Homework: ERC20

[fullerideas]

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

Most popular token standard. Easier to interact with other erc-20 tokens. Fungible

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

Transfer, Alowance, BalanceOf, TotalSupply

[Wolle]

1.) Well, to set a standard allow interactions with every created services or applications. To set a standard is like to unity for one language.

2.) balanceOf() results in total supply of an adress,
transfer() is a simple transfer order,
transferFrom() will initiate a transfer from another account,
allowence() will set an amount of spendable tokens,
approve() will give approval to credit up to a certain amount of tokens.

[Fetih]

1. There is then no traction on the exchanges and wallets. Because everybody uses the same Standard-Token (like language).

2. For example: TotalSupply (maximum of tokens in existance) and BalanceOf (balance of a specific account)

[Claire]

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

Setting a token standard allows developers to ensure that wallets around the world will know how to interact with their token. It also makes the process of buying selling, trading and otherwise using tokens much smoother across the whole crypto industry. This is good for the entire industry as it enhances usability across the board!

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

Functions include;

totalSupply() - gives you how many tokens are in circulation; balanceOf() - number of tokens at certain address; transfer() - transfers tokens to given address; transferFrom() - takes tokens from sender’s address; approve() - approval to transfer a certain number of tokens.

[Nat-hathai]

Homework on ERC20 token standard.

1. What are the benefits of setting a token standard like ERC20?
   All tokens language is written based on the same standard of ERC20 or as Ivan puts in using the same convention, making it more efficient for the execution.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   totalsupply() gives the total number of the tokens in circulation
   balanceOf(address account) gives the total balance of token that particular address holds
   transfer(address recipient, unit, amount) indicates the amount of token to be transferred to a particular address.
   All in all functions in ERC20 is designed to get everyone to use the same coding to improve efficiency of the network.

[Shawn_Wollenberg]

1. What are the benefits of setting a token standard like ERC20?
   A standard makes it easier for wallets and exchanges to interact with the token.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   balanceOf - Balance of a provided address
   totalSupply - Total supply of tokens in circulation
   transfer - owner of a token can send a given amount of a token to a different address
   transferFrom - allows smart contract to automate transfer on behalf of the owner
   approve - owner approves withdrawal of token from owner’s address

[Cryptoknightking]

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

Benefits are all exchanges and wallets will be able to support tokens from beginning.

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

total supply function how many tokens are in circulation

balanceOf function checks balance with addresses account.

transfer function used to transfer tokens to wallets.

[Tristan_N]

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

• Having a standard like ERC20 allows wallets and exchanges to be programmed to support any token using the standard. This is more efficient to allow the network to scale as it avoids each token having its own unique code.

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

• totalSupply() = maximum number of tokens that exist
• balanceOf(address account) = Balance of ERC20 token in a wallet address
• transfer() = function which allows the transfer of ERC20 tokens between wallet addresses

[ajwagers]

1. Setting a token standard like ERC20 makes it easier to integrate the tokens in many applications since they have a standardized way of interacting. It is easier to accommodate a wide variety of projects/tokens because they all use the same standard.

2. Basic functions found in ERC20 tokens include: “balanceOf()” which gives the balance of that particular token in a given wallet/application, and “totalsupply()” gives the total available tokens.

[RyszardB]

@filip

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

The main benefit is that new tokens based on that standard can be supported by exchanges and wallets from day one and everything is more efficient.

@filip

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

Functions:

• totalSupply() it gives you how many tokens in total there are in circulation
• balanceOf() when you give it address of account you get how much tokens this account has
• transfer() transfer the tokens from the message sender to another address
• approval () gives another address approval to transfer some amount of tokens
• transferFrom () can take up to amount of tokens that was approved by approval () function
• allowance () provides the number of tokens that can be taken from given address by another given address

[Marcus_Hopkins]

• What are the benefits of setting a token standard like ERC20?
  It creates a standard so all ERC20 Tokens can be fungible

• What functions are in the ERC20 Token Standard Interface and what do they do?
  totalsupply(account), balanceOf(account), transfer(account), etc. all standard code for all ERC20 tokens

[Clica]

Homework on ERC20 token standard.

