of having a standard, is that it allows for all tokens to be formatted and tracked the same. That way you know how to handle, creation, distribution, swap’s and wallet size just as examples, across wide ranges of platforms on the BlockChain.
  2. There are a range of standards, Balnaceof, transfer, total supply etc. Balanceof, allows you to show the balance someone has in a wallet. Transfer is just as it means, transfer tokens from one place to the next. Total Supply is the amount of total tokens or supply of tokens for a project.
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#2861
  1. Having standards allows things like wallets and exchanges etc to easily add all ERC 20 tokens because they are all using the similar or same code.

2.Here are some functions and what they do:
totalSupply() total amount of all existing tokens
balanceOf() balance of the provided address
transferFrom() describes what to transfer from where
approve() gives approval to transfer up to a certain number
allowance() the number of tokens allowed to be transferred

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#2862

  1. What are the benefits of setting a token standard like ERC20?
    If we have a token standard it means that anyone can run an ERC20 smart contract if they adear to the ERC20 token standards.

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

  • balanceOf()
    This function provides the number of tokens held by a given address passed to the function.
    function balanceOf(address tokenOwner)

  • transfer()
    This function transfers a number of tokens directly from the message sender to another address and returns a boolean success/failure
    function transfer(address to, uint tokens)

  • approve()
    This function provides the number of tokens allowed to be transferred from a given address by another given address.
    function approve(address _spender, uint tokens)

  • transferFrom()
    This function transfers a number of tokens from onw wallet address to another wallet address, and is usually used with the approve() function.
    function transferFrom(address from, address to, uint tokens)

  • allowance()
    function provides the number of tokens allowed to be transferred from a given address by another given address.
    function allowance(address _owner, address _spender) constant

  • totalSupply()
    The totalSupply function is run once & only once at the moment of deployment on the Ethereum network, and shows the total number of tokens in existance
    function totalSupply()

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#2863

Setting a token standard allows a unified programming language, which provides efficiency.

Account balance = balanceOf(); number of total fungible tokens = totalsupply.

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#2864
    1. Setting programming language standards increases the efficiency and interoperability of the network. For example, this leads to all newly created tokens (which are essentially smart contracts) to immediately be listable, tradable and storable on all exchanges and wallets.
    1. totalSupply = Returns the supply of tokens in circulation
      balanceOf() = Returns the balance of a given address
      transfer() = Allows funds to be transferred
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#2865
  1. What are the benefits of setting a token standard like ERC20? Increased efficiency since tokens created using ERC20 standard are interoperable with each other and with ERC20 compatible wallets and exchange platforms.
  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)
    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)
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#2866

Homework on ERC20 token standard
1- that will allow all SC to communicate/interact with each other.
2- balanceOf() function provides the number of tokens held by a given address
transfer() is fine for sending tokens from one user to another.
totalsupply() gives total number of tokens.

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#2867

1.) It is easier to work together with others. Wallets and Exchanges can work with everyone the same way. Easier adoption of the Technology.
2.) total Supply: Sum of all Balances
Balance Of: Number of Tokens held by an Adress
transfer: sending Tokens from one Adress to another (not too usefull for Smart Contracts)
approve: approval to transfer to a certain Adress
Transfer from: Account that can be Transfered from in regards to the defined allowance
allowance: Number of Tokens that have been defined to be transfered.

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#2868

  1. What are the benefits of setting a token standard like ERC20?
    Exchanges, wallets and the entire ecosystem of tokens and coins are interoperable, creating a network effect which is able to speed up progress and development of smart contracts for real life applications

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Example of functions is to check balance of an address, check the total circulating supply of token. Other standards such as ERC 721 and ERC 1155 are meant for different type of smart contracts and relates to Non-Fungible Token or NFT

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#2869

  1. Setting a standard for tokens help the interoperability in the blockchain.

  2. Some of the functions in ERC 20 are as follows.
    tottalSupply - is the sum of all token accounts balances in the smart contract
    balanceOf () - number of tokens held by an address
    transfer () - for sending tokens from one user to another
    doSomething () - instruction for deployment of contract
    approve () - approves transactions
    transferFrom () - transfer from a certain address.

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#2870
  1. What are the benefits of setting a token standard like ERC20?

Answer: using a standard for programming tokens has the benefit that all exchanges and wallets suport that language

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

function totalSupply() => how many tokens are in circulation
function balanceOff() => check how much balance you have
function transver() => transver tokens

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#2871
  1. What are the benefits of setting a token standard like ERC20 ?

Setting a token standard helps to easier integrate and inter-operate a token, as well as with reaching maximum efficiency.

  1. What functions are in the ERC20 token standard interface and what do they do ?

totalSupply - total amount of circulating token
balanceOf - allows to view the balance of the account

2 Likes