Homework: ERC20

Ethereum 101
#3554
  1. Having ERC20 allows exchanges to easily add the ERC20 tokens.
  2. balanceOf() gives the balance of a wallet, totalsupply() gives the total number of tokens.
1 Like
#3555
  1. What are the benefits of setting a token standard like ERC-20?
    Having an ERC-20 token standard allows consistency and compatibility for wallets, exchanges and other tools. It also allows for the ease of writing code, which simplifies the adoption and expansion of the network since everyone is abiding by the standard.
  2. What functions are in the ERC-20 Token Standard Interface and what do they do?
    total supply - how many tokens are in circulation
    balanceOf - shows account balance
    transfer - allows transactions
    transferForm - allows transactions between wallets
    approve - allows another account to withdraw
    allowance - used to set withdrawal amount
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#3556

It allows for ease of access across multiple uses within the Ethereum blockchain and allows for efficient communication between tokens, dapps, defi spaces etc as they share a common code. It also makes it easier for developers to create a token/dapp on the blockchain as there is a coding standard to follow.

The ERC20 standard interface checks for total supply, balances and allows token management such as transfers.

#3557

  1. What are the benefits of setting a token standard like ERC20?
    It allows any token to be build, store and trade on ERC20, because it has the same standards.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() gives maximum number of tokens that exist.
    transfer() allows someone to transfer their ERC20 token to another public address

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#3558

Token guidelines permit applications and trades to be completable with all tokens utilizing a specific standard.

Permit clients to discover the equilibriums of records just as to move them starting with one record then onto the next under changing conditions

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#3559

  1. The benefits of setting a standard as ERC20 is that the programming language is the same. So certain functions will use the same coding language. Also using ERC20 standard gives wallets and exchanges the chance to support this token from day 1.

  2. function totalSupply() - How many tokens are in circulation
    function balanceOf() - Checks how much is in the address
    function transfer () - Transfer of tokens from one address to another

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#3560

  1. Setting a standard makes sure that everyone on that standard can communicate with each other seamlessly.

  2. The 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.
    approve() to allow SC use tokens defined as “allowance” and when any function is called SC is using transferFrom() to take tokens from allowance as a payment.
    allowance() is providing info about how many tokens are in the allowance.

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#3561

1. What are the benefits of setting a token standard like ERC20?
A token standard provides rules for applications built on erc are interoperable with other, using the same set of “language” as defined in the standard.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf() - gets the balance of tokens for an address
transfer() - emits details of the movement of tokens from one address to another
approve() - approval given by a user to transfer up to a given amount from their account to another address
transferFrom() - take tokens from an address and continue work
allowance() - provide the number of tokens allowed to be transferred from a given address by another given address

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#3562
  1. Having a standard provides an easier way for people to build and develop upon a common platform the same as javascript or python. Instead of having different code basis there is one common one.
  2. The functions provide transactional, balance, and smart contract data all in a semi-decentralized source to provide security through the blockchain.
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#3563
  1. What are the benefits of setting a token standard like ERC20? It will ensure the programmers understand that functions and terms will be consistent. It will help the community move forward knowing that applications such as wallets will act the same and be able to access any tokens that follows the know standard. Provides better communication within the programming community.
  2. What functions are in the ERC20 Token Standard Interface and what do they do? Several function in the ERC20 token are:
    a) totalSupply–returns the total supply of tokens in circulation
    b) balanceOf–returns the balance of an account at a certain address
    c) transfer–transfers tokens from one address to another
    d) mint–enables the creations of new tokens/coins
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#3564
  1. What are the benefits of setting a token standard like ERC20?
    The benefit of a standard is so all developers write the code the same way, therefor third parties like wallets or exchange sites can communicate easier and quicker with the token.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply: controls the total supply of the token.
    balanceOf: get balance of token at an address
    transfer: transfers token from sender to different address
    approve: regulation of total transfer from an address
    allowance: total quantity of token allowed to be moved
2 Likes
#3565

  1. Having a standard like ERC20 allows wallets and exchanges to instantly be able to support any new tokens created using that standard. All tokens will work and be created in a expected way.

  2. totalSupply(): returns the maximum number of tokens that exist.
    balanceOf(): returns how much tokens given address has.
    transfer(): allow ERC20 tokens to be transfered from one address to another.
    approve(): authorizes another address to transfer a certain amount of funds from the given address.
    allowance(): returns the amount of tokens, approved by the owner, that the spender can withdraw from that address.

2 Likes
#3566

  1. Having a standard like ERC20 allows wallets and exchanges to instantly be able to support any new tokens created using that standard. All tokens will work and be created in a expected way.

  2. totalSupply(): returns the maximum number of tokens that exist.
    balanceOf(): returns how much tokens given address has.
    transfer(): allow ERC20 tokens to be transfered from one address to another.
    approve(): authorizes another address to transfer a certain amount of funds from the given address.
    allowance(): returns the amount of tokens, approved by the owner, that the spender can withdraw from that address.

1 Like
#3567

  1. What are the benefits of setting a token standard like ERC20?
    ERC20 is the standard code accepted by different exchanges and wallets.
    By setting our new token on ETH coin, it means that our token will have no problem to be sent to all exchanges and wallets.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    total supply is the maximium number of tokens that can ever exist.
    Balance of is the remaning token exisst in the address.
    Approve and transferred from is the approval needed by the sender’s address
    Allowance is the amount of tokens available for transfer.

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#3568
  1. ERC20 standard allowing wallets to provide token balances for different tokens. Exchange platforms
    operate easy with different tokens.
  2. totalSupply- amount of tokens in circulation
    balanceOf- gives balance of tokens for exactly address
    transfer- transfer tokens from address to address
    approve- authorization for withdraw
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#3569

  1. Allows for all functions to be communicated in the same way for any token- which in turn means that exchanges and wallets can easily read, recognise and accept the token.

  2. total supply, shows the maximum number of coins in circulation
    balance of, gives the balance of any public address
    transfer, allows for tokens to be transferred

1 Like
#3570
  1. Using ERC20 standard lets wallets and exchanges interact with new tokens built with the standard. This means new and innovative projects can be launched with a standard token format for creation and reading contents.
  2. Functions of the ERC20 standard include the following:
    balanceOf - store and return balance of provided address
    totalSupply - calculate and return total amount of tokens in circulation
    transfer - lets owner of contract send a given amount of tokens to another address
    transferFrom - automate the transfer process and send a given amount of tokens on behalf of owner
    approve - owner of the contract authorises a given address to withdraw instances of the token from the owner’s address
    allowance - tokens available
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#3571
  1. Uniformity and the ability for different nodes to communicate clearly, with ease.
  2. -totalSupply(): calculates total supply of coins.
    -balanceOf(): reports balance of an account.
    -Many others.
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#3572

1.The network works better with each other because there is a standard rules for smart contracts.
2.totalSupply() gives maximum number of tokens that exist.
balanceOf(address acount) gives a public addresses balances of ERC20 tokens
transfer() allows someone to tranfer their ERC20 tokens to another public adress.

1 Like
#3573

  1. Benefits of setting a token standard like ERC20 is the tokens are fungible and are compatible on many different wallets since the tokens are all created using the same language. Also having all the tokens be the same make it easy to use and create a standard.

  2. Balanceof() shows token balance in wallet, Transfer() allows you to send tokens to another address, and totalsupply() shows total number of tokens that exist

1 Like