Homework: ERC20

Ethereum 101
#3172

#1 Having a standard like ERC20 makes it possible for all apps, tokens etc. to be on the same page and not creating confusion. Also allowing wallets to provide token balances for hundreds of different tokens and creating a means for exchanges to list more tokens by providing nothing more than the address of the token’s contract. A standard is needed.

#2totalSupply() - returns - (uint);
balanceOf(address tokenOwner) - returns - (uint balance);
allowance(address tokenOwner, address spender) - returns - (uint remaining);
transfer(address to, uint tokens) -returns- (bool success);
approve(address spender, uint tokens) - returns - (bool success);
transferFrom(address from, address to, uint tokens) - returns - (bool success);

1 Like
#3173

  1. What are the benefits of setting a token standard like ERC20?
    Enforcement of standard naming of important functions creates a better development environment by preventing having to writing multiple function calls for differently named functions.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    There are functions that get balance, transfer funds, and approve of transactions. These are common functions that would be used by many developers and make sense to have reserved names.

1 Like
#3174

1- Giving everyine the same platform to build on will allow the system to funtion at max rate.
2- Functions
totalSupply() - total supply of tokens
transfer() - transfer tokens from the sender address to another
balanceOf() - gives back the balance of a specific address
approve() - approve someone to spend from your account
allowance() - shows how many tokens are allowed to be transferd

1 Like
#3175
  1. Benefit is to facilitate one standard for repetitive use cases to make the system interoperable with wallets and exchanges and reduce friction and make it easy to communicate using one standard.
    2, Interoperability. Ease of transactions. One language by developers and partenrs
1 Like
#3176

  1. What are the benefits of setting a token standard like ERC20?
    Tokens have functions and if we unify the functions in standards, then wallets, exchanges and other stakeholders can communicate with each other in an easy way(naming and parameter conventions). Without standards, everyone would build their own set of rules which wouldn’t be in the line with what we all want – transparency, interoperability and speed of the transaction.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    ERC 20 has functions. Here are some examples:

  • Total supply (to know what is the total supply of the token)
  • Balance (if you want a balance of a particular address, tokens use this function)
  • function for transferring ……
2 Likes
#3177

1. What are the benefits of setting a token standard like ERC20?
Instead of each token having its own code, ERC20 standard allows wallets and exchanges to be programmed to support any token.

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

1 Like
#3178

  1. Having a token standard like ERC20 makes it easy for any platform to add a new token easily because the “mold” is the same with the others. Wallets and exchanges can easily hold a token and that facilitates the network effect of a token.

-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

1 Like
#3179

  1. all wallets will be able to adapt (talk to the new token immediately), basic (functions) codes are written the same way.

  2. 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.

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

Basically they are unifying the mandatory comands

1 Like
#3180
  • What are the benefits of setting a token standard like ERC20?

The standard garantees compatibility with wallets and exchanges and make life easier for developers.

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

balanceOf() provides the number of tokens held by a given address
transfer() send tokens to another account
approve() allows another account to take tokens from a user’s account
transferFrom() transfers tokens from a users account to another account after approve() has been called successfully
allowance() specieid the maximum of tokens that can be transfered from a user’s account

1 Like
#3181
  1. What are the benefits of setting a token standard like ERC20?

Benefit of every standard is the fact you can collaborate on a larger scale and create systems and protocols that are richer in users and have more traction. INTEROPERBILITY is the key word when we speak of standards within crypto tokens or any other technology - from construction industry, to mechanics and language.

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

_totalSupply;
balanceOf(address account)
transfer etc…

“When did you get so clever?"
"When I realized I wasn’t as clever as I thought.”

1 Like
#3182

  1. The benefits of setting a token standard like ERC20 are:(a) It reduces administrative friction, (b) enables seamless interaction with wallets, exchanges, web servers, other contracts, and © promotes programming best practices.

  2. The functions that are in the ERC20 Token Standard Interface and what they do are as follows:

  • totalSupplyOf() this function allows an instance of the contract to collect and return the total amount of the token that exists in circulation.

  • balanceOf() allows a smart contract to store and return the token balance of the provided address .

  • approve() authorizes the given address to withdraw instances of the token from the owner’s address.

  • transfer() Permits the owner of the contract to send a given amount of the token to another address directly.

  • transferFrom() allows a smart contract to automate the transfer process and send a given amount of the token on behalf of the owner

  • Token name, Token symbol and Number of Decimal are optional.

1 Like
#3183

1: It allows wallets to support any token on that standard.
2: totalSupply() -sets the max supply of the token
balanceOf() -provides the number of tokens in an address
transfer() -transfers tokens from the message sender to a different address

2 Likes
#3184

Prevent all kinds of different ways and protocols so the community can work together with the least of firction. This creates a flow which fastens the way we create new code.

Standardized functions so that everyone that use the same functions use the same code and so everyone’s code is very similar.

1 Like
#3185
  1. So platforms, exchanges, all wallets etc. can all support them (same “language” makes it easy).
    • balanceOf(address account) = to know the balance of someone’s ethereum address
    • totalSupply() = all tokens in circulation
1 Like
#3186

ERC20 Is a standard meaning that all platforms using this standard ar interoperabile.

1 Like
#3187
  1. What are the benefits of setting a token standard like ERC20?

Standards are very important because creating uniformity leads to efficiency. When you have a standard for programming all tokens the same way it creates the ease with which they can be transacted.

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

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. Although transfer() is fine for sending tokens from one user to another it doesn’t work so well when tokens are being used to pay for a function in a smart contract.
The approve, transfer from, and allowance functions are used in smart contracts when more detail is needed. This is pretty foreign to me so I hope this is correct.

1 Like
#3188
  1. What are the benefits of setting a token standard like ERC20?
    This makes it easier for all exchanges and wallets to support the tokens because it all has the same standard of programming.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf(address account)= balance of an ethereum address
    totalSupply()= amount of circulating tokens
1 Like
#3189
  1. What are the benefits of setting a token standard like ERC20?
  • ERC20 tokens are simple and easy to deploy.
  • The ERC20 standard solves a significant problem, as blockchain-based marketplaces and crypto-wallets need a single, standardized set of commands to communicate with the range of tokens they manage. This includes interaction rules between different tokens, as well as token purchase rules.
  • It was the first popular specification to offer Ethereum token standardization. It was not by any means the first , but thanks to its popularity, it quickly became the industry standard.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • 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.
1 Like
#3190

An ERC20 standard allows any other tokens written with that code to be accepted from day 1. Exchanges and wallets understand the code and therefore can use any new tokens written with the urc20 script.

1 Like
#3191

  1. The benefit of standards are so that all tokens that are the same standards can communicate which makes things much easier.

  2. totalSupply function which is the total fungible tokens that exists.
    balanceOf function gives available balance for an account.

1 Like