Homework: ERC20

Ethereum 101
#3293

1.tokens are smart contracts that represent a crypto currency and the token standard is the way to deploy tokens on top of the Ethereum blockchain.

  1. you can set the total supply in circulation and also the price or worth of the token. also burn or send to address 0 to control supply and price…
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#3294
  • What are the benefits of setting a token standard like ERC20? There are a number of benefits to having this programmatic standard including (a) a consensus around how an ERC20 token is programmed, and how it can interact with the Ethereum ecosystem, (b) allowing wallets to easily adapt to changing balances of tokens and © making it easier for the token to interact with multiple exchanges on the Ethereum network.
  • What functions are in the ERC20 Token Standard Interface and what do they do? The first function is to map out wallet balances as a function of whatever the contract has programmed them to be (for example, monetary value, the holder’s reputation, or a physical object). The unit of balance IS the token. The second function is to manage the total overall supply of the token. For example, keeping a balance of deflationary/inflationary aspects of the project, utilizing “zero” addresses to burn excess coins, or ensuing that the total amount that exists remains within the guidelines of how many of it is supposed to exist (for example, BTC having a limited supply of 21 million BTCs). The third function is to define other aspects of the token such as name/symbol/amount of decimal points that are to be used in keeping the balance of it in a holder’s wallet. The last aspect of functional practicality that the ERC20 token standard indicates is coded language surrounding how the token is utilized. For example; having a “balance” function, having a ‘transfer’ function will define the programmatic language of moving tokens to and from addresses.
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#3295

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

All the exchanges and wallet application will know how to communicated with token or coin

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

Issuing transaction, checking ballane, total supply, …

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#3296
  1. The advantage is that the standard applies to all ERC20 tokens.
  2. Any standardized function such as
  • totalSupply
  • balanceOf
  • Transfer… and so on
    The function is defined in the standard function and basically bears the name of the
    function in itself
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#3297

1)What are the benefits of setting a token standard like ERC20?
When you have Standards for tokens like ECR20 the Eco-System operates smoothly with Wallets ad Exchanges.
2)What functions are in the ERC20 Token Standard Interface and what do they do?
_totalSupply gives you the total number of tokens in existence
_balances[account] gives account balances
_transfer allows you to transfer your ERC20 tokens to another public address

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#3298
  1. Everyone can build applications that can easily communicate with eachother
  2. totalSupply - how many tokens in circulation
    balanceOf - how many tokens an account has
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#3299

  1. Having standards allows wallets, exchanges… to easily add all ERC20 tokens as they have the same naming in their code, It is fungible

  2. balanceOf() Gives balance of a specific account, totalsupply() the number total fungible tokens

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#3300

What are the benefits of setting a token standard like ERC20?
What functions are in the ERC20 Token Standard Interface and what do they do?

Standards allow to communicate and integrate.
Functions totalSupply() and balanceOf()

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#3301

  1. so the computers/nodes on the network can understand each other and use less CPU power to verify contracts/transactions

  2. totalsupply states how many tokens maximum can exist.
    transfer - to send to other account
    balanceOf - advises balance of stated address
    approve - contract owner authorises the address to withdraw tokens from the contract owner address.

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#3302
  1. wallets and exchanges can easily add new ERC20 tokens because the code is standardized
  2. 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
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#3303

1.) If everyone in a community speaks the same language, theres a lot of efficiency in it.
2.) There are functions like totalsupply, so you can check how many coins are in circulation. There are functions for a transaction or functions for checking the balance of an account. Im pretty sure there are a lot more that we learn soon here.

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#3304
  1. What are the benefits of setting a token standard like ERC20?
    The ERC20 standard enables easy communication in the Ethereum eco-system. Token exchange, use of wallets, exchange sites, etc.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() - total tokens supplay
    balaceOf() - givs the balance of some account
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#3305
  1. What are the benefits of setting a token standard like ERC20?
  • The main benefit is a more efficient system. When everyoine uses the same standard, we avoid friction. Wallets know how to talk to each other when tokens are programmed the same way.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • totalSupply() = Maximum number of tokens that exist
  • balanceOf() = How many tokens on a certain account
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#3306
  1. What are the benefits of setting a token standard like ERC20?

A standard like ERC20, or any standard for that matter, lets all players know and operate on the same rule set. Makes for easier creation and operational ability for wallets and exchanges.

  1. What functions are in the ERC20 Token Standard Interface?

balanceOf - to store and return the balance of the provided address

totalSupply - calculate and return the total amount of the token that exists in circulation

transfer - send a given amount of the token to another address

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

approve - authorizes, or approves, the given address to withdraw instances of the token from the owner’s address.

allowance - provides the number of tokens allowed to be transferred from a given address by another given address

All of the above were copied and pasted from here and there but quite an interest read!

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#3307
  1. 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.
  2. Balance of () gives the balance of a wallet that you want to see.
    Totalsupply gives the total number of tokens in circulation.
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#3308

  1. The ERC20 standard simplifies interactions between all ERC20 token, wallets and Exchanges.For example imagine a world where all the countries have to solve difficult problems together but each of them has only its own language. It would be very difficult to solve the problems without understanding each other. Now imagine this world would get one language everyone understands. In this case the language would be the ERC20 standard.

  2. balanceOf() = number of token held by an address - visible to public through blockchain
    transfer() = function to transfer token from one address to another
    approve() = gives allowance for certain interactions (for example transfer a specific amount from a wallet or allow the SC to take amount x from my balance)
    Approval can exceed available balance but if the balance is insufficient the SC will fail
    transferFrom() = used for smart contracts to transfer from owners wallet but needs approve()
    doSomething() = the order for the SC

if the smart contract should send money to another address it first needs the approve() to now how much it may use. Then it has to doSomething() which in this case would be transfereFrom()

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#3309
  1. By setting a standard, all touch points for the currency read the same language, making it easier to work with and grow the currency.
  2. The functions covered so far in this lecture are:
    totalSupply() = how many tokens exist
    balanceOf(address account) = the balance of the user’s account
    transfer() = how to move coins from one account to another
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#3310

  1. The benefits of ERC20 token is that the token build on ERC20 can directly be swap in etc and the
    eth that is required for making etc token is burned for ever, that means the value of eth increases long term.

  2. With the help of ERC20 you can make wallets, exchanges and provide any web serve you want, and most imp thing is ERC20 made interoperability between tokens easy.

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#3311

  1. it is very efficient to use a standard when there are so many tokens being created. the standard allows for tokens to be easily identified and used on wallets and exchanges.

  2. totalSupply() which gives the number of tokens that currently exist
    balanceOf() is to show the balance of tokens
    transfer() allows for the transfer of tokens to another address

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#3312
  1. wallets can use different tokens, interoperability
  2. for transfer, balance check of account, totalsupply for number of total tokens
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