Homework: ERC20

Ethereum 101
#2972
  1. Having standards makes it easier for wallets and exchanges to integrate between eachother so it creates more efficiency .
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#2973

  1. What are the benefits of setting a token standard like ERC20?
    A. Common standards which allows for consistency and efficiency to make token exchanges easier.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    A. Function totalsupply() = total token supply
    Function balanceof()= balance of an address
    Function transfer() = transfer token from one to another address
    Function allowance() = how many tokens are in an allowance
    Function approve() = authorization of transfer to another address
    Function transferfrom() = input and output to address of transfer

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#2974

Setting a token standard like ERC20 reduces friction, and creates efficiency, so as not to confuse wallets with rogue code.

Basic Functions in ERC20 are total supply, balance of account, and transfer. This code speaks to wallets in a universal language for efficient transactions.

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#2975

  1. Having a token standard insures frictionless cohesion and operation on the network.

  2. name, symbol, decimals, totalsupply, balenceOf (), transfer(), Doer, doSomething (), Do, approve (), transferFrom (), allowance (), Transfer (), Approval (). Name of token contract, symbol of token contract, how divisible token is from scale of 0 to 18, sum of all balances in ERC-20 token contract, function that provide # of token in given address, function that transfer token from messenger account/address to recipient address/account ,smart contract deployed on ETH network, function that executes instructions, tokens, function that gives a token holder another address to approve transfer of x of ETH, function that allows to take x amount of token from token holder, function that looks up amount of tokens available for transfer from a account, function that details the movement of tokens from one address to another, function that approves transfer of tokens from one address to another.

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#2976
  1. powerful use for mart contracts to have conventions built in. Everyone understands code
    2.total supply, balanceOf, transfer are functions of the ERC20
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#2977

By setting a standard like erc20 all wallets can interact with a token and increases efficiency.
balenceOf() is a function in erc20 which returns number of tokens left.

#2978

1 standardized code
2.balanceOf, transfer, transferFrom, approve, allowance, totalSupply, mint, burn

#2979

  1. Setting a token standard like erc20 allows different wallets and exchanges support particular tokens, transfer them and provide a balance

  2. totalsupply() - amount existing tokens
    balanceOf() - provides the number of tokens held by particular address
    transfer()- transfers tokens from sender to another address
    approve()- gives another address approval to transfer a certain number of tokens
    transferFrom()- transfer tokens from one address to another

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#2980
  1. it makes it so that all smart contracts or tokens on the network talk in the same language.
  2. balanceOf () provides the number of tokens by a given address
    transfer () transfers tokens from the message sender to a specified address
    approve () gives another address approval to transfer a specific number of tokens to that address
    transferFrom () specifies an amount from one address to another specified address
    allowance () specifies the number of tokens that can be transferred from an address even if the current balance is not that amount
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#2981
  1. Makes it easier to integrate different apps/dapps
  2. totalSupply returns total supply, balanceOf for address’ balance, transfer to transfer amount to another address, allowance to get allowed amount to transfer, approve and transfer to have approval then perform transfer if it is approved
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#2982

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

Standards insure everything can function together, and that everything is efficient.

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

totalSupply(): max number of tokens that exist

balanceOf(): takes address of owner and shows the addresses balance.

transfer(): transfers set number of tokens from a sender to another address.

approve(): allows a given address approval to transfer a set amount of funds to another given address.

allowance(): gives number of tokens that can be transferred from a given address to another given address.

doSomething(): executes given instructions.

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#2983
  1. The code has a standard so coders can not choose to write their own code for standards. In a wallet standpoint, wallets (Metamask) can hold all the coins in a single wallet or exchange. NFT are not the same because they are unique. This helps the entertainment industry and the idea of intellectual property, because you want your project, idea, or item to be unique and not replicated. A great example is an album, with an NFT, your album cannot be replicated and are unique that standout from other albums and managers or any other third party can take ownership of your work (Kings of Leon).
  2. Some functions that are standard in ERC:
    function totalSupply() public view returns (uint 256) {
    return _totalSupply;
    }
    function transfer (address recipient, uint 256 amount) public returns {
    _transfer (msg.sender, recipient, amount);
    return true;
    }
    These functions are getting the balance of your tokens or coins and transferring coins or tokens to another wallet.
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#2984
  1. Having a standard allows for interoperability and efficiency resulting in seamless integration across the board.
  2. allowance() - amount of allowable tokens to be transferred from a given address by another given address
    totalSupply() - the sum of all balances
    transferFrom() - transfers a number of tokens directly from the message sender to another address
    approve() - authorizes transaction
    transfer() - transfers value amount of tokens from address to address
    balanceOf() - gets the total number of tokens of an address
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#2985

  1. The benefits of a standard like ERC20 is that the code is written the same in every token on that interface. So a wallet and an exchange for example will be able to read the code from day one without have to integrate a new system into all exchanges and wallets.

  2. Some of the functions in an ERC20 token are Total supply, balance of account, transfere, allowance, mint etc… from this you are able to read for example how many token are there. The balance of an account once an address is inserted.

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#2986

  1. Every Ethereum wallet already supports your coin, making it easier for exchanges and wallets to add your coin, due to common code.

  2. totalsupply, balanceOf and transfer are functions discussed in the video. Totalsupply gives you the current total available supply, balanceOf fetches the balance of an account and transfer allows to send funds to a public address.

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#2987
  • What are the benefits of setting a token standard like ERC20?
    ERC20 is the standard way of deploying tokens in Ethereum. By having a standard way of doing things, this allows different tokens to integrate and inter-operate with each other. This also allows tokens built in the same standard be supported by exchanges and wallets from day 1. Anyone can build on top of the ethereum platform and create new tokens, economy and models bringing more value to the ethereum network.
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() provides the total supply of tokens in circulation
    balanceOf (address account) provides the balance of the address of account provided
    transfer() allows transfer of tokens to another address
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#2988
  1. The ERC20 standard makes it easier for wallets and exchanges to deal with different tokens, because all ERC20 tokens use the same names in their code.
  2. totalSupply() gives the total supply of the token
    balanceOf() uses the address and gives the user’s balance
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#2989

  1. What are the benefits of setting a token standard like ERC20? It is important to set standards for ERC-20 tokens because you do not want developers to create their tokens differently on the Etheruem blockchain.

  2. What functions are in the ERC20 Token Standard Interface and what do they do? TotalSupply() gives the 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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#2990

1: Allows for easy adoption from wallets and exchanges.
2: BalanceOf() function as well as totalsupply function in the code to see the amount of the fungible tokens there are.

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#2991

  • What are the benefits of setting a token standard like ERC20?
    They make each token to be exactly the same in type and value

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    (I had to look it up)
    totalSupply: gives total circulating amount of tokens

    balanceOf: Returns how many tokens exist in an account

    transfer: Transfer an amount of tokens from token owner’s account to another account

    approve: A token owner can approve for spender to transferFrom tokens from the token owner’s account

    allowance: Returns the amount of tokens approved by the owner that can be transferred to the recipient’s account

    transferFrom: Allows a spender account to transfer an amount of tokens on behalf of the token owner to another account.

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