Homework: ERC20

[Gabrielita]

1. All applications and wallets speak the same language and that makes for no friction in communication.

2. The functions manage:

   • totalSupply , how many tokens are in circulation.
   • balansOf , the address of the wallet you want the balance of.
   • transfer , sending tokens from one address to another.

[Busaboy]

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

• It allows for less resistance - i.e. having a standard allows for all wallets etc to communicate with each other understanding the same environment - have interoperability.

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

function totalSupply() : Shows the entire particular supply of a token.
function balanceOf() : Shows the balance tokens held by a particular wallet.
function transfer() : Send an amount from an address to an address.
Functions set the workings of the token.

[michelaketer]

@filip

• What are the benefits of setting a token standard like ERC20?
• What functions are in the ERC20 Token Standard Interface and what do they do?

1. The benefit is having a standard that anybody can use to understand e operate. We are talking about functions like: totalsupply or balanceOf() or transfer().
2. Examples are in the previous answer: a number of functions to allow users to find out the balances of accounts as well as to transfer them from one account to another under varying conditions.

[scottnik8]

1. The benefits of setting a token standard like ERC20 Token Standard Interface is it reduces admin friction, it can interact with a. other contracts b. web servers c. exchanges d. and wallets much easier.
2. The functions that are in the ERC20 Token Standard Interface are the functions every compliant token is expected to support. They create basic token behaviors, manage token ownership (balances of account addresses), issue/burn tokens and give balances for balance inquiries(for specific accounts).

[mr_e]

1. Token standards allow for compatibility between wallets and exchanges that would deal with multiple tokens. All tokens of the same standard will use the same functions for the same operations.

2. The ERC20 functions include the following:
   a. balanceOf() - this will provide an address’ balance of the ERC20 token in question
   b. transfer() - this function is used to transfer tokens from the token owner’s address to
   another address
   c. transferFrom() - this allows for the use of a spender account to transfer tokens on
   behalf of a token owner’s account, if approved
   d. approve() - this function is used to approve spender accounts to transfer on behalf of a
   token owner
   e. allowance() - this function will set the limit of how many tokens a spender account will
   be able to transfer from the token owner’s account
   f. totalSupply() - this function will provide the circulating supply of a specified token

[LINLIN]

1. What are the benefits of setting a token standard like ERC20?
Setting a token standard like ERC20 means all tokens are programmed in the same way which called fungible tokens, so people can easily deployed tokens on top of the ETH platform.

[Dale]

1. What are the benefits of setting a token standard like ERC20? It keeps healthy STANDARDIZATION when creating different coins or software. This keeps everybody following the same format and on the same page when deploying contracts and tokens.

2. What functions are in the ERC20 Token Standard Interface and what do they do? ERC20 Tokens Is how to program a token but this is a Standard way to deploy contracts and tokens.

[minimull]

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

1. They are easily adaptable on exchanges, wallets and platforms that already use Ethereum. Makes it easier for people to invest and use tokens/coins with less diversity. Adoption is challenging when people have to use 10 to 20 different wallets because many tokens are too unique and difficult to put into one wallet. Though that is becoming less an object as the crypto space is rapidly evolving.

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

2. Balance() - function for everyone to query what tokens wallets hold on the public blockchain.

Transfer() - send tokens from the message sender to another address.

DoSomething() - requires specific tokens to operate its functions.

Approval and Transferfrom()’s are used for the approval to transfer up the tokens needed for the DoSomething () in tandem with smart contracts.

OpenSea being my experience going from Weth to Eth and vice versa and placing bids on
Non fungible tokens such as cryptokitties and .eth domains are how users use the approval (), transferfrom(), and DoSomething () all together.

If my experience is correct.

[Bulmers]

1] Interoperability between coin and tokens
2]
name - name by which the token contarct is known
symbol - symbol nby which the token contract is known
decimals - refers to the divisibilty of the token. Number of decimal places
balanceOf - number of tokens held
totalSupply - equals the sum of all the balances
approve - gives approval to go ahead with a process

[Dusan]

1. What are the benefits of setting a token standard like ERC20?
   It ensures efficiency. As a developer you have already available set of functions which can handle tokes and contracts (you do not need to develop them). Third party products can easily implement your tokes into their products. Use of standards functions increases security in compare when you develop your own functions.
2. What functions are in the ERC20 Token Standard Interface and what do they do?

• balanceOf() - returns number of tokes of specific address
• transfer() - transfers tokes from one address to another address
• totalsupply() - returns sum of balance all tokens
• approve() - token holder gives another address approval to transfer up to a entered number of tokens

[bktv]

1. A token standard (common set of features and interfaces for token contracts) allows for wallet and exchange support once a token is created, because the way to operate with the token is set in the protocol, which adds efficiency in creating new economic models.

