Homework: ERC20

Ethereum 101
#3433

Standard which makes it easy for exchanges and wallets to access

funktion total supply- how many tokens there are
funktion balance of - how many tokens on the balance

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#3434
  1. Having a standard for all ERC-20 tokens allows for ease of functionality and communication between differing tokens and the Ethereum network
  2. Some of the functions in the ERC20 Token Standard Interface are: balanceof(); transfer(); allowance(); doer
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#3435
  1. A token based on the same standard like ERC20 will have the said benefits and is compatible with other ERC20 tokens as they are fungible, this standard ensures that apps are easily interoperable creating greater efficiency.
  2. Functions in the ERC20 token standard interface
    a) total supply(amount in circulation)
    b) balanceOf(address account) = balance of ERC20 tokens in address
    c) Transfer(address recipient) = send token from user 1- user 2
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#3436

  1. Efficiency, interoperability

  2. 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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#3437

  1. Using token standards like ERC-20 is beneficial because it reduces friction in the industry and allows more rapid innovation and adoption.

  2. The ERC-20 token standard interface includes functions like totalsupply() and accountOf() which allow wallets and exchanges to talk to new tokens from the day they are released. They can be adopted without any time consuming changes thereby reducing barriers to entry.

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#3438

1.Benefits for ERC20 allow wallets,exanges to easily add all erc20 tokens as they have common name in the code.
2.Contract address, total supply of tokens, name,symbol and number of decimal places…

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#3439

What are the benefits of setting a token standard like ERC20?
A: So all developers develop tokens using the same specific coding instead of each token having its own individual programming code…
What functions are in the ERC20 Token Standard Interface and what do they do?
A: balance of accounts & total supply of tokens.

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#3440

  1. Setting a token standard allows wallets and exchanges to easily interact with each token. It also propels the total ecosystem and makes it easier to code.

  2. An example of functions would be “totalsupply” Total number of tokens in existence.
    “balanceOf” the amount of tokens in an account “symbol” the ticker symbol “allowance” the number of tokens available to be transferred from one account “transfer” moving tokens from one account to another

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#3441

  1. What are the benefits of setting a token standard like ERC20?
    First benefit is that every token works on the same structure, so they can interact with each other. All Ethereum wallets/exchanges can immediatelly accept ERC20 tokens aswell.

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

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#3442

  1. What are the benefits of setting a token standard like ERC20?
    Standard make use of token compatible on different exchanges or wallet or Dapps etc.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    They perform different task like creating a new transection, sending money, checking for the balance etc.

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#3443

  1. When you have a standard, it facilitates communication with other applications, the same wallet can support different tokens.

  2. An example is balanceof, that shows how many tokens you have.

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#3444
  1. What are the benefits of setting a token standard like ERC20?
    Wallets and exchanges will accept it immediately.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    for example:
    totalSupply: the number of existing tokens
    balanceOf: shows the balance of a specific adress
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#3445

  1. What are the benefits of setting a token standard like ERC20?
    The benefit of setting a token standard like ERC20, is so that there’s easy communication between different places, allowing interoperability,

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    *balanceOf() function provides the number of tokens held by a given address
    transfer() function transfers a number of tokens directly from the message sender to another address
    allowance() function provides the number of tokens allowed to be transferred from a given address by another given address

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#3446

  1. The benefit of setting standards in networks is to create less friction. The standards make it easy for any developer to create a token, in the case of the ERC 20 standard. This means that any other dapp or wallet can easily integrate the token without having to worry about the syntax of the function.

  2. The function that are in the ERC 20 token standard are:

function totalSupply() public view returns (uint256) //this creates the total supply of tokens in the smart contract

function balanceOf(address _owner) public view returns (uint256 balance) //this one will show the balance of the wallet

function transfer(address _to, uint256 _value) public returns (bool success) //this function is used to transfer tokens to an address, which will fire the event “transfer” and return a successful event if the address has the value in the wallet.

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#3447
  1. ERC20 token standard will allow your token to be directly operable with all exchanges and wallets that use ERC20 standard.
  2. totalSupply - how many tokens in circulation.
    balancOf() - exchanges and wallets can see my account balance.
    transfer() - allows to transfer the ERC20 tokens…
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#3448
  1. One of the major benefits of setting a token standard is it increases the interoperability between tokens (because they share the same syntax) and efficient exchanges. Developing projects on a platform that’s unified as such, allows better interactions and adjustments between projects since all share the same code.
  2. The core functions of the ERC20 Token Standard Interface are-

balanceOf() - the number of tokens in a given address.
transfer() - will transfer tokens from one address to another.
transferFrom() - invoked to perform the transferring of funds by another address.
approve() - the permission smart contracts are given to use the necessary funds needed to perform requested operations.
allowance() - is the maximum amount that’s allowed to be transferred by another address via the approve() function.

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#3450
  1. It creates a standard for all smart contract developers to create a token which makes it easier to program. Also, it makes it easier for wallets and exchanges to communicate with all smart contracts in the same manner.
  • balanceOf() returns the balance of a provided address
  • transfer() transfers tokens from the message sender to an address
  • approve() and transferFrom(). approve gives the another address approval to transfer up to a specific amnt of tokens (allowance). Then transferFrom() is used to transfer funds if the sender has enough funds to do so
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#3451

  1. interoperability, keeps network friction low, wallets can communicate in same standard for each ERC20 token

  2. balance: provides # of tokens held in address
    transfer: send tokens from one address to another
    allowance: # of tokens allowed to be transferred

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#3452
  1. What are the benefits of setting a token standard like ERC20?
    Standards in IT reduce complexity and increase interoperability. Specifically, all tokens using ERC20 can be natively supported by all exchanges which understand ERC20.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    There are many functions. They will be the most commonly used functions and increase interoperability. They provide common functionality for the token to communicate with the backbone network (Ethereum). Examples include balanceOf, totalsupply, and transfer.
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#3453

  1. What are the benefits of setting a token standard like ERC20?
    With setting a token standard like ERC20 token, there will be less friction in the space to get programs to talk to each other. Thus allowing the on boarding process for exchanges and wallets for different tokens to be extremely efficient for the entire space.

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

The functions on an ERC20 token are; (1)Account Balances which represent a value that is defined by the contract creator. (2)Transfers - tokens are transferred from one account to another and the token contract updates the balance of the two accounts. (3) Total Supply - Shows the total supply of the tokens in the contract, it can also change the total supply in two ways either by minting (increasing token supply) or burning(decreasing supply).

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