Homework: ERC20

Ethereum 101
#3333
  1. The benefits of setting a token standard like ERC20 are that you can create a system whereby everyone can gain efficiency in the system where many different actors can integrate their actions seamlessly by reducing the friction of individualized coding decisions.
  2. Functions in the ERC20 Token Standard Interface include, for example, totalSupply() to allow you to find out how many tokens are in circulation, balanceOf(address account) to allow wallets to check balances of particular addresses, transfer() to allow the exchange of ERC20 tokens to other addresses, allowance() providing the number of tokens allowed to be transferred, etc.
2 Likes
#3334
  1. The benefits of setting a token slandered to erc 20 is that everyone can understand it. Having the same standard allows for every exchange to be able to accept different tokens becasue the are all ECR 20 slandered tokens.

2 balanceOf( ) gives the number of tokens held by an address.

apporve() allowes the smart conrtact to access an account for task the user has authorized.

transferFrom( ) is an operation that dosomething() can use to get a hold of funds.

dosmoehting() allows the smart contract to operate a specific task.

allowance () gives the set amount of what the task can do.

1 Like
#3335

Homework on ERC20 token standard - Answers

  1. What are the benefits of setting a token standard like ERC20?
    Having a token standard in place allows for more efficiency in the token economy, as friction is reduced, allowing for more time to be allocated for function of an application rather than bridging gaps in communication.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Functions in ERC20 allow for all apps and programs using ERC20 to essentially speak the same language and communicate more efficiently using the same vocabulary. Examples such as “balanceOf” or “transfer” come to mind when discussing specific ERC20 functions.

1 Like
#3336

What are the benefits of setting a token standard like ERC20?
So we all have to use it the same way with “protocoles” thus making it easy and identical to run for everyone which avoid conflict and frictions. Which allow to use any tokens on the ETH bc and with eth standards like wallets

What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf() To know what is balance of one address
approve() Approve XX tokens to be transfer from one address to another
allowance() To know how much tokens is allowed to be transfer
transferOf() Transfer XX tokens from one address to another

1 Like
#3337

1-What are the benefits of setting a token standard like ERC20?
-having standards reduces friction
-wallets can use different tokens, interoperability
-easy communication in the Ethereum eco-system

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

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 transferred

1 Like
#3338
  1. Increases Efficiency. Makes it so all tokens can be exchanged easily.

ALLOWANCE() provides number of tokens allowed to be transferred from a given address by another.
doSomthing(): operates instructions
Transfer() transfer tokens from the sender address to another address
Approve() owner authorizes to withdraw tokens
Balance of() gives back the balance of a specific address

1 Like
#3339

  1. All wallets and tokens follow same standard convention and are able to communicate and interoperate with each other efficiently.

  2. totalSupply(): max number of tokens that exist
    balanceOf(): gives a public adress balance of ERC-20 tokens.
    transfer(): allowes transfer of ERC-20 tokens to another public adress.
    doSomething(): operating instructions
    allowance(): provides the number of tokens allowed to be transferred from a given
    adress to another.

1 Like
#3340

  1. When you have a standard for how a token is made then it is easier for programmers to write applications which deal with these tokens multiple tokens at the same time.

  2. There are functions describing the total circulating Supply of the token. There are functions describing how send the token. Basically there are functions to describe how you interact with the token and how the token is formed.

1 Like
#3341
  1. It’s useful because it permits for each token to be compatible with all application built or using ethereum, as Metamask for exemple.
  2. BalanceOf(), transfer(), approve(), transferFrom(), allowance()
1 Like
#3342
  1. Some benefits of token standards include ease of compatibility for end users(wallets, exchanges), and simplifies the programming process for dapps developers.
  2. Total supply of tokens, balance public addresses, and ability, to transfer data from one address to another.
1 Like
#3343

1.It makes all the exchanges and wallets to support new token on Ethereum from day1.
2. several : total supply(how much tokens supply in general), balance of (check how much token in a account) , transfer (transfer token from account A to account B)

1 Like
#3344

  1. The benefits of setting a token standard like ERC20 are that wallets and exchanges will know to read tokens with that standard exactly like all the other tokens with that standard and all its same conventions and functions. It makes things easier for fungible tokens build on the ETH platform if they all share the same standard.