1. What are the benefits of setting a token standard like ERC20?
   -The benefits are that we can build applications that communicate with each other ,allow interoperability and efficiency which allow wallets and exchanges to accommodate and recognise the ERC20 Token .

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   -The functions are based on the same naming conventions , the same parameter conventions

For example ; balanceOf () provides number of tokens held
transfer() moves tokens from one address to another
approve ()approval to transfer tokens
allowance () allows possible tokens which can be transferd

[LioC]

1/ standard here means common rules, functions used in programming smart contracts: it improves efficiency, diminish frictions, because as there are a lot of appli/token, all these can be easily exchanged, located in wallets, …
2/ transfer() allows transfering from an address to another one,
totalsupply() gives max of existing tokens

[Matt_thetrader]

1. It allows all wallets to support all tokens using that particular standard. ERC20 is a good example of this.

2. totalSupply() tells how many tokens are in circulation
   balanceOf() gives the balance of the account.
   transfer() allows for transfer of ERC20 tokens to another address

[I_Am_Tucky]

1. The benefits of the ERC20 standard are that all exchanges and wallets can support new ERC20 tokens immediately on rollout.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
   Total Supply - How many tokens in circulation
   Balance of - Gives you the balance of a requested account
   Transfer - Transfers funds to destination account
   Allowance - provides the number of tokens allowed to be transferred from a given address by another given address

[Anthrax-the-clown]

1. A basic standard allows wallets, exchanges etc to easily add all ERC 20 tokens as they have common naming tags in their code. Which means different tokens smart contracts can easily interact with one another.

2. balanceOf() - command gives the balance of a specific account, Totalsupply() - gives the number total fungible tokens.

[DylanHepworth]

1. What are the benefits of setting a token standard like ERC20?
Setting a standard makes it possible for all exchanges and wallets to be able to support all of the various tokens built upon the Ethereum blockchain. Having the ERC20 standard allows for thousands of projects to be created and all have the capabilities to work together.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
Functions are mandatory codes for all ERC20 tokens. An example of this is that all must have a total supply stated in the code. Here are a few examples of how these codes look:

function totalSupply()
function balanceOf(address account)
function transfer(address recipient, unit256 amount)
function allowance(address owner, address spender)

[vlad_bodrov98]

1. Its good to have standards, if the code is laid out the same, that means all exchanges, all wallets would be able to support these tokens from day 1. Other Benefits of setting a token standard like ERC20 include:increase of efficiency, a standard way to programme and a standard way to deploy tokens on ethereum smart contract platform have been beneficial.
2. Functions are compulsory codes for all erc20 tokens.
   Basic token behaviours:

-Balance inquiry= balanceOf(address account) Gives balance of a specific account,

-totalSupply() gives maximum number of tokens that exist

transfer() allows someone to transfer their ERC20 tokens to another public address

[Kevin_S_Turner]

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

The benefits of setting a token standard include :

• Easily supported by wallets and exchanges

• Tokens have the same naming and parameter convention (in the source code)

• Helps reach network efficiency by removing friction. Creation of new currencies, tokens, economies, models, etc. is made easier.

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

The totalSupply function is self-explanatory : it tells you the total supply of a token in a smart contract.

The balanceOf(address account) function states the balance of a certain address.

The transfer function is used to transfer tokens from sender address to recipient address.

[BBB]

1. this standard makes it so that all wallets can interacte with each other to make it an efficiently working network. If everybode would use there own code this would be a lot harder.
2. function totalSupply() says how much tokens are in circulation. balanceOf() wallets and exchanges use this adress to check how much balance you have. transfer() for transferring tokens.