Homework: ERC20

[Chefoceans]

1. What are the benefits of setting a token standard like ERC20?
   Ease of communication throughout the network, wallets can store smart contracts of all kinds that are built on the ERC-20 standard

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   Total supply of the token, account balance of the wallet, transfers to other ERC-20 wallets

[ajuliab]

1. The benefits of setting a token standard like ERC20 are that all tokens are the same value meaning that it is easily exchangeable and all wallets are able to accept the token right from start. Another benefit is that the whole space is able to communicate with each other.

2. Some functions in the ERC20 token standard interface are totalSupply(), which counts the total number or all tokens, balanceOf(address account) checks balances of tokens, and transfer() allows accounts to transfer tokens with each other.

[Earnst]

1. The benefit of setting a token standard like ERC20 is so that each token can be supported by wallets and exchanges in the same way. Meaning one doesn’t have to create bespoke supporting applications for each new token for it to be accessible.

2. Functions in the ERC20 standard demonstrated are:

• totalSupply() which is used to set the value of the number of tokens that exist
• balanceOf(address account) which would be the function to store the number of tokens owned
• transfer() allows someone to transfer their ERC20 tokens to another public address

[Judith]

1. Standards lead to uniformity in coding smart contracts of the same type, so that exchanges and wallets achieve efficiency through integration and interoperability between parts without custom linking for each newly built contract .

2. Functions of ERC20 token standard interfaces and what they do:

• totalSupply() - allows to calculate and return the total amount of the token that exists in circulation
• balanceOf() - provides the number of tokens held by any address
• transfer() - transfers a number of tokens directly from the message sender to another address
• transferFrom() - allows a smart contract to automate the transfer process and send a given amount of the token on behalf of the owner
• approve() - 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 given address

[albertd]

1. All exchanges and wallet than interacts with these tokens can integrate whatever ERC20 token.
2. Functions as totalsupply or others permit that everyone that reads instructions know what they mean. Everybody can program instructions with same functions.

[LuchoXIV]

1. Setting a standard is important for applications/smart contracts/tokens/wallets/exchanges to be able to freely interact with one another as they are operating within the Ethereum ecosystem. Setting a standard also gives the users a certain level of quality and security.

2. Below are a few of the functions available to ERC20 tokens:

• balanceOf() – provides the number of tokens in a given address
• transfer() – allows for a transfer of tokens from the holder to a recipient
• approve() – approves an allowance of tokens to a specified address
• totalsupply() – provides the total number of tokens in circulation

[3DMOONBOOTS]

benefits of ERC20 standards ,makes it easier for wallets and exchanges to add tokens based off the standards as the coding is basically the same

total supply / balanceOf

[Ciantera_R]

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

The ERC-20 standard for fungible tokens empowers developers of all types to accurately predict how new tokens will function within the larger Ethereum system. This simplifies and eases developers’ tasks, because they can proceed with their work, knowing that each and every new project won’t need to be redone every time a new token is released, as long as the token follows the rules.

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

interfaceERC20 {

function totalSupply() : Returns the total circulating amount of tokens.
function balanceOf() : Returns how many tokens exist in an account.
function transfer() : Transfer an amount of tokens from token owner’s account to another account.
function approve() : A token owner can approve for spender to transferFrom tokens from the token owner’s account.
function allowance() : Returns the amount of tokens approved by the owner that can be transferred to the spender’s account.
function transferFrom() : Allows a spender account to transfer an amount of tokens on behalf of the token owner to another account.

// …
}

[Jackthelad]

What are the benefits of setting a token standard like ERC20
Efficiency, interoperability, and scalability.

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

1. Function totalSupply > Returns the outstanding supply of all tokens
2. Function balanceOf > Returns the balance of the source address.
3. Function allowance > Ensures that one address has a sufficient balance to transfer tokens to another address.
4. Function approve > Checks if smart contract can distribute tokens while not exceeding supply/balance.
5. Function transfer > Moves tokens from the total supply to a particular user (address)
6. Function transferFrom > used to transfer tokens from one wallet to another

[Pakeshi]

1. What are the benefits of setting a token standard like ERC20?
   First that all exchanges and wallets will be able to support all those tokens created under the standard, and the other reason is that we can easily interoperate with each token to create efficiency in the system
2. What functions are in the ERC20 Token Standard Interface and what do they do?
   totalsupply: equals the sum of all balances
   balanceOf(): provides the number of tokens held by a given address
   transfer(): transfers a number of tokens directly from one user to another
   transferFrom(): token holder gives another address approval to transfer up to a certain number of tokens, known as an allowance.
   approve(): The token holder uses this instruction to approve the “transferFrom” instruction
   allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.

[delaney]

1. Since everyone is using the same functions when creating tokens, it is easier to program and create new tokens.

2. The standard functions are; balanceOf (), transfer (), approve (), doSomething ().

[Aonia]

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

This helps with efficiency and user friendliness. By having a standard for the fungible tokens , they can be added to exchanges easily.

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

• balanceOf() function tells u token balance of address in ().
• transfer(), allows you to send tokens, but not great for smart contract programming as does not check for conditions

-doSomething(), is a command which can be operated in exchange for 10 Do tokens, and

• have to approve() the transaction, and this command indicatess approval

[samartrade]

1. Importance of having ERC20 standards makes it easier for other users to understand the code.

2. examples mentioned in the course:

• totalSuplly() gives total token supply in circulation.
• balanceOf(address), balance of tokens for a certain address.
• transfer(), send tokens.

[rhostynski]

it enables tokens on top of Etherium to communicate with each other.
2
balance Of - check balance of address
totalSupply - how many tokens are in circulation.

[Zaqoy]

1. What are the benefits of setting a token standard like ERC20?
   Tokens can easily communicate with each other and wallets do not need to adapt to the functions of each new token.

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

totalSupply() = Get the total token supply
balanceOf() = Store and return the balance of the given address
allowance() = Amount which the given address is allowed to withdraw
approve() = Authorize the withdrawal of tokens to the given address
transfer() = Send specified amount of tokens to a given address
transferFrom() = Send specified amount of tokens from a given address to a given address

[Marval10]

1. If all developers create tokens in the same way(ERC20 standards), if the code is laid
   out the same way all exchanges and wallets will be able to support these tokens from
   day 1.
2. totalSupply- how many tokens in circulation
   balanceOf- balance of address of the account

[giovannacrypto]

1. It is very important to have standards everyone needs to follow when something is being done repeatedly, for example the creation of ERC20 tokens. When everyone follows the same structure, it means that all ERC20 tokens will be compatible with exchanges and wallets that support ERC20 tokens.
2. 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
   approve() gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens, known as allowance.
   allowance() provides the number of tokens allowed to be transferred from a given address to another given address.

[Martin1]

1. Standards allow Exchanges and Wallets can accept the token. And all diffrent tokens can communicate with each other.

function totalSupply () --> Total coins in circulation.
function balanceOf () --> Shows the balance of an Wallet/Adress
function transfer ()

[Daniel.P]

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

It makes it so there is a common language between exchanges and tokens, they will be able to understand each other easily.

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

totalSupply: returns with the total supply of a token.
BalanceOf: returns the balance of a wallet
transfer: transfers an amount to an address.
allowance: shows how many tokens you are allowed to transfer.

[ShutdownCB2]

1. Helps us integrate and interoperate. We reach efficiency because we dont add friction by applying to
   the standards.

2. totalSupply() sum of total Soken supply
   balanceOf() Keeps track of the Token Balance in each ETH Wallet.