Homework: ERC20

Ethereum 101
#2992

1.) By setting a standard, implementation of your coin can happen instantly after deployment, since it works the same way as all the other ERC20 tokens.

2.)

  • totalSupply() - returns the total supply of that coin
  • balanceOf - returns the balance of an address
  • transfer - used for transferring coins
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#2993
  1. an underlying standard for the way tokens are programmed benefits the space with easier integration for exchanges and wallets.

-totalSupply() max amount of tokens in existance
-balanceOf() show the balance of the respective address
-transfer() transfers a specific amount of tokens from one address to another
-approve() allows one address to transfer funds
-allowance() gives amount of tokens that are transferrable

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#2994

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

A: Because of ERC20, when a token is being programmed or coming out, it is supported by exchange and wallet. Therefore, it makes it easier for other tokens.

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

A: totalsupply() – sums all the balances (fungible tokens)

balanceOf() – the balance of an account

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#2995

A token standard allows for a clear framework on how to code tokens and smart contracts, allowing wallets, exchanges, developers and all entities and parties in the ecosystem to interact with smart contracts in a unified way.

Examples of functions in the ERC20 token standard are total supply, balance of, allowance, transfer etc.

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#2996

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

It makes tokens created according to this standard similar in nature therefore more easy for crypto finance and other companies and services to process them - such as wallets, exchanges, staking wallets, lending and borrowing entities etc. It makes usage of such tokens more efficient as companies and services to dot have to be tailor made and adjusted for specific tokents written by a different standard.

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

ERC20 defines the functions balanceOf , totalSupply , transfer , transferFrom , approve , and allowance .

balanceOf- returns the balance of a provided address (number of tokens)
totalSupply- the sum of all balances (all tokens) existing in circulation
transfer-sends tokens from senders address to receivers address
transferFrom-sends tokens according to a confirmation in advance on behalf of the token owner without a separate transfer or involvement of token ower at that specific moment
approve-owner of the tokens approves a provided address to withdraw funds from its address
allowance- returns the current approved number of tokens by an owner to be trasnferred to a specific recepient, as set in the approve function.

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#2997

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 that standard. This is much simpler and scalable than each token having its own personalized code.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() gives 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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#2998
  1. A token standard allows for any token using ERC20 to be able to interact with wallets on day 1. It reduces the friction induced from having to process each different token.
  2. ERC20 Token Standard Interface can determine balances and transfer balances between accounts.
  • balanceOf () = number of tokens
  • transfer () = transfer tokens between accounts
  • approve () and transferFrom() = two step transfer process
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#2999

  1. By having a standard for developers to follow, all new tokens can be created in the same format which means they will immediately be supported by exchanges and wallets.

  2. totalSupply - how many tokens are in circulation

balanceOf - how many tokens belong to a specified address

transfer - transfers tokens between addresses

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#3000
  1. What are the benefits of setting a token standard like ERC20?
    Having a standard allows any tokens created to be compatible with the network from day 1. Makes communication with wallets/exchanges seamless and more efficient.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
  • balanceOf() - balance of address
  • transfer() - transfer tokens to an address
  • approve() - owner of address approves transfer of tokens to another address
  • transferFrom() - Transfer tokens from an address
  • allowance() - sets amount of tokens that one address can withdraw from another
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#3001

  1. The benefits of setting a token standard is that anything programmed on something like ERC20 standard uses the same naming conventions.

  2. balanceOf() and totalsupply are two functions in the ERC20 Token Standard Interface. The former shows the balance of an account given, and the latter refers to the total number of fungible tokens.

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#3002

1- Having a standard makes it easy to create tokens that work instantly on the eth block chain and wallets.
2- transfer()- transfer token to addresses
-balanceOf()- give a balance of an address
-totalsupply()- the max supply of tokens

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#3003

  1. What are the benefits of setting a token standard like ERC20?
    Having a standard like ERC20 allows tokens can be programmed (created) and compatible with the existing Ethereum block chain. The tokens can work instantly, it is simpler than to create another block chain and the system is scalable.

