Homework: ERC20

Ethereum 101
#3252
  1. What are the benefits of setting a token standard like ERC20?

The ensures interoperability and leads to an efficient economy.

  1. What functions are in the ERC20 Token Standard interface and what do they do?
  • totalSupply() : total circulating amount of tokens
  • balanceOf() : balance of address account
  • transfer() : transfer tokens from owner’s account to another account
  • approve() : a token owner can approve a spender to transfer tokens from token owner’s account
  • allowance() : the amount of tokens approved by the owner that can transfer to the spender’s account
  • transferFrom() : allows a spender account to transfer an amount of tokens on behalf of token owner to another account
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#3253

  1. That standardize the code for all smart contracts, making it easier to read and to fetch data for different tokens.

  2. totalSupply(), it gives the maximum amount of tokens that will be created;
    balanceOf(address), gives the balance of a token in a wallet;
    transfer(), a function to transfer funds between wallets

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#3254

  1. By using a standard when creating smart contracts and new tokens, existing wallets and exchanges will be able to handle them.

  2. Here are some of the functions in the ERC20 token standard:

  • totalSupply(): returns the token’s total supply
  • balanceOf(address): returns the balance of specified address
  • transfer(): transfer tokens from one address to another
  • allowance(), approve() and transferFrom() are other functions
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#3255
  1. It allows the network to communicate more smoothly and has propelled this industry forward
  2. Function (total supply) is how many tokens are in circulation and Function (balanceOf) gives balance of tokens in the account
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#3256
  1. Setting this standard helps eliminate friction and ease of exchange for different tokens.
  2. Totalsupply shows us the total amount of fungible tokens and Balance of Account Address allows the exchanges and wallets to see how much an account has within it.
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#3257

  1. What are the benefits of setting a token standard like ERC20? - That it will be able to integrate with all other Dapps that are under the same standard - Cross functionality

  2. What functions are in the ERC20 Token Standard Interface and what do they do? One of them is “totalsupply” that provides the balance.

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#3258
  1. That all of the tokens can be code with the same functions, and can interact between each other.
  2. Okay, there are a lot of different functions, but mainly, balanceOF() that shows balance, transfer() that allows transfers, approve() for allowing a wallet to do something special, transferFrom() to carry out this special task previously approved. Also, you have allowance() to see the numbers of tokens allowed to be transfered.
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#3259

1. What are the benefits of setting a token standard like ERC20?
I.Scalability: Wallets and exchanges can be programmed to support all tokens that adhere to the ERC20 protocols.:writing_hand:t5:
II.Interoperability amongst tokens - that is that tokens that adhere to the ERC 20 standard can communicate with each other.
2. What functions are in the ERC20 Token Standard Interface and what do they do?

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( Investopedia, 2021):writing_hand:t5:

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#3260

  1. What are the benefits of setting a token standard like ERC20?
    The tokens are able to communicate with each other in a predictable way and thus increase efficiency.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() - it tells how many tokens are in circulation.
    balanceOf() - returns the balance of a particular address.
    transfer() - transfers a specified number of tokens to a specified address.
    transferFrom() - transfers a specified number of tokens from a specified address.
    approve() - withdraws a specified number of tokens from a specified account.
    allowance() - returns a specified number of tokens from a spender to the owner.

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#3261

ERC20 standard allows wallets and exchanges to be programmed to support any token using that standard, this is much simpler and scalable than each token having its own personalized code.
It ensures all apps are interoperable and brings consistency to community by increasing efficiency.

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
#3262
  • What are the benefits of setting a token standard like ERC20?

It allows for a standard way of creating tokens that makes it easier to integrate with wallets, exchanges.

  • What functions are in the ERC20 Token Standard Interface and what do they do?
  • totalSupply - total units of currency issued for for that token
  • balanceOf(address) - balance of a given account
  • transfer - transfer from owner’s address to another one
  • approve - a token holder gives another address approval to transfer up to a certain number of tokens, known as an allowance
1 Like
#3263

  1. Having the standard ERC20 token allows for developers to be able to work with various tokens with standard functionality. It also ensures apps like wallets can treat tokens the same and don’t need to build special treatment for each.

  2. All ERC20 tokens have the functions transfer(), balanceOf(), and allowance()

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#3264
  1. they all share the same functions

2 total supply, balancOf and transfer

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#3265
  1. What are the benefits of setting a token standard like ERC20?
    We can build applications that can talk to each other and this reduces friction.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Total supply function tells you how many tokens are in circulation.
    Balance of function tells you how many tokens a wallet has.
    Transfer function allows you to transfer funds
1 Like
#3266
  1. What are the benefits of setting a token standard like ERC20?
    Setting the ERC20 specification for token architecture allows for interoperability and reliability when dealing with smart contracts. As a result, wallet deployment and the development of new tokens are simplified.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    The contract address, total supply of tokens, name, symbol, and number of decimal places are the main standardised functions in an ERC20 token.
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#3267
  1. Setting a token standard, such as ERC20 enables different wallets and exchanges to seamlessly integrate and be compatible with different tokens. This improves scalability and reduces ‘friction’, among other benefits.
  2. (1) totalSupply: Returns the total circulating amount of tokens
    (2) balanceOf: Returns how many tokens exist in an account
    (3) transfer: Transfer an amount of tokens from owner’s account to another account
    (4) allowance: Returns the amount of tokens approved by the owner that can be transferred to the spender’s account.
    (5) transferFrom: Allows a spender’s account to transfer an amount of tokens on behalf of the token owner to another account.
    (6) approve: A token owner can approve for spender to transferFrom tokens from the token owner’s account.
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#3268

  1. The benefits of setting a token standard like ERC-20, is that allows for the definition of how we program new smart contracts. i.e. new money, new tokens and new models. This allows for less friction when having different programmed units interact with each other since they are all operating from the same naming conventions and same parameters. Especially when the same the instructions are repeated (LOOPs).

  2. The functions in the ERC20 Token Standard Interface are numerous but common ones can be the following function totalsupply () or function balanceOf (address account). These can allow wallets to provide token balances for hundreds of different tokens and create a means for exchanges to list more tokens by providing nothing more than the address of the token’s contract.

Some other from the medium article include:

  • The balanceOf() function provides the number of tokens held by a given address.

  • There are two ways to send tokens from one address to another. The transfer() function transfers a number of tokens directly from the message sender to another address.

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#3269

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

  • Interoperability between tokens
  • Exchanges can immediately support ERC20 tokens
  • Efficiency

What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf (account address ) : returns number of tokens in a given address
totalSupply (): returns amount of tokens in circulation
transfer() : transfers a specified amount of tokens to a specific address
transferFrom() : specifies a “from address” to transfer a specific amount of tokens
approve() : allows a token holder to approve the transfer of a certain amount to another address
…

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#3270
  1. What are the benefits of setting a token standard like ERC20?
  • It allows all exchanges and wallets to support any new tokens from the start.
  • It allows for interoperability between apps.
  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 owner’s account to another account
  • allowance: Returns the amount of tokens approved by the owner that can be transferred to the spender’s account.
1 Like
#3271
  1. universal compatibility and communication
    2.standard for fungible token
    totalsupply
    balance
    transfer to and from
    approve and allow
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