2. totalSupply() function equals the sum of all balances - balanceOf() function provides the number of tokens held by a given address - transfer() function transfers a number of tokens directly from the message sender to another address - approve() function gives approval to transfer up to a certain number of tokens, known as an allowance - uses the transferFrom() function to send the tokens -
   allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.

[LukeM]

1. Having a set token standard makes it easier for wallets and exchanges to support several types of tokens based on the same standard.

2. totalSupply() provides the total supply of a token, balanceOf() provides tokens held by an address, transfer() transfers tokens between accounts, approve() and transferFrom() transact tokens in a smart contract from an allowance address, and allowance() shows how many tokens are allowed to be transfered from an allowance address.

[ivo]

1. The tokens have all the same structure/functions, whit setting the standards its make it easier to integrate every token in the network.
2. You have: - balance Of - number of tokens held by a given address
   - transferring - transfer number of tokens from the massage sender direct to another address.
   - total supply - the total amount of tokens held by all addresses.

[CryptoGrabit]

@filip

Homework on ERC20 token standard.

1. What are the benefits of setting a token standard like ERC20?
2. What functions are in the ERC20 Token Standard Interface and what do they do?

1. The benefits of setting a token standard like ERC20 are that all of the tokens functions the same there for all exchanges and wallet will know how to interact with them in the same way which is much more efficient in many aspects.
   In addition( Purely from my prespective) it’s easier for a programmer to have guidelines to follow that he knows that they will be acceptable rather then trial and error, further more, using the same standards will support the platform those standards build upon ( Ethereum).

2. The functions in ERC20 Token Standard Interface:

The balanceOf() function provides the number of tokens held by a given address.

The transfer() function transfers a number of tokens directly from the message sender to another address.

approve() and transferFrom() are two functionsusing a two-step process.
In the first step a token holder gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens, AKA allowance.
The token holder uses approve() to provide this information.

[cfraser]

1. What are the benefits of setting a token standard like ERC20?
   Having a standard makes it easier for any Exchange or Wallet to add the token. It also removes any friction from the system which makes it more efficient.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
   otalSupply is used to see maximum number of tokens that exist
   balanceOf is used to get the balance of an account
   transfer is used to transfer from one address to another

[andersbraath1]

1. What are the benefits of setting a token standard like ERC20?
   You will get the same language across the exchanges, in the smart contracts and between tokens and participants. This is more efficient and less friction. Easier when everybody speaks the same language.

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

totalSupply() reveals the total supply for the token

balanceOf() exposes the balance amount from an address

transfer() transfer funds between addresses

approve(): a token holder gives another address approval to transfer up to a certain number of tokens(allowance).

transferFrom(): take certain tokes from sender’s account and carry on its work.

doSomething(): to operate instructions.

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

[gina_g_sampada]

1. The benefits of ERC20 are that all tokens function in the same way, which means that all exchanges and all wallets are able to support these tokens from day one.

2. The balanceOf function provides the number of tokens held by a given address.
   The transfer function moves a number of tokens from one address to another.
   The transferFrom function transfers value amount of tokens from one address to another.
   The approve function gives an other approval address to transfer a certain amount of tokens from the certain address.
   The allowance function provides the number of tokens allowed to be transferred from a given address to another address.
   The totalSupply function gives the number of tokens of the total supply.
   The doSomething function gives specific instructions.

[EefjeMuller]

1. What are the benefits of setting a token standard like ERC20?
It’s always smart to have standards from a development perspective so developers can work with and further improve each other’s code. Also it becomes easier for developers to enter the space and contribute when all projects are based on the same code because this decreases the learning curve. When the code is similar it is also less of an effort for exchanges and wallets to support new tokens/coins from the first day. This is good for the adoption of cryptocurrency.

2. What functions are in ERC20 Token Standard Interface and what do they do?
totalSupply() - how many tokes are in circulation
balanceOf() - how many tokens (balance) a specific address/account has
transfer() - allows direct transfer of X number of tokens from the sender to another address.
approve() - the maximum amount of tokens that a specified “spender” is allowed to withdraw/transfer.
transferFrom() - used with smart contracts to transfer an amount of tokens from one address to another.
allowance() - the number of tokens that is still allowed to withdraw/transfer.

[Barrygone]

1.- It sets the base or plataform to a token community with an standarized language everyone can understand within any token
2.-many but for instance totalsupply(); nalanceOf(); transfer()…

[Jake]

1 - By setting a standard it makes working with the token easier to work with. All existing infrastructure will continue to work with any token made to the standard.

2 - balanceOf() function returns the balance of a specified address and can be queried by anyone as this is public knowledge stored on the blockchain.