Homework: ERC20

Ethereum 101
#3534

  1. Every token created with the ERC20 standard can be instantly used by an exchange or a wallet that also uses the standard as they consequently use the exact same functions.

    • balanceOf() provides the number of tokens held by a given adress
    • transfer() transfers tokens from one adress to another
    • totalSupply sets the maximum amount of tokens that can exist
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#3535

1. What are the benefits of setting a token standard like ERC20?
It promotes a best practice environment for programming, there won’t be any friction in the communication between wallets and exchanges, it keeps it simpler than each token being coded differently.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
The two examples shown were:
totalSupply - Which specifies the amount of tokens in circulation.
balanceOf() - Gives the total balance of an account.

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#3536

  1. What are the benefits of setting a token standard like ERC20?
    It will allow all wallets, exchanges and apps to support tokens using ERC-20 standard. Will
    allow apps to talk to eachother.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Name, symbol, decimals and Total Supply.

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#3537

1. What are the benefits of setting a token standard like ERC20?
A token standard helps create interoperable systems which is good for wallets, exchanges, and programs that need to interact with the tokens and with each other.

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#3538
  1. What are the benefits of setting a token standard like ERC20?

It allows wallets and exchanges to be programmed to support any tokens using that standard. It simpler and scalable. And it brings consistency to community by increasing efficiency.

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

name() Returns the name of the token - e.g. “Ethereum”.

Symbol() Returns the symbol of the token. E.g. “ETH”.

decimal() Returns the number of decimals the token uses - e.g. ‘8’, means to divide the token amount by ‘100000000’ to get its user representation.

totalSupply() Returns the total circulating amount of tokens.

balanceOf() Returns how many tokens exist in an account.

transfer() Transfer an amount of tokens from token owner’s account to another account.

approve() A token owner can approve for ‘spender’ to ‘transferFrom’ tokens from the token owner’s account.

allowance() Returns the amount of tokens approved by the owner that can transferred to the spender’s account.

transferFrom() Allows a spender account to transfer an amount of tokens on behalf of the token owner to another account.

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#3539

You need to explain each functions and what each function does.

#3540

  • What are the benefits of setting a token standard like ERC20?
    This is so all computers/platforms/devices can easily communicate/interact or understand contract commands.

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    Simple commands such as token balances, destinations, actions required of each token, etc.

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#3541

  1. What are the benefits of setting a token standard like ERC20?
    You have fungible tokens that use the same standard and it is easy to communicate/understand all functions on them.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    function totalSupply() - how many tokens are in circulation
    function balanceOf( address account) - returns the balance of the account you want the info for

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#3542
  1. What are the benefits of setting a token standard like ERC20?
    Easy to communicate with each other, easy to integrate and support by wallets, exchanges etc
    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
    approve(): Approval function is for giving the permission to another address to transfer a certain amount of tokens
    doSomething(): to operate instructions.
    transfer() allows to transfer tokens from an address to onother
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#3543

  1. What are the benefits of setting a token standard like ERC20 ? The benefits of setting standards such as ERC20 is that the entire community uses the same programming language. This allows for any users that build off the ERC20 platform to be able to communicate with the greater ERC20 ecosystem.

  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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#3544

  1. Setting a token standard standardizes how a particular token is programmed.

  2. Here’s a couple of functions that are mandatory in the ERC20 token:
    a. totalSupply - specifies the total number of units of that token
    b. balanceOf - total number of tokens for specified address

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#3545

ERC20 contains several functions that a compliant token must be able to implement.

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.

Token standard is the subsidiary of smart contract standard . For blockchain that support smart contracts, token standards are often included to tell people how to create, issue and deploy new tokens based on their underlying blockchain.

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#3546
  1. Having the ERC20 token standard allows for the wallets and exchanges etc to have consistency and scalability.
  2. totalSupply() gives number of tokens
    transfer() allows a wallet holder to transfer
    balanceOf() provides wallet amount
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#3547

What about the second question? :nerd_face:

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

Carlos Z

#3548

having a standard makes it much easier for exchanges and wallets. since they all have the same standard programming and building off etherium is much easier as well.
functions of erc20
balanceOf provides the number of tokens held by a specific address
transfer transfers a number of tokens from message sender to a specific address
doSomething is used to do exactly what it sounds like. you say do something as an action.
Doer is the person doing something, call or send ect.
approve is approving the action
transferFrom is where the tokens are being transfered from.
allowance is a set number of tokens allowed to be sent.

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#3549
  1. the different tokens which have the same standard can exchange
    • balanceOf() - showing the balance of an account
    • totalSupply() - showing the amount of total supply of the token
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#3550
  1. ERC20 will allow your token to cooperate with other similar applications, exchanges or wallets that are based on Etherium. If we did not have such standard everybody would have their own version of coding a token and it would be difficult to keep in touch with every version of code on each token. That way we can also reach efficiency in DeFi economy.
  2. function totalSupply () - gives you total supply of all the tokens that are in circulation
    function balanceOf () - provides you with the balance on your account of a token(s)
    function transfer () - used to transfer token(s) from one account to another with certain amount. Note that there are no checks made on the recipient address, so it is incumbent on the sender to ensure that the recipient is as intended.

There are also functions to name the token (Ethereum), create a certain symbol for the token (EHT), decimals to represent certain decimal value of the token on the screen

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#3551
  1. To provide continuity of communication for acceptance on exchanges, wallets, etc.
  2. totalSupply = How many tokens are in circulation, balanceOf = How many tokens are in the account
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#3552

1 . having the ECR20 allow the programmed to support standard token . and it bring efficiency and cosistency
2. balanceof give the balance for ECR20 token
transfer it will transfer ERC20 token to antoher public address
totalsuplly maximum number of tokens

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#3553

1. What are the benefits of setting a token standard like ERC20?
It allows the system to operate as designed and prevents confusion and version conflicts.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
Some functions include:
totalSupply: Which reports the total circulating amount.
balanceOf: Reports the amount of tokens in an account.
transfer: Command that transfers a set amount of tokens from one account to another.

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