Homework: ERC20

Ethereum 101
#3152

You need standards for your protocol so that everyone is using the same format and can interact with each other when building different applications.

balanceOf()
totalSupply()
transfer()

#3153

Having ERC20 standard supports any wallet or exchange to be programmed on. MUch more scalable bc it has its own code
the total suupply gives max number of tokens that exist balance of the address acct give public ads balance of erc20s this allows the tranfer to another public address

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#3154

The benefit of setting a token standard such as erc20 is that there is more simplicity and adoption because of the set of general standards. If this was not the case, every token would have its own unique characteristics and coding which would make interaction much more difficult. This is one reason why the ethereum ecosystem has grown so rapidly.

The following are some erc20 token standard function:
BalanceOf(address) which returns the balance of a specific address
Total Supply() which specifies the maximum supply of tokens
Transfer() which allows you to transfer to another address
transferFrom() which also allows transfer from another address

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#3155
  1. Its good because all dapps have The same programming language so diffrent Exchanges or wallets can use it more easly
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#3156
  1. What are the benefits of setting a token standard like ERC20?
    To make a stronger community and a new coin can be supported by the wallets since day 0 for example.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Universal functions for currencies on the top of ETH, such as total supply check or balance of someone for example.
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#3157

[quote=“filip, post:1, topic:8440”]
Homework on ERC20 token standard.

1. What are the benefits of setting a token standard like ERC20?
1.A. Creating a standard means that wallets, exchanges and the programming of tokens will work with a the standard language coding and the results will be as expected. Creating interoperability is also important for safety and security, in that we know this is a tried and tested method for conducting transactions with tokens.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
2.A. balanceOf() function provides the number of tokens held by a given address. Note that anyone can query any address’ balance, as all data on the blockchain is public.
approve(): a token holder gives another address or contract an approval to transfer up to a certain number of tokens from an allowance().
allowance(): number of tokens allowed to be transferred from one address to another.
transfer(): transfers a number of tokens directly from the message sender to another address. But it doesn’t work well when tokens are being used to pay for a function in a smart contract.
transferFrom(): take certain tokens from sender’s account and carry on its work.
doSomething(): to operate instructions.

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#3158
  1. What are the benefits of setting a token standard like ERC20? It makes sure everyone is using the same protocol format which makes tokens interoperable
  2. What functions are in the ERC20 Token Standard Interface and what do they do? totalSupply is total supply of tokens balanceOf is the balance of an address transferFrom is the address funds are being sent from
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#3159
  1. It helps the developers of tokens be efficient by not having to redefine the functions necessary to create a token. Standards also allow other applications (like exchanges and wallets) to interact with a new token efficiently (in the same way as interacting with other tokens.)
  2. TotalSupply defines the total number of tokens. BalanceOf returns the balance (number of tokens) held in an account.
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#3160
  1. What are the benefits of setting a token standard like ERC20?
    Standards remove friction and allow anyone to make applications that can talk to each other.
    “All wallets know how to talk to erc 20 tokens”
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() -how many tokens in circulation

balanceOf(address account) -checks balance of particular address

transfer (address, recipient, uint amount) -transfer from one address to another

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#3161

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

Yes, but could you please explain what does functions does?

Carlos Z

#3162

  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?

  3. so anyone can use the same standard and not use different ones. and everyone has the same language
    2.totalsupply–>total supply
    balanceOf(address)–>balance of address

#3163

  1. It makes every token set like ERC20 readable by any wallet in the same way. Making it easier
    (and possible) to exchange it

  2. Function “BalanceOf()”: allows to view some account’s balance
    “totalSupply()”: maximum of tokens that exist
    “transfer()”: allows some1 to transfer their ERC20 tokens to som1 else

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#3164

1 - Interoperability, efficiency. Reduces admin friction

2 - Total supply gives the total supply of a token
balanceOf, gives the balance of the specified address
transfer, allows the transfer of ERC20 tokens to another public address

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#3165

  1. A token standard like ERC-20 allows for the token to be listed on dex’s and/or exchanges with ease. Allowing for more and faster use of the token.

  2. Functions such as total supply and balanceOf are standard to the erc-20 interface. These functions allow users to see how much supply of that token is out there for use and balanceOf allows for wallets or exchanges to figure what you have to spend in transactions. These standards allow all wallets to talk to the tokens universally.

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#3166
  1. What are the benefits of setting a token standard like ERC20?

Much more efficient, as it allows for the whole ecosystem to operate on a universal standard. Infrastructure like crypto wallets, exchanges and users are much easier to support with a universal standard

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

Totalsupply - predetermined amount of minted tokens and how many are in circulation
balanceOf - show wallet balance for user
Transfer - ability to move/send funds

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#3167

1 - A standard set of functions allow wallets and exchanges to ‘automatically’ handle any new tokens that are developed, without requiring code updates

2-
allowance() - Number of tokens allowed to be transferred from one address to another
transfer() - Details of the movement of tokens from one address to another
approval() - Details of approvals of token transfers from one address to another
approve() - approves the one-time transfer
balanceOf() - Number of tokens held by a given address
totalsupply - sum of all the balances

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#3168

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

ERC20 standards ensure that all tokens are based on the same rules, function, and structure, which results in efficiency and seamless operation across platform.

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

function totalSupply()—How may tokens are in circulation.

function balanceOf()—The balance a wallet address

function transfer()—transfer currencies

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#3169

  1. What are the benefits of setting a token standard like ERC20?
    It allows the applications to be built using the same ERC standards across all smart contracts deployed on top of etheruem network. It sets a common language for all exchanges and applications to support it without having to worry about a different framework.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() – Used to get the sum total token supply of a ABC token
    balanceOf() – Keeps track of the token balance of ABC token in each unique Ethereum wallet/address
    transfer() – After the creation of ABC token , this function can send tokens to a wallet
    transferFrom() – After ABC token is distributed, this command allows token holders to exchange tokens with one another
    approve() – Allows other accounts to withdraw a certain amount of ABC token from the account executing the function
    allowance() – After approve() is executed, allowance() is used to see the amount of ABC token that has been approved by the holder to be withdrawn from their account.

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#3170
  1. ERC20 allows a standard structure across tokens and wallets on Ethereum.
  2. The function total supply calculates all tokens in circulation.
    function balanceOf (address account) calculates balance of the particular address.
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#3171

[quote=“Aran, post:17, topic:8440”]
(Source: https://medium.com/blockchannel/the-anatomy-of-erc20-c9e5c5ff1d02 )

  1. What are the benefits of setting a token standard like ERC20?
    If all the tokens are made on the same standard, then all the platforms, programs, tools… can supprt them. You do not need to change the wallet because of the new token. Efficiency is encreased.

  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): gives a public addresses’ balance of ERC20 tokens
    transfer(): allows transfer of their ERC20 tokens to another public address
    doSomething(): operates instructions.
    allowance(): provides the number of tokens allowed to be transferred from a given address by another.

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