Homework: ERC20

Ethereum 101
#3272

  1. erc20 standard allows for seamless integration of new tokens for wallets, exchanges but also for developers.

  2. function totalSupply() = get the total token supply
    function balanceOf() = get the account balance of another account with address owner
    function allowance() = send value amount of tokens to address to
    function transfer() = send value amount of tokens from address to address
    function approve() = allow spender to withdraw from your account, multiple times, up to the value amount. if this function is called again it overwrites the current allowance with value
    function transferFrom() = returns the amount which spender is still allowed to withdraw from owner

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#3273
  1. The benefits of setting a token standard, e.g., ERC20 is that all tokens have the same set of functions for interfacing to Hardware wallets.
  2. The functions in the ERC20 Token Standard are:
    totalsupply() - returns the total number of tokens in a contract
    balanceOf() - provides the number of tokens held by a single address
    transfer() - sends tokens from one address to another address
    approve() - approves a number of tokens to be paid to a smart contract address
    transferFrom() - `After approval of a number of tokens to be paid to a smart contract address (via approval() function), transferFrom is called by the smart contract to actually move the tokens from the approver to the smart contract account.
    allowance() - returns the number of tokens “approved” for transfer.
    storeData() - request to store data on a block chain with payment in Ether or specified token.
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#3274

  1. What are the benefits of setting a token standard like ERC20? Means that all exchanges and wallets would be able to have same support on the Ethereum system.

  2. What functions are in the ERC20 Token Standard Interface and what do they do? totalSupply, balanceOf, allowance, transfer, approve, transferFrom

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#3275

  1. What are the benefits of setting a token standard like ERC20?
    The implement the same interface therefore all wallets, exchanges, etc. can easily integrate all ERC20 tokens immediately

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf(account) - the total balance of a given account
    totalSupply() - total supply of the coin
    transfer(recipient, amount) - send an amount to the given recipient

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#3276

1.Diffrent wallets will be able to support the different tokens and providing a means of exchanges for token account balances with only showing the address.

2.The functions ERC can provide are showing account balances and transferring tokens to another account.

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#3277
  1. benefits are that wallets and exchanges can always call the same functions (defined through the IERC20 Interface) no matter what erc20 token.
  • totalSupply() returns the total amount of tokens in existance
  • balanceOf(address account) returns the amount of the ERC20 tokens that the passed address owns
  • transfer(address recipient, uint amount) moves ‘amount’ of tokens to the recipient (and returns boolean value that indicates success)
  • allowance(address owner, address spender) gives the spender address the right of spending the owner’s tokens
  • approve(address spender, uint256 amount) sets ‘amount’ as the allowance of spender over the caller’s tokens
  • transferFrom(address esnder, address recipient, uint256 amount) used to transfer a set amount from sender to recipient
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#3278

  1. What are the benefits of setting a token standard like ERC20?
    The ERC20 standard imposes a standard of code set to programmers and offers a standard way to deploy tokens on the Ethereum smart contracts platform. Their use offers consistency, efficiency and interoperability.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    The functions are:
    balanceOf() Provides account balance of the owner’s account
    transfer() Executes transfer of a specific number of tokens to a recipient’s address
    approve() Allows a spender to withdraw a set number of tokens from a specific account
    transferFrom() Executes transfers of a set number of tokens from a specified address
    allowance() Returns a set number of tokens from a spender to the owner
    totalSupply() Provides information about the token’s total supply

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#3279

Homework on ERC20 token standard.

• What are the benefits of setting a token standard like ERC20?
ERC-20 came about as an attempt to provide a common set of features and interfaces for token contracts in Ethereum, and has proved to be very successful. ERC-20 has many benefits, including 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.

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

totalSupply() How many tokens in circulation
balance() The balance of wallet
allowance() how many tokens can be send from adress to adress

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#3280
  1. The ERC 20 standard allow all wallets and exchanges to instantly use new token using this standard
  2. balanceOf() publicly gives balance of a specific account, totalsupply the total number of a specific ERC20 token. These functions are included in the ERC20 standard interface.
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#3281
  1. Token standards allow ease of interaction and integration by wallets, exchanges, & Dapps.
  2. totalSupply() - gives total supply of a specific token
    balanceOf() - with an address as input, it returns the amount of tokens allocated to that wallet
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#3282

1 ERC20 standard allows wallets, exchanges, smart contracts to interact seamlessly.
2 eg. totalsupply, it shows the total number of tokens.

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#3283

  1. ERC20 ensures reliable standards on tokens and good communication between wallets and exchanges.

  2. Some mandatory functions will be - totalSupply() -BalanceOf() -transfers() -approve() -allowance()
    Optional functions -Name -Symbol -Decimals

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#3284
  1. What are the benefits of setting a token standard like ERC20?
  • The benefits of building tokens on top of Ethereum using the ERC20 standard is the ease of communication between your token and ETH platform, they have same naming and code available, the wallets and exchanges are done in the same manner and its easier for them to be read and processed.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • The functions work the same in all ERC20 tokens so the functions work the in the same way, they use the same functions names for example totalSupply(): sets the max supply for the specific token / balanceOf(): outputs the public address of the token / transfer(): moves the tokens / doSomething(): operates specific instructions / allowance(): the number of tokens that is allowed to be transferred / they all have the same names and functions are doing the same thing for each and every token that was build using the ERC20 standard.
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#3285

  1. What are the benefits of setting a token standard like ERC20?
    The benefits of a token on the ERC20 standard allows it to become more readily available on exchanges and wallets because of the standard operation or ERC20. Makes it easy for all.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Some standard token functions are totalsupply()-total amount of tokens in circulation balanceOf()-provides accounts account balance.

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#3286

1)The standards help tokens be easily accepted by wallets and exchanges because of their common codes built upon the common codes (smart contracts) based on Etherium.

2)Functions:
balance() gives the number of tokens held in the address and the total supply
transfer() tranfers an amount of tokens directly from the message sender to another address.

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#3287

  1. It helps wallets to process different fungible tokens, which communicate with the same standard

  2. Functions allow for actions within transactions. For example: getBalance, transferring, approving, etc.

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#3288
  1. The benefits of setting a token standard is that it creates less friction in the system. This is because all the different comands in solidity have the same notation in every single token built upon ERC20. This results in wallets and exchanges being able to communicate with all of the different ERC20 tokens as soon as they are added because they have the same way of writing the codes.
  2. A few examples of functions in the ERC20 token stanards are:
    totalSupply() gives the maximum amount of tokens that exist
    balanceOf(account adress) gives a public adresses balance of ERC20 tokens
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#3289
  1. What are the benefits of setting a token standard like ERC20?
    Standardisation is essential for widespread compatibility & adoption.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Functions include those for setting total coins in circulation, contract address etc.
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#3290

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

  • interoperability
  • standard way to program tokens on ethereum smart contract platform
  • easy to implement for exchanges, wallet-provider, etc.

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

  • totalSupply: how many tokens are in circulation, all erc20 tokens have this function
  • balanceOf: check the balance of an account with address, function in all erc20 tokens
  • transfer: in all erc20 tokens, to create tx’s
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#3292

1.Benefits of ERC20 Token standards: The standards allows the exchanges/ Wallets to easily add all the ERC20 tokens by making use of the functions/ events available that makes interoperable and consitency across the ERC20 tokens.

  1. Different Functions:
    a.Total Supply() returns total amount of tokens exist in circulation
    b. Balanceof() returns the balance of provided address
    c.Transfer() lets Owner of smart contract to send a given amt to the provided address
    d. Approve lets the owner of smart contract to authorize the given address to withdraw / Approve the amount.
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