Homework: ERC20

[Tayowulf]

1. The benefits of setting a token standard like ERC20 is that it enables Interoperability in functions. This means that exchanges/wallets that support the token can seamlessly integrate with it.

2. The different functions in the ERC20 token standard include but aren’t limited to:
   totalSupply = Shows the total supply in circulation.
   balanceOf = The balance of the account.

[Bob_Smith]

1/. Because ERC20 standard tokens have many common manes for their code making it easier for exchanges.

2/. balance Of () gives the number of tokens in the account.
transfer () moves tokens to and from accounts. Plus many more.

[Maikimais]

1. The benefit of using a standard like ERC20 is that new tokens are already accepted to already existing wallets, because the way the wallet interacts with that specific new token is the same as all other ERC20 tokens.
2. Main functions are:

• totalSupply(), returns maximum number of tokens in existance
• balanceOf(address account), returns balance of specified account
• transfer(), moves ERC20 tokens from sender address to recipient address

[bitcoinjim]

1. The tokens and network can communicate better with same language.
2. Total supply can show the supply of a token, balanceOf shows shows your balance, transfer shows the transfer of the tokens.

[mawize]

1. A standard is a platform for builders. Having all programming after the same guideline makes the built things compatible to each other.
2. balanceOf() - number of tokens held by a given address
   transfer() - sends tokens from this address to another
   approve() - gives approval to transfer up to a certain number of tokens to another address
   transferFrom() - when caller is approved, sends number of tokens from one address to another
   allowance() - number of tokens allowed to be transferred by approved address

[P.T.O]

1. Setting a technical standard that demands number of rules and actions allows the community and network to create a work foundation.

• totalSupply (provide information about the total token supply)
• balanceOf (provide account balance of the owner’s account)
• transfer (execute transfer of a specified number of tokens to a specified address)
• transferFrom (execute transfer 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 (return a set number of tokens from a spender to the owner)
• ( also transfer event and approval event)

[elea]

• What are the benefits of setting a token standard like ERC20?
  It is a standard that is set, that makes it possible for wallets and exchanges to read the code of a new token that is build on top of ethereum. So they are able to support any token using the same standard.

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

• Total supply (is showing the total supply of tokens in circulation
• Balance of (adress account) - makes it possible to show the total balance of a certain adress.
• transfer functions (makes it possible to transfer from one account to another)

[PBARETY]

1. By setting a token standard like ERC20, it enables wallets and exchanges to support different kinds of new entering tokens on the Ethereum blckchain.
   2.Few ERC20 functions :

• The totalSupply() function gives the sum of all balances (tokens available) in the network
• The balenceOf() function gives the number of tokens of a particular account
• The transfer() function is used to transfer a number of tokens from the sender to another account

[EddieSpaghetti]

1. All exchanges and wallets can support any token.
2. totalSupply (provides the number of coins in circulation), balance Of (provides the number of tokens in an account balance) and transfer (to transfer tokens from one account to another).

[Hsu_Li]

1. What are the benefits of setting a token standard like ERC20?
   So that there’s a standard on which exchanges and wallets can all use to process tokens.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   totalSupply()
   balanceOf()
   transfer()

[timtim]

1. Using a common token standard affects on how the tokens are programmed. This makes using the standard more efficient since for example all exchanges and wallets operating by the standard would support the tokens.

2. There are functions in the ERC20 Token Standard that allow users to find out the balances of the accounts (“balanceOf”) as well as to transfer them from one account to another under varying conditions (“transfer()”). Also the function regarding the total supply (“totalsupply”) of a token is important in the interface.

[Markus_Bielaszka]

1. The benefits are that there is no conflict if everyone uses the same token standard. If everyone used different programs to program tokens then that would have been a problem for the wallets and exchanges to integrate the tokens. Using a standard token makes it very beneficial for Ethereum, it makes it so that you can already integrate the tokens with all wallets and exchanges from Day 1.

2. totalSupply(): Gives you the number of tokens that are available right now.
   balanceOf(): To know the balance of a specific address
   transfer(): To transfer tokens from one address to another

[BAAL]

1. What are the benefits of setting a token standard like ERC20?
   Standards help minimize the friction in new businesses for cost, functionality and production time. This makes it easier to utilize smart contracts in web services, exchanges and wallets.

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

a. function totalSupply() public constant returns (uint) - Total Supply of the token, number output.
b. function balanceOf(address tokenOwner) public constant returns (uint balance) - Takes the owners address and gives the balance of the users.
c. function allowance(address tokenOwner, address spender) public constant returns (uint remaining) - Number output of tokens allowed to be transferred between owner and spender addresses.
d. function transfer(address to, uint tokens) public returns (bool success) - Boolean output T/F of receiver address letting the user know if the transfer was successful.
e. function approve(address spender, uint tokens) public returns (bool success) - Boolean output T/F to allow someone to spend from your account.
f. function transferFrom(address from, address to, uint tokens) public returns (bool success) - Boolean output T/F, 3 Inputs for sender, receiver and transfer amount.

[Eric-R]

1. All wallets and exchanges can support the token right out of the gate, since all use same standard API.
2. From a medium article: balanceOf (get the balance at an address), totalSupply (returns the total tokens in circulation), transfer (move tokens to another address), transferFrom (more automated version of transfer), approve (authorize withdrawal from owner’s address), and allowance (“gives the 3rd party the right to facilitate a transaction with the owners token” [ref. https://tokenallowance.io/]). There are other, optional functions.

[pmilo]

1. What are the benefits of setting a token standard like ERC20?
   It allows the token(s) to work with exchanges and wallets that support the erc20 standard.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   Definitions from article; https://yos.io/2019/04/14/erc-standards-you-should-know-about/

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.

[Steph]

What are the benefits of setting a token standard like ERC20?
Standardising the rules wrt tokens makes the admin and progamming
a lot easier and faster if all players are on the same page when
creating, adding,transfering, spending and talking about tokens

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.
Transfer() is details of the movement of tokens
Approval() approvals of tokens from one address to another.

[Steph]

What are the benefits of setting a token standard like ERC20?
Standardising the rules wrt tokens makes the admin and progamming
a lot easier and faster if all players are on the same page when
creating, adding,transfering, spending and talking about tokens

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.
Transfer() is details of the movement of tokens
Approval() approvals of tokens from one address to another.

[justinride]

1 efficiency because wallets can hold various tokens the same way
2 totalSupply

[Ongdanhchet]

1. The benefits of setting a token standard like ERC20 is because if all of the tokens are created in the same way like ERC20 tokens, the code is laid out in the same way so all exchanges and wallets will be able to support these tokens from day one. This has been beneficial for the entire space.

2. Some functions in the ERC20 Token Standard Interface are totalSupply() which gives you how many tokens are in circulation, and balanceOf(address account) which gives you how many tokens are in the balance of the specific address.

[Jahm]

1. I just realized how profound Ethereum is! This is so cool! You can have hole industries that can seamlessly communicate with each other’s programs and applications! Holy smokes
2. The functions of the ERC20 token standard interface can be used to transfer token between account and in and out of smart contracts.