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

  • totalSupply() maximum number of tokens in existence
  • balanceOf() show the balance of the token in the respective address
  • transfer() transfers a specific amount of tokens from one address to another
  • approve() owner of an account can allows transfer of token to another 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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#3004
  1. What are the benefits of setting a token standard like ERC20?
    Efficiency, its easier to all follow a standar language for many uses to interact each other
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Totalsupply(): Its tells you all the tokens that exist
    BalanceOf(): tells you the tokens there is in a “x” address
    Transfer(): function to transfer funds from “a” to “b”
    …
    …
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#3005

Homework on ERC20 token standard.

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

All smart contracts are using the same coding language which makes communicating within the ERC20 space more fluent.

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

Functions allow balances to be known and also to be transferred from one wallet to another.

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#3006

  1. Having a standard allows programmers to use a common language. The programs they build are thus able to communicate with each other. Without a common standard like ERC20, the programs built by developers would not be able to communicate with each other.

  2. balanceOf(address account): gets the balance of the account identified in the brackets. totalSupply(): gets the total supply of the item identified in the brackets. trasferFrom(address sender address recipient): transfers funds from the sender to the recipient.

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#3007 
1.	What are the benefits of setting a token standard like ERC20?

  • Seamless Communication between Smart Contracts, the individual tokens, and the seamlessness of the way wallets communicate and other platforms with ERC20 tokens.

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

    -totalSupply() gives an account of a total amount of a specific token in circulation

-balanceOf() gives the token balance of a specific account

-transfer() used for sending tokens from one user to another

-approve() contract owner authorises a given address to withdraw instances of the tokens from the owners address

-transferFrom() allows an SC to automate the transfer process an send a given amount of a token on behalf of the owner

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

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#3008

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

They provide a syncronized environment, every new token created using ERC-20 will be recognized by the wallets which support ERC-20

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

The functions are a couple of functions, each does a different thing:

  • balance0f() allows to see and querry the token balance of any adress.
  • transfer() transfer allows sending token from one adress to another
  • approve() used to confirm a transaction, that tokens can be sent to another adress
  • allowance() provides the number of tokens allowed to be transferred from a given address by another given address
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#3009
  1. What are the benefits of setting a token standard like ERC20?
    Main benefit of having a token standard like ERC20 is the fact that it creates an environment where every one knows how to interact with these tokens, increasing the ease of utilization.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    '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
    allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.
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#3010

  1. Using standards is important as this allows for better communication and understanding between wallets but also people who program. Meaning, that if there are no standards, I may program something like the “total supply” as somehow else while another person would call it otherwise. This would add unnecessary complexity to the wallets understanding one another in terms of language which would probably have also as a consequence even higher fees as the CPU power to process each different written command for the same thing would be higher. It would also add unecessary complexity for the programmers too to firstly learn how to program on Ethereum and smart contracts and tokens but also to understand the code itself if they would delve into a token which they did not know before to explore how it works from a technical perspective.

  2. I need to go but will answer this questin after reading the article in the evening.

#3011

  1. What are the benefits of setting a token standard like ERC20?
    Because they can easily interact with each other and can be easily used in portfolios, exchanges, etc.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() which gives a number as an output. This number is the total supply of the token.
    balanceOf() which takes the address of an owner as the input and gives the balance of the users as output.
    allowance() function takes in the address of the tokenOwner and the spender and gives as output.
    transfer() function simply takes in the address of the receiver and the funds which are to be sent to the account.
    transferFrom() function. It takes in three inputs — the address of the sender, the address of the receiver, as well as the number of tokens to be transferred
    Transfer() event produces the details of the transaction which resulted in the movement of tokens from one address to the other.
    pproval() event gives the details of the approval of tokens.

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