Homework: ERC20

Ethereum 101
#3474

  1. No friction, Will be usable on all wallets that support ETH from day 1 of launch.

  2. totalsupply gives info on how many tokens are in circulation.
    balanceOf gives balance of that account.
    transfer gives info to transfer X amount from one account to another.

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#3475
  1. What are the benefits of setting a token standard like ERC20?

Standards allow for integrations and interoperability between different components if they adhere to the same standard. ERC20 compliant Exchanges and Wallets will easily be able to support new tokens if they are ERC20 compliant. With this standard in place it becomes easier to support new tokens provided they suport this standard

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

totalSupply() which gives a number as an output. This number is the total supply of the token

balanceOf() which takes the address of an owner as the input and gives the balance of the users as output

allowance() function takes in the address of the tokenOwner and the spender and gives as output, the number of tokens allowed to be transferred from a given address by another given address.

transfer() function simply takes in the address of the receiver and the funds which are to be sent to the account

approve() function. You can approve someone to spend from your account.

transferFrom() function. It takes in three inputs — the address of the sender, the address of the receiver, as well as the number of tokens to be transferred. And gives an output of the success or failure of the transfer.

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#3476
  1. Having a token standard makes it easier to communicate, easier to code and is basically a universal language.

2.a. Total supply() total supply of token
2.b. balanceOf(address tokenOwner) owner balance
2.c. allowance(address tokenOwner, address spender) allowance to be transferred to an address
2.d. transferFrom(address from, address tom unit tokens) move tokens to an address

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#3477
  1. Benefits of setting a token standard like ERC20: because the standards define how we can program the tokens; everyone must use the same standards to create tokens on the ETH platform so that all exchanges and all wallets Weill be able to support the tokens from day 1.
  2. A few functions mentioned are “total supply” which tells how many coins are in circulation; “balanceOf” to obtain the total balance of # of tokens at a specific address; “transfer” allows transfer of ERC20 tokens to another public address
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#3478
  1. Because there is a uniform standard such as ERC-20, tokens interact with the same language with all wallets, exchanges, web servers, and other contracts.
  2. ERC-20 token standard functions are:
    -function total supply
    -function balance of (address account)
    -function transfer (address recipient).
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#3479
  1. It avoid friction in the economy by working with the same standards. When it comes to wallet and exchanges, everythinkg is smooth and easy if using the same standard for functions such as tot supply, account balance and transfer info for instance.

2.a) totalSupply()
b) balanceOf() this function provides the number of tokens held by a given address.
c) transfer() simple transfer from x to y
d) approve ()
e) transferfrom()
–> Those two functions are being used to pay for a function in a smart contract in a form of a 2 steps process. First i send money to a SC then I approve, so I use the function approve().

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#3480
  1. What are the benefits of setting a token standard like ERC20?
    ERC20 token is a fungible token and the smart contract is standard. And the benefits are apps can communicate each other, exchanges and wallets will communicate with any ERC20 tokens
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    You have function totalsupply they will indicate total tokens ,function balanceOf
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#3481
  1. That everyone can use the same functions and get the same result from using those functions.
  2. There are functions for account balance, transfer, total supply of that fungible token etc.
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#3482

  1. One benefit of having token standards is that new tokens deployed with that standard are ready to work with wallets and exchanges familiar with that standard from day one, applications can also talk with each other efficiently. Secondly tokens built with the same standards means they are fungible and easily exchanged between each other. Lastly there is less friction between developers and wallets/exchanges that use the same standards which results in better and faster growing ecosystems.

  2. function totalSupply() - gives you how many tokens are in circulation
    function balanceOf(address account) - shows you how much the balance of an account has
    function transfer(address recipient, uint256 amount) … - basic transfer function to a different acc

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#3483
  1. So that all wallets can communicate in the same way with all tokens.
  2. totalSupply() and balanceOf(). The first one returns the total supply of the token and the second one takes an account paremeter and returns the balance of that account.
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#3484

1.The tokens based on this standard are fungible and you can build applications ,that communicate with others that have this standard.
2.
• Total supply- which gives the total tokens in circulation
• balance of- this function provides the number of tokens held by a given address.
• transfer- sends tokens from one user to another
• approve- gives a smart contract approval to transfer an allowance of tokens
• transfer from- is used by the contract to take token from the allowance to perform its work
• allowance- provides the number of tokens allowed to be transferred

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#3485
  1. What are the benefits of setting a token standard like ERC20?
    ans-its a guide line to set a standard that will be easier for apps, exchanges and wallets to be able to communicate at ease ensuring consistency and efficiency.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    ans- here are few of the functions below:-
  • allowance : This method is exactly the same as the approved method except that it checks if one user has enough balance to send a certain amount of tokens to another.
  • transfer : A method that takes a certain amount of tokens from the total supply and gives it to a user.
  • approve : This method verifies whether a smart contract is allowed to allocate a certain amount of tokens to a user, considering the total supply.
  • balanceOf : A method that returns the number of tokens a wallet address has.
  • transferFrom : Another type of transfer method which is used to transfer tokens between users.
  • approve : This method verifies whether a smart contract is allowed to allocate a certain amount of tokens to a user, considering the total supply.
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#3486

  1. A standard like ERC 20 gives the network efficiency, enables fast and easy communication between exchanges and wallets and the tokens.

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 from to address to
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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#3487
  1. The benefits of using a token standard like ERC20 is that the same commands are used as a convention .
    • totalSupply()
    • balanceOf()
    • transfer()
#3488

  1. The benefit of setting a token standard like ERC20, is that all token in that standard will have common naming and will be more easily recognized by wallets and exchanges. It makes it more simple to use than if all tokens had their own personalized codes.

  2. Balanceof() gives a balance for an account and totalsupply shows the supply of tokens.

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#3489

  1. The most significant advantage is fungibility, which indicates that all ERC-20 tokens and applications speak the same language and can understand and communicate with one another. Furthermore, this is especially advantageous for exchanges and wallets, which may store and exchange any token developed according to this standard.

  2. totalSupply() = The sum of all balances
    balanceOf() = The number of tokens held by a specified address is returned using this function.
    The transfer() function sends a set of tokens from the message sender to a different address.

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#3490
  1. What are the benefits of setting a token standard like ERC20?
    It would make it more efficient since it will have standards within it.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    There are many functions here are some. balanceOf where you give the address of the account and you get the balance. The total supply function as well.
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#3491

1.The benefit of setting a token standard such as ERC20 is that it allows for interoperability across all ERC20 platforms and these platforms can anticipate the standard at which to expect incoming transactions/interactions just for example.

  1. BalanceOf (address) - Provides the number of tokens held by a given address
    Transfer (address to ) - transfers specified amount of tokens from 1 address to another
    approve( ) - gives an address or smart contract approval to send or interact a specific amount of funds from the approving address.
    TotalSupply () - Queries the Total supply of an ERC-20 Token.
    allowance() - the total amount able to be transferred by the queried address.
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#3492
  1. What are the benefits of setting a token standard like ERC20?
    A standard allows to build applications that interact in the same way. ie, a wallet can request information about a token on the eth network with the same code it would ask for another token.
    Standard allows developers to build consistent applications that users can use without being programmers.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?

totalSupply
balanceOf
transfer

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#3493

My Answers:

  1. I would say the main reason would be communication/connectivity in terms of allowing all systems, networks and tokens etc to easily interact with each other. If everyone created a unique or different way of coding something, it’ll be really difficult to interact with all those different types of methods.

  2. a) totalSupply() - Gives you the amount of token that are in circulation.
    b) balanceOf() - Will give you the balance of whatever you are asking for, example: address account.

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