  2. So there is the totalsupply() function which gives the information of how many tokens are in circulations. There is also the balanceOf(address account) in which tells the wallet how much a certain given address has in terms of token balance.

1 Like
#3345

1)The ERC-20 token standard allows exchanges and wallets to easily utilise the token as they are ruled by the same standards.

  1. BalanceOf () - gives balance of the specific holdings of the given address

    Transfer() - transfers tokens to another wallet address

    doSomething ()- gives instructions

    approve()- is the second phase in the Transfer() function allowing for tokens to be transferred to another address

1 Like
#3346

  1. The benefits of having an ERC20 standard are enabling interoperability between apps and wallets, this increases efficiency and allows programmers to use a common language. a set of functions all tokens support and follow allowing them to be compatible.

  2. The functions of ERC20 token standard interface are,
    total supply; the maximum number of tokens that exist
    balanceof; the wallet account balance of a given address
    transfer; move a number of tokens from message sender address to another
    transferfrom; send a value of tokens from one address to another as payment
    approve; to approve transfer from tokens being used as a payment in a smart contract
    allowance; gives the amount available the wallet holds for withdrawal

1 Like
#3347
  1. What are the benefits of setting a token standard like ERC20?

Having the token standard ERC20 for a platform like Ethereum is beneficial because it allows any ERC20 token to integrate with other contracts, wallets or marketplaces on this platform and it provides a guideline on how to create platform-compatible tokens that can be quickly deployed after their development. Overall, such a standard makes the Ethereum ecosystem more efficient.

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

The functions are:

totalSupply() – returns total number of tokens that exist
balanceOf() – returns the number of tokens held by a given address
transfer() – transfers a number of tokens from the sender address to the address of the recipient
approve() – the owner of tokens approves a particular account (e.g. smart contract) to withdraw tokens from the owner’s account and transfer these tokens to other accounts
allowance() – returns the number of tokens allowed to be transferred from a given address by another given address (“another given address” can be a smart contract)
transferFrom() – provides approval to a specific account (e.g. smart contract) to transfer tokens from the address that owns these tokens to another address; the allowance represents the upper limit for tokens to be transferred in this process in total

1 Like
#3348
  1. Ease of communication and integration that standards provide.
  2. balanceOf(), totalSupply() as examples, balanceOf returns the balance of a token for a given address and totalSupply returns the total supply of a given token.
1 Like
#3349

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

Setting a token standard allows a common language and set of functions to be used commonly among different projects/tokens on a network, reducing the chances that EVMs do not have unexpected issues handling different versions of the same operations.

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

https://eips.ethereum.org/EIPS/eip-20

These set of functions provide standard naming conventions and definitions of operations that are common among the tokens on the ethereum blockchain.

1 Like
#3350

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

Implemented in 2015, “Ethereum request for comment”, or ERC20, refers to the programming standard used when creating smart contracts / tokens on the Ethereum blockchain. It is like a set of basic guidelines that any new token built on the Ethereum network must follow.

Without the standards, everyone would be building their own version of code and it would be hard for wallets and exchanges to navigate through these smart contracts when the functions do the exact same thing, but differ only in name or some other small detail.

By using the functions, wallets and exchanges can support ERC20 tokens as soon as they are created.

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

totalSupply() - gives you how many tokens are in circulation

balanceOf(address account) - gets the token balance of a specific account

transfer - transfers a specified number of tokens from a specified address

approve - allows a spender to withdraw a specified number of tokens from a specified account

1 Like
#3351

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    efficiency, simplicity, avoid friction to scale!

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balance of : gives balance of a specific address
    totalsupply : gives the number of tokens
    transfer: transfer tokens to another address

1 Like
#3352

  1. What are the benefits of setting a token standard like ERC20?
    Setting a standard like the ERC20 token standard allows adoption to happen more quickly since every exchange and wallet that already accepts the standard can accept a new token that is created by using the standard. It connects everyone that is willing to build with the standard.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    There are several functions and amongst these the following are included: totalsupply () that will provide how many tokens are in circulation, balanceOf (address account) that will provide the balance of a wallet, transfer and allowance. Basically these functions will fetch data from the network and trigger the execution of commands.

1 Like