Homework: ERC20

Ethereum 101
#3052
  1. What are the benefits of setting a token standard like ERC20?
    It allows to build tokens on top of ETH network wich are 100% compatible with the existing network by default
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    There are functions that allow to transef tokens from one address to another and also to allow the Smart Contracts to be able to utilize a defined amount as an allowance for certain nodes executing the operations
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#3053
  1. The benefit of the ERC20 token standard is that it creates a Fungible token meaning all tokens are the same coding so it allows wallets and exchanges to use the new tokens.
  2. The ERC20 Token Standard Interface allows you to program functions such as total supply(), balanceOf (account address), etc.
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#3054
  1. Token standards allow all wallets and exchanges which are set up to support a token standard to accept all tokens which respect the token standard
  2. totalSupply function returns total supply of token
    balanceOf function returns token balance of wallet address
    transfer function transfers tokens from token owner account to account
    allowance function returns the amount of tokens approved by the owner that can be
    transferred to the spender’s account
    approve function allows the token owner to approve for spender to transferFrom tokens
    from the token owner’s account
    transferFrom transfers tokens from account to account
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#3055

  1. It can communicate with all other ERC20 tokens, allows wallets to provide balances for many different tokens and creates means for exchanges to list more tokens with the address added.

  • totalSupply( ) - Confirms the number of tokens in circulation.

  • 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.

  • doSomething( ) - Pays DOER (What a contract is set to do) amount of DO (Amount of versions of the set operation) to operate.

  • approve( ) - Gives another address approval to transfer up to certain number of tokens.

  • transferFrom( ) - When allowance is set, doSomething( ) can be called to use transferFrom( ) to take amount of DO tokens from holder and operate.

  • allowance( ) - Provides the number of tokens allowed to be transferred from a given address to another given address.

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#3056

  1. It makes it possible for all tokens built on the ethereum blockchain to interact with eachother because they all use the same language to communicate.

  2. Total supply which is used to read the total supply of a certain token, balanceOf which is what is used to read what the balance of a certain adress is and transferFrom which allows for the tramsfer of tokens from one adress to another adress

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#3057
  • 1 Creating a standart makes sure that all ERC 20 Tokens behave in an expected way. Compatible wallets, exchanges and the Ethereum network can effectively interact with all Tokens created using this standard
  • 2 There are 6 functions and 2 events in the ERC 20 standard.
    Functions:
  • totalSupply() = the sum of all balances
  • balanceOf() = number of tokens held by a given address
  • allowance() number of tokens allowed to be transferred from address a to address b
  • transfer() = transfers tokens from one address to another
  • approve() = way to provide the allowance volume
  • transferFrom() = way to claim part of or all of the allowance
    Events:
  • Transfer = shows details of movements of tokens
  • Approval = shows details of approvals of tokens
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#3058

  1. What are the benefits of setting a token standard like ERC20?
    Because allows you to set a standard language in which every coin is compatible in different exchanges and wallets, and doing so you are decreasing the friction and increasing the efficiency in the entire system.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    There are 3 main functions in every ERC20 Token:
    Total Supply - which gives the total amount of tokens in the system;
    Balance Of - which gives the amount of tokens that a address has;
    Transfer From - allows the transfer of tokens between addresses;

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#3059
  • What are the benefits of setting a token standard like ERC20?
    Setting token standards have benefits as far as simplicity and efficiency when it comes to making transactions and communicating with wallets. If ERC20 tokens didn’t have standards and everyone built their tokens with different standards it would make it much more difficult to trade and would require multiple wallets.
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    Some of the functions in every ERC20 tokens are the total supply function and the balanceOf(address account) function
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#3060

  1. What are the benefits of setting a token standard like ERC20?
    it makes the methodology universal and all wallets and exxchanges can interact with it

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

  • totalSupply : Returns the 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 transferred to the spender’s account.
  • transferFrom : Allows a spender account to transfer an amount of tokens on behalf of the token owner to another account.

ERC20 remains the most widely adopted standard in the Ethereum ecosystem.
From: https://yos.io/2019/04/14/erc-standards-you-should-know-about/#:~:text=ERC20%20Token%20Standard,-The%20ERC20%20token&text=The%20functions%20are%3A,owner’s%20account%20to%20another%20account.

3 Likes
#3061

  1. Standars sush as ERC20 makes the whole industry safer (since its already known and tested) and more efficient (applications can support all tokens built using the same standard).

