Homework: ERC20

  1. compatibility between wallets exchanges etc… new tokens can easily be added, great for mass adoption

  2. totalSupply() - how many tokens are in supply
    balanceOf() - token balance of a particular address
    transfer() - Transfer tokens from one address to another

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  1. What are the benefits of setting a token standard like ERC20?
    One of the benefits of setting a token standard is that all token contracts created w/ the ERC-20 template can be identified by ERC-20 wallets and exchanges.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    The functions of ERC-20 contracts allow users to check balances of accounts, and transfer balances.

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  1. ERC20 is the standard used to program fungible tokens. In order for the ETH to function properly, standard procedures must be followed.
  2. ERC20 functions for sending tokens and checking your avaiable balances.
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  1. Setting a standard is good so that the tokens are compatible with all wallets and exchanges. Making it easy for them to be moved in and out of storage.

  2. The contracts that have a function of the “Do” and the “Doer”. When a task is set, and that task has been completed, the contract is complete, and all parties have been served appropriately.

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  1. Benefits of setting a token standard like erc20: it will make it easier to be recognized in wallets and exchanges.
  2. Two of the functions in erc20 tokens are “total supply” tells you the total of tokens. and “balance of” tells you the value of the tokens in your set currency.
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  • 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?
  1. Standardization allows for scalability, consistency and improved efficiency to a network, wallet and exchange. It establishes a streamlined set of rule that essentially mean the same thing

  2. balanceOf(): number of tokens held in a given address.

transfer(): transfers a number of tokens directly from the message sender to receiver.

approve(): a token holder gives another address approval to transfer up to a certain number of tokens(allowance).

transferFrom(): take certain tokens 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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  1. What are the benefits of setting a token standard like ERC20?
    That it would be added to the
  2. What functions are in the ERC20 Token Standard Interface and what do they do?

transfer(): to transfer tokens to another wallet

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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  1. What are the benefits of setting a token standard like ERC20?
    Wallets and contracts can understand one another with ease using the standard. Code can be re-used and contracts can work with one another with all sorts fo tokens new and old as long as they use the standard.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    name - (optional) Name of token
    symbol - (optional) Nice short symbol for token
    decimals - (optional) The number of decimals the token representation should use
    totalSupply - The amount of tokens that can exist
    balanceOf - The taken balance of another account
    transfer - Transfer some of the token to another address
    transferFrom - Withraw money from an account if the contract has been authorised to do so
    approve - Give authorisation to an account withdraw up to a certain amount
    allowance - The remaining amount an account is authorised to withdraw

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  1. Standards allow all currencies created on this platform to interact with one another, and therefore anyone can create and have their currency function with others.

  2. Some functions are
    a) Total Supply
    b) Transfer or approve

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  1. Creating the ERC-20 standard allowed for multiple tokens to be created on top of a network, be interoperable, and increase efficiency.
  2. balanceOf () - amount of token held by account
    totalSupply() - the total supply of the token
    allowance() - how many tokens are to be transferred
    transfer() - transfers tokens directly to receiver
    approve () - approve someone to spend from your account
    transferFrom() - invoked to perform transferring from one account to another with addresses and amount
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[quote=“filip, post:1, topic:8440”]
Homework on ERC20 token standard.

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

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

  3. Allowing wallets to provide all token balance, it creates means for exchange.

  4. The balance of () 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 allowance function provides the number of tokens allowed to transferred from a given address by the other given address.

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  1. Having a token standard such as ERC-20 allows for programmers to easily deploy contracts on the Ethereum network that can easily be accessed by wallets and exchanges.
  2. balanceOf() shows the balance of a given account, totalSupply() will show the maximum tokens to exist for a contract.
  1. All tokens created on ERC20 are able to communicate/interact with each other and the network easily. This includes communication with storage (wallets) and interfaces.
  2. ERC20 token functions,
    a) balanceOf() = an addresses number of held tokens
    b) transfer() = transfers tokens from sender to another address.
    c) totalsupply [is mandatory] = the total of all balances.
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  1. What are the benefits of setting a token standard like ERC20?

Having a standard like ERC20 allows wallets and exchanges to be programmed to support any token using that standard. This is much simpler and more scalable than each token having its own personalized code.

  1. 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 one address to another address.
  • approve() function approves someone to spend from your account.
  • allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.
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  1. It’s much easier to create a token since we wouldn’t need to build our own functions from scratch. Also wallets don’t need to learn how to talk differently to each token.
  2. totalsupply – Sum of all balances
    balanceOf() – Number of tokens held by an address
    transfer() – transfers tokens from sender to receiver
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  1. It helps all other parties like exchanges that interact with the contracts to follow the same standard. An example can be the electric plugs standard available in our homes.

  2. The functions include; balanceOf(), transfer(), approve(), transferFrom(), and the allowance() function. Functions allow users to find out about their balances and to transfer them around.

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  1. All predefined functions are already operational and accepted by ecosystem players. Hence, wallets, nodes and programming resources are available to support
  2. Some examples are BalanceOf, TotalSuffply, Transfer and TransferFrom
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Homework on ERC20 token standard.

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

Answer:

  1. A standard helps everyone to use the same protocols and thus create an efficient system where applications can interact in harmony with each other.
  2. Some examples of functions are : total supply( ) - gives how many of the tokens are in circulation
    : balanceOf (address account) - gives how much balance in a
    wallet or specified address
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  1. What are the benefits of setting a token standard like ERC20?
    Efficiency, standard of communication, fast token deployment to different platforms

  2. What functions are in the ERC20 Token Standard Interface and what do they do
    Each function does one task such check balance, get total supply, etc. There are bunch of standard erc20 functions that all developrs must abide to.

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  1. A token standard means there is less friction and different people can interact with the smart contract easily without having to learn multiple different programming languages

  2. Functions such as looking up balances, enquiring into how much balances are held in different accounts, for instance or even multiple functions to make a token operate effectively.
    Examples are:

  • TotalSupply: provides information about the total token supply.
  • BalanceOf: provides account balance of the owner’s account.
  • Transfer: executes transfers of a specified number of tokens to a specified address.
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