Homework: ERC20

Ethereum 101
#3032

  1. Standard benefit everybody, having the ERC20 standard means tokens will work with any new wallet that comes out.

  2. balanceOf() gives balance to whatever account you choose

1 Like
#3033

1. What are the benefits of setting a token standard like ERC20?
ERC20 tokens use the same programming code, which allows tokens to be automatically added to exchanges or transacted between wallets.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf - stores and returns the balance of the provided address
totalSupply - calculates and returns the total amount of the token that exists in circulation.
transfer - sends a given amount of the token to another address
transferFrom - automates the transfer process and send a given amount of the token
approve - authorizes the given address to withdraw instances of the token from the owner’s address.

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#3034

  1. Because it allows communication between tokens and wallets by setting standards.

  2. function total Supply() = Get the total token supply
    function balance Of() = Get the account balance of another account with address owner
    function allowance() = Send value amount of tokens to address to
    function transfer() = Send value amount of tokens from address from to address to
    function approve() = Allow spender to withdraw from your account, multiple times, up to the value amount. If this function is called again it overwrites the current allowance with value
    function transfer From() = Returns the amount which spender is still allowed to withdraw from owner

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#3035

  1. Setting standards allow all different tokens to be able to communicate with each other the same way. New tokens will be able to be integrated from day one.

  2. balanceOf() transfer() doSomething() approve()

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#3036

  1. A standard gives efficiency. Every piece of code is written using the same functions and terms. As a result each program is able to communicate with each other. All tokens created with the same standard can be treated the same way. As a result it is easier to create new tokens.

  2. totalSupply() provides the total token supply
    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 is used when a a token holder gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens, known as an allowance.
    allowance() function provides the number of tokens allowed to be transferred from a given address by another given address
    transferFrom() returns the amount which spender is still allowed to withdraw from owner

Questions:

  1. Just because it was mentioned here. If a game like Splinterlands creates numerous amounts of the same card, it is considered a fungible token, isn’t it?

  2. Theoretically, if all the users where not willing to pay the gas prices and would decide to pay less gas than required, would that actually force the miners to accept lower gas prices? On the other hand, if all miners agree, that the new update is shitty, could they

#3037

  1. If the code is layed out the same way(like ERC20), all exchanges and wallets will be able to support these tokens by day one (more efficient)

  2. Function totalSupply(),gives maximum number of tokens that exist,
    Function balanceOf(address account), gives a public addresses’ balance of ERC20 tokens,
    Function transfer(), allows someone to transfer their ERC20 tokens to another public address.

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#3038
  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?

A.1. The benefits of setting a token standard like ERC-20 are mainly naming conventions and parameters standardisation. This allows ERC-20 tokens to communicate with each other effectively by reducing friction and enhance efficiency.

A.2. There are various functions in the ERC-20 Token Standard Interface. These functions allow wallets, exchanges or ERC-20 applications to communicate with each other. For example:

  • Function “totalSupply” provides the number of tokens in circulation.
  • Function “balanceOf” provides the balance of a specify account.
  • Function “transfer” executes transfers of a particular token to a recipient.
  • Function “allowance” authorises a specific recipient to spend an allocated token without approval.
  • Function “approve” allows a particular recipient to withdraw from a certain account multiple times up to the amount designated.
1 Like
#3039

[quote=“filip, post:1, topic:8440”]

  • What are the benefits of setting a token standard like ERC20?
    allows wallets to be programed to support any token and standardize the code across the board
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    totalsupply() which gives a maximum number of tokens that exist
    balanceof(address account) gives a public balance of that specific addresses’ ERC20 tokens
    transfer() allowing for the transfer of ERC20 tokens to another public address
1 Like
#3040

  1. What are the benefits of setting a token standard like ERC20?
    It will allow tokens to communicate with each other and so it will also allow wallet and exchanges to support them more effectively

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Some of the functions are :
    totalSupply() : total amount of the token that exists in circulation
    balanceOf() : store and return the balance of the provided address
    approve() : authorize the given address to withdraw token from the owner’s address
    transfer() : to transfer tokens to another address
    transferFrom() : automate the transfer process and send token on behalf of the owner

2 Likes
#3041

  • What are the benefits of setting a token standard like ERC20?
    a constant standard like ERC20 is giving us the benfit of wallets and exchanges for example will talk the same language, and by that will support all the token the same.