  2. *totalSupply: returns the sum of all address balances.
    *balanceOf: returns how many tokens are owned by the address who calls the function.
    *transfer: transfer a given amount of tokens from owner’s address to another address, returns true or false depending on sucess.
    *approve: the address owner can approve another address to call transferFrom and create a transaction on his/her behalf. It returns true or false depending on sucess.
    *allowance: returns the amount of tokens to be trasnfered when a transferFrom is called.
    *transferFrom: allowsa a different address to transfer a given amount of token on behalf of the token owner to the address. It returns true or false depending on sucess.

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#3062
  1. What are the benefits of setting a token standard like ERC20?
    Every token that runs on Ethereum network (native) has the same program standard-universal commands. It defines how we program tokens that are built on the Ethereum. All exchanges and wallets are able to support tokens with ERC20 standard.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Those are fungible tokens. It means all tokens are the same-have the same value. In ERC20 there are important functions as for example:
    totalSupply() = the sum of all balances
    balanceOf() = number of tokens held by a given address
    transferFrom() = allows the transfer of tokens between addresses
    approve() = way to provide the allowance volume
    allowance() = number of tokens allowed to be transferred from address a to address b
    transfer() = transfers tokens from one address to another
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#3063
  1. The benefits of setting a token standard include immediate support from exchanges and wallets so new tokens created with the standard are ready from day one. Additionally, it helps streamline the work for developers as they all use the same functions and do not each have to code their own solutions.
  2. Function totalsupply denotes the total supply of the token created. Function balanceOf (address account) checks the balance of the account for the address in question. Function transfer handles the transferring of the token between different addresses/accounts.
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#3064

Answers:

  1. Each ERC20 token has similar functions in their codes which enable them to be interoperable for wallets and exchanges. It creates uniformity among the developers.
  2. BalanceOf(), totalsupply(), transfer() some of few functions. First provides the balance of specific account, second specifies the number total supply for that particular token and transfer is used to move the token from one wallet to the other.
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#3065

  1. What are the benefits of setting a token standard like ERC20? Allows different token types that conform to the ERC20 format to participate in transactions and allows interoperability between user wallets and exchange wallets.

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

function totalSupply(): Returns the total token supply.

function balanceOf(address tokenOwner): Returns the account balance of another account with address _owner.

function allowance(address tokenOwner, address spender) : Returns the number of tokens allowed to be transferred from a given address by another given address.

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

function approve(address spender, uint tokens): The spender authorises the withdrawal of tokens from their address.

function transferFrom(address from, address to, uint tokens): Transfers specified amount of tokens from a senders address, to a receivers address.

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#3066
  1. By having a standard we can construct smart contracts that are already compatible with all the services and exchanges that follow this standard.
  2. To mention some: Total Supply - of the token, how many will be in existence
    balanceOf - accounts balances
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#3067

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

The benefits of setting a token standard, such as the ERC20 standard include; enabling wallets to share token balance inquiries. Furthermore, enabling a platform of exchanges.

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

  • totalSupply () - defines the maximum and/ or total quantitative number of tokens
  • balanceOf () - defines an account address balance
  • transfer () - defines transferring tokens and/ or decimals of tokens to another account address
  • allowance () - defines a contracted threshold of agreed tokens

Best Regards,

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#3068

  1. What are the benefits of setting a token standard like ERC20? Allows different token types that conform to the ERC20 format to participate in transactions and allows interoperability between user wallets and exchange wallets.

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

function totalSupply(): Returns the total token supply.

function balanceOf(address tokenOwner): Returns the account balance of another account with address _owner.

function allowance(address tokenOwner, address spender) : Returns the number of tokens allowed to be transferred from a given address by another given address.

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

function approve(address spender, uint tokens): The spender authorises the withdrawal of tokens from their address.

function transferFrom(address from, address to, uint tokens): Transfers specified amount of tokens from a senders address, to a receivers address.

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#3069

ERC20 standard allows different wallets and exchanges to add and use different tokens.

  • 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
  • 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
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#3070

1-) What are the benefits of setting a token standard like ERC20?
= It allows all wallets and exchanges to accept the token as they have similar functions and is also good for the developers.
2-)What functions are in the ERC20 Token Standard Interface and what do they do?

  • totalSupply() gets maximum number of tokens that exist;
  • balanceOf() gets the balance of a specific address;
  • transfer() transfers tokens from the sender to receiver address;
  • allowance() shows the no of tokens allowed to be transferred
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#3071
  1. What are the benefits of setting a token standard like ERC20?
    A standard like ERC20 allows wallets & exchanges to be programmed to support any token using it.
  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 - gives a public addresses’ balance of ERC20 tokens
1 Like