Homework: ERC20

Ethereum 101
#3393

1.Language is global , everybody knows what it means , all wallets and exchanges can accept these tokens.
2.balanceof() gives balance of a specific account, supplyof() tells you how many tokens there are.

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#3394
  1. The benefits of setting token standards is that it creates less friction on the network and allows apps to communicate with each other which wouldn’t be possible if developers were running their own standards.
  2. ERC20 defines the functions balanceOf, totalSupply’, transfer, transferFrom, approve, and allowance.
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#3395

  1. What are the benefits of setting a token standard like ERC20?
    The ERC20 token standard ensures streamlined interoperability between platforms.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply(): provides the total supply of the token.
    balaceOf(): provides the number of tokens held by an address.
    transfer(): transfers tokens from one address to another.

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#3396
  1. Benefits of ERC20 token standard are efficiency, interoperability, it allows all exchanges and wallets to easily add tokens.
  2. Functions are:
  • balanceof() - provides the number of tokens held by a given address,
  • transfer() - transfers a number of tokens directly from the message sender to another address,
  • approve() - a token holder gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens, known as an allowance,
  • transferFrom() - take tokens from one account and carry on its work,
  • allowance() - provides the number of tokens allowed to be transferred from a given address by another given address.
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#3397
  1. What are the benefits of setting a token standard like ERC20?

A known standard allows for interoperability of all applications. ERC-20 standard is written to be able to communicate with all other related apps. This seamless design allows for clear communication with all ERC-20 tokens.

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

totalSupply() tells you how many coins are in circulation

balanceOf (address account) tells you the balance of a particular address

transfer() sends tokens from one user to another (does not work well when tokens are being used to pay for a function (in a smart contract)

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#3398

  1. What are the benefits of setting a token standard like ERC20?
    A standard like ERC20 allows for easier integration and interoperation of smart contracts with different platforms, exchanges and wallets.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Functions allow to display addresses and balances as well as transfer tokens between accounts.

  • totalSupply() = shows the current total supply in circulation.
  • balanceOf() = provides the number of tokens held by any address.
  • transfer() = allows the transfer of tokens directly from the owner’s address to another address.
  • approve() = a token holder gives another address approval to transfer up a number of tokens.
  • transferFrom() = allows the smart contract to automatically send a tokens from one address to another.
  • allowance() = provides the number of tokens allowed to be transferred from one account to another.
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#3399
  1. Standards allow for efficiency, clarity, interoperability and communication commonality.
  2. totalSupply() is the function to indicate how many of a specified token is in circulation
    balanceOf() is the function to indicate the balance in the specified account address
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#3400
  1. What are the benefits of setting a token standard like ERC20? All exchanges and all wallets will be able to support the token from day one

2.What functions are in the ERC20 Token Standard Interface and what do they do?
Total supply and what it does is tell you how many tokens are in circulation.
BalanceOf will tell you what the balance of a specific account is how’s many tokens you own

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#3401

  1. What are the benefits of setting a token standard like ERC20?
    Standardization is the way to mass adoption. ERC20 capable wallets could speak to each token created under ERC20 standard so there is no need to reinvent the wheel.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    e.g. total supply of tokens, balance of gives balance to specific account and many more

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#3402

  1. The main benefits are that of efficiency and frictionless standards being set across the technical platform. This allows for the space to communicate with each other. Developers building on top of the Etherium Technical Platform, benefit from wallets and exchanges being able to store or offer tokens for sale.

  2. Several functions are contained within the ERC20 Token standard but one particular stand out is total supply, which gives you the ability to see the total amount of tokens in circulation.

(i) function totalSupply ( ) public view returns (unit256)

     return  _totalSupply;

(ii) function balanceOf(address of account) public view returns

    return  _balances[account];

This function will tell you how many tokens that balance holds.

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#3403
  1. Setting a standard such as ERC20 defines how tokens are programmed. It is also beneficial for the tokens to look and function in the same manner. In addition, when the code used to program the tokens is laid out the same way, then this will permit for the exchanges and wallets to immediately support the tokens when they are launched.

2 Certain functions are TotalSupply, BalanceOf and Transfer.
*TotalSupply provides the complete available supply of Tokens.
*BalanceOf provides the available balance in a Wallet.
*Transfer is a function which will carry out the transfer function from one wallet to another.

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#3404

  1. A benefit of setting a token standard, taught in this course, includes exchanges and wallets being able to support a token much faster than if everyone created tokens their own way.

  2. An ERC20 function taught in this course is ‘balanceOf’, which exchanges or app developers can use to check the balance of an ERC20 token on their exchange or app.

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#3405

  1. What are the benefits of setting a token standard like ERC20?
    It allows wallets and exchanges to accept any currency with this standard from day 1 of its creation.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    “totalSupply” gives a maximum number of tokens for a currency.
    “balanceOf” gives the balance held by a specific address(es).

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#3406

  1. What are the benefits of setting a token standard like ERC20?
    Setting standards allows there to be no friction. ERC20 used on all tokens allows exchanges and wallets to support new tokens from Day 1. Also, alll applications are able to communicate with each other which makes things more efficient.

  2. 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.
    The transfer() function transfers a number of tokens directly from the message sender to another address.
    The totalSupply() gives you how many tokens are in circulation

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#3407

[quote=“filip, post:1, topic:8440”]

  • What are the benefits of setting a token standard like ERC20?
    Less friction means increased economy. As everything that is build on that standard for that particular smart contract will be able to integrate and interoperate. This is important as the wallet and the exchange will then be able to accept what was build as the same standard or way of doing things has been used

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    there are numberous. examples total supply: # of tokens in supply, example balance (address account): to get balance of a particular address, example etc etc

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#3408

1- The benefit of having a token standard is that allow exchanges, wallets the capability to add/support new tokens.

2- totalSupply : total of tokens of the currency
balanceOf: balance of specific wallet

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#3409
  1. Wallets can support a new token if it is created on ERC20 . Wallets can communicate more efficiently with each other if they are following the same standard
  2. Balanceof - gives the balance of a specified account . Totalsupply gives a total of tokens in supply
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#3410
  1. 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.
  2. There are following functions in the ERC20 Token Standard Interface:
    • balanceOf(): provides the number of tokens held by a given address.
    • transfer(): transfers a number of tokens directly from the message sender to another address. But it doesn’t work well when tokens are being used to pay for a function in a smart contract.
    • approve(): a token holder gives another address approval to transfer up to a certain number of tokens(allowance).
    • transferFrom(): take certain tokes from sender’s account and carry on its work.
    • doSomething(): to operate instructions.
    • allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.
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#3411
  1. What are the benefits of setting a token standard like ERC20? It allows for new tokens to be easily created.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
  • name() - lists name of token
  • symbol() - symbol of token
  • decimals() - number of decimals
  • totalSupply() - number of tokens in total supply
  • balanceOf(address _owner) - balance of owner wallet
  • transfer(address _to, uint256 _value) - transfer funds to address
  • transferFrom(address _from, address _to, uint256 _value) - transfer funds to address
  • approve(address _spender, uint256 _value) - gives approval for 3rd party to control funds
  • allowance(address _owner, address _spender) - the number of tokens allowed to be transferred from one address to another
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#3412
  1. Having standards allow. exchanges and wallets to set programs that makes it easier to add future coins, this makes it scalable than each ERC2.0 having their own code
  2. Total supply: gives maximum number of tokens that will ever be minted.
    balance of 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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