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() returns maximum number of tokens that exist;
    -balanceOf() returns the balance of a specific address;
    -transfer() transfers tokens from the sender to receiver address;
    -allowance() shows the amount of tokens allowed to be transferred;

1 Like
#3042
  1. What are the benefits of setting a token standard like ERC20?
    It allows for different coins with different functions to exist within the same ecosystem, it bring the possibilities of interoperability within the network
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceof() - it shows the balance of money or of tokens a specific address has.
    transfer() - sending money to one address to another
    approve() - giving approval to a certain address to take a number of funds from your address - the number of funds or tokens or money is determined in the function
    transferfrom () - the function the “certain address” needs to use in order to take the approved number of funds from the address that approved the “certain address” to take a predetermined by them number of funds from their address.
    allowance() - allows to determine the number of funds to be transferred from address A to B using the approve() and transferfrom() commands
2 Likes
#3043

  1. Standards create a commonality. This is what ERC20 does. With this countless tokens can be created on the ETH Coin blockchain. Additionally wallets and exchanges can speak the same language and transact more efficiently.

  2. totalSupply = calculate and return token supply, balanceOf = store and return balance, approve = authorized, transfer = send, transferFrom = automate send

1 Like
#3044

  1. It defines the standard developers develop standards on their tokens so that it functions the same way under the same entity. All exchanges and wallets will be able to support these tokens from day one. So having ERC20 token standard on the ETH smart contract platform has been very beneficial for the entire space. Without ERC20 standards, every tokens would be building their own version.

  2. TotalSupply() function shows how many ERC20 tokens are in circulation.
    BalanceOf(address account) function allows to check how much balance is available.
    transfer() function’s purpose is to transfer any ERC20 token to another address recipient.

1 Like
#3045

What are the benefits of setting a token standard like ERC20?
A: By providing a standard, all the ERC20 (fungible) tokens must comply with a list of rules that ensures consistency, interoperability efficiency to the ecosystem. These rules include how the tokens can be transferred, how transactions are approved, how users wallets access data about a token, and the total supply of tokens.

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

  • The balanceOf() function provides the number of tokens held by a given address.
  • The transfer() function transfers a number of tokens directly from the owner of the contract to another address.
  • transferFrom(): specifies a “from” address, “to” address and the value to be transferred
  • totalSupply(): returns the total supply of that token
  • allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.
  • approve(): when calling this function, the owner of the contract authorizes, or approves , the given address to withdraw instances of the token from the owner’s address.
  • allowance(): provides the number of tokens allowed to be transferred from a given address by another.
#3046

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

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

  • balanceOf()
  • transfer()
  • transferFrom()
  • totalSupply()
  • allowance()
  • approve()
  • allowance()
1 Like
#3047

  1. There are many benefits of having the ERC20 standard. Exchanges and wallets can add and read tokens easily. Interoperability and efficiency allows the whole eco-system to grow exponentially.

  2. Below are some examples of the function of ERC20:

    • totalSupply()-the total number of token
    • balanceOf()-number of token held by a given address
    • transfer()-allows transfer of token to another address.
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#3048
  1. Allows different applications to communicate on networks like ethereum. Projects can continue to work after new tokens are created if the token follows the standard.
  2. totalSupply() - returns the amount of tokens in existence
    balanceOf(address account) - returns the amount of tokens owned by an address
    allowance(address owner, address spender) - an address owner gives an allowance to another address to retrieve tokens from it.
    transfer(address recipient, uint256 amount) - moves the amount of tokens from the caller address to the recipient address.
    approve(address sender, uint256) - sets the amount of allowance the spender is allowed to spend from the function caller’s address.
    transferFrom(sender, recipient, amount) - Moves the amount of tokens from the sender to the recipient using the allowance mechanism. Amount is deducted from the caller’s allowance.
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#3049

  1. Interoperability, efficiency (frictionless) and a universality of function, usage and adaptability.

  2. approve(): allow a spender to withdraw a set number of tokens from a specified account
    allowance(): returns a set number of tokens from a spender to the owner
    totalSupply() - provides information about the total token supply
    balanceOf(): provides account balance of the owner’s account
    transfer(): executes transfers of a specified number of tokens to a specified address
    transferFrom(): executes transfers of a specified number of tokens from a specified
    address

1 Like
#3050
  1. The major benefit is that a certain standard is set and therefore frictions are avoided.
    • balanceOf() gives the balance of a certain account
    • totalsupple() shows the total number of tokens
    • transfer() transfers a certain amount of tokens to another address
    • allowance() shoes the number of tokens that are allowed to be transferred from one address to another
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#3051
  1. Less friction created for easier wallet and exchange adoption since everyone’s “speaking” the same language.
  2. -totalSupply - confirms the number of tokens in circulation.
    -balanceOf - givens the available token balance of an addresses account.
    -transfer - emits details of the MOVEMENT of tokens from one address to another.
    -approve - emits details of the APPROVALS of tokens from one address to another.
    -allowance - shows the maximum number of tokens allowed to be transferred with the approve function.
1 Like