Homework: ERC20

Ethereum 101
#3514

  1. What are the benefits of setting a token standard like ERC20?
    Allows smart contracts to “speak” to each other in a standard language…allows apps to query by function for eg. a wallet or website or an exchange. It permits interoperability between tokens, smart contracts, apps

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf-returns the balance of tokens of a queried address
    totalSupply-returns the total supply of the token
    transfer-transfers token from a sender to a receiving address

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#3515
  1. That everyone is on the same page. It is more efficient for trading or buying and selling.
  2. totalSupply it shows the total supply of ETH, balanceOf showes the balance of ETH you have.
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#3516

1.What are the benefits of setting a token standard like ERC20?
efficiancy lack of friction between smart contracts allowing them all to easily communicate to each other
2.What functions are in the ERC20 Token Standard Interface and what do they do?
all ERC20 tokens have a function called totalsupply this tells how many tokens are in supply
there is also a function called balanceof() which tells you how many tokens that balance has in the wallet

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#3517
  1. What are the benefits of setting a token standard like ERC20?
    It allows wallets, exchanges etc to easily add all ERC20 tokens as they have the same sort of functions.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() gives maximum number of tokens that exist
    balanceOf(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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#3518

Questions:
. This is efficient as all tokens may be distributed more easily through the use of the same standard.
. There are several functions such as, ‘balanceof’ allows for the user to check their account balance, ‘transfer’ allows for the transferring of funds and ‘totalsupply’ returns the supply of tokens to the user.

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#3519 
What are the benefits of setting a token standard like ERC20?

this allows standardization of many tokens which is leveraged by exchanges and other systems that can code to one interface instead of different code for each token

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

totalSupply - total number of this type of token
balanceOf(address) - gets the amount of this token in a particular address

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#3520

Having standards allows wallets, exchanges etc to easily add all ERC 20 tokens as they have common naming in their code.

balanceOf() Gives balance of a specific account, totalsupply the number total fungible tokens.
totalSupply() gives you how many tokens in circulation
balance0f(adrress) you get the balance of wallet you want to check
allowance() function shows how many tokens can be send from given address by another given address

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#3521

  1. Network efficiency. Doing so decreases the difficulty of completing and executing transactions within the network and essentially makes the calculations for the wallets easy.

  • balanceOf(): current tokens in a wallet address
  • transfer(): Transfers tokens from one address to another
  • approve(): A token holder determines how many tokens it approves to be transferred to another address
  • transferFrom(): takes a certain amount of tokens from the sender’s account
  • do Something(): order of operations for a certain task
  • allowance(): provides the number of tokens allowed to be transferred from a given addy by another addy
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#3522
  1. ERC20 token standard allows wallets, exchanges etc easily add, process tokens which are build based on the standard.
  2. ERC20 Token Standard Interface has such functions :

contract ERC20 {
function totalSupply() constant returns (uint theTotalSupply);
function balanceOf(address _owner) constant returns (uint balance);
function transfer(address _to, uint _value) returns (bool success);
function transferFrom(address _from, address _to, uint _value) returns (bool success);
function approve(address _spender, uint _value) returns (bool success);
function allowance(address _owner, address _spender) constant returns (uint remaining);
event Transfer(address indexed _from, address indexed _to, uint _value);
event Approval(address indexed _owner, address indexed _spender, uint _value);
}

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#3523
  1. The benefit is it allows some basis or balance for a community to develop around industry standards which is good overall for development.
  2. Functions of Erc20 are Total Supply(how much supply), BalanceOf(in order to get the balance), TransferOf(in order to transfer). This creates a Unity for developers to align with industry standards.
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#3524

  1. Using the same programming standard, means smart contracts are interoperable on the Etherium network. And enables tokens to be compatible and supported by exchanges and wallets.

  2. Function balanceOF ( ) - will provide the number of tokens in the given address
    Function transfer ( ) - enables tokens to be transferred from one address to another
    Function totalSupply ( ) - provides the number of tokens in circulation.

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#3525

1 - standardization. all wallets, platforms, contracts, tokens can communicate with each other.

2 -

function name() public view returns (string) // name of token

function symbol() public view returns (string) // symbol of token

function totalSupply() public view returns (uint256) // total supply of tokens

function balanceOf(address _owner) public view returns (uint256 balance) // token balance of an address

function transfer(address _to, uint256 _value) public returns (bool success) // transfer amount to an address

function transferFrom(address _from, address _to, uint256 _value) public returns (bool success) // transfer amount from an address

function approve(address _spender, uint256 _value) public returns (bool success) // approve a transaction

function allowance(address _owner, address _spender) public view returns (uint256 remaining) // execute a contract transaction , if there is enough balance in the contract, otherwise cancel

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#3526

  1. The benefits of stting a token standard like ERC20 is having standards allows, wallets, exchanges to add all ERC20 tokens as they have common naming in their code

  2. Some functions of erc20 are: Total supply, balance of,

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#3527
  1. Standards causes developers to make their smart contracts in away that is universal by producing the same code for certain functions. This causes the tokens to be universal for wallets, networks, and exchanges.
  2. balanceOf() give a balance of a specified account and totalSupply() total supply number of fungible tokens
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#3528

The benefits of setting a token standard on ERC20 is that it can be deployed on all exchanges and crypto wallets without difficulty.

The ERC20 functions are

Balance- the number of tokens held by an address.
Transfer- the number of tokens sent from one address to another
Allowance- the number of tokens allowed to be sent to an address.

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#3529

  1. What are the benefits of setting a token standard like ERC20?
    It is easy to create a token and the token will be compatible with wallets and applications that support the standard.

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

function totalSupply() public constant returns (uint)
Returns the total supply of the token.

function balanceOf(address tokenOwner) public constant returns (uint balance)
Returns the token balance of an adress.

function allowance(address tokenOwner, address spender) public constant returns (uint remaining)
Provides the number of tokens allowed to be transferred from a given address by another given address.

function transfer(address to, uint tokens) public returns (bool success)
Sends tokens to an adress.

function approve(address spender, uint tokens) public returns (bool success)
Token holder gives another address approval to transfer up to a certain number of tokens.

function transferFrom(address from, address to, uint tokens) public returns (bool success)
Sends tokens from one adress to another.

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#3530
  1. It allows wallets to be able to interact with all erc 20 tokens because of the program standards.
  2. The functions are the total supply, how many decimals the token is divisible by, and track the address balences
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#3531
  1. What are the benefits of setting a token standard like ERC20?

it makes it so that all smart contracts or tokens on the network talk in the same language.

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

BalanceOf() function as well as totalSupply function in the code to see the amount of the fungible tokens there are.

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#3532
  1. The main benefit is to streamline/simplify interfacing of apps to token smart contracts
  2. There are numerous standardized functions, such as totalSupply and balanceOf which each have their own general function that composes the basic functionality of a token
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#3533
  • What are the benefits of setting a token standard like ERC20?
  1. It creates a way for mass deployment and less friction when an application has to talk with each other also including wallets.
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    TotalSupply - total amount of all existing wallets
    Balance - balance of the providers address
    TransferFrom - allows smart contracts to transfer tokens by other addresses
    Approve - allows a contract to withdraw multiple times from your account up to the value amount
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