Homework: ERC20

Ethereum 101
#3574
  1. The benefits of establishing a standard such as ERC20 is so that other applications (Wallets, Exchanges, programs) can interact with the existing smart contract. It is easier to create a more interactive economy if everyone has established the same foundational standards.
  2. Some functions are:
    balanceOf ( ): provides the number of tokens held by a given address.
    transfer( ): sends tokens from one address to another.
    approve( ) & transferFrom ( ): allows someone to pay for use of a smart contrat.
    allowance( ): provides the number of tokens allowed to be transferred from a given address’ allowance, as all data on the blockchain is public.
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#3575
  1. Having a standardised code allows people to deploy various projects easily within a single ecosystem
  2. Basic functions of an erc20 code is the creation/burning of tokens, programming the supply, programming various mechanisms or qualities of the token.
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#3576

1 - What are the benefits of setting a token standard like ERC20?
*the same standard for all the tokens on the ETH network.
*all the wallets and the exchange can use it
*new projects (tokens) can join the network

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

  • totalsupply, calculates total supply of coins
  • balanceof, reports balance of an account
    and many more that I need to learn
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#3577
  1. What are the benefits of setting a token standard like ERC20? Allows interoperability. Exchanges and wallets can support that token from Day 1. It is possible to create new economies, models and tokens.
  2. What functions are in the ERC20 Token Standard Interface and what do they do? The functions are:
    • 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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#3578

  1. Platforms or wallets can easily add tokens with the ERC20 standard, making it more efficient or frictionless due to common naming in the code.

totalSupply()
Shows the total ammount of tokens in circulation.

balanceOf()
Shows the balance of a specific adress.

transfer()
allows gives you the opportunity to transfer tokens to another adress.

1 Like
#3579
  1. What are the benefits of setting a token standard like ERC20?
    That everyone uses the same standard makes it efficient and frictionless.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf=shows the balance of an account
    totalSupply=shows the amount of tokens in circulation
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#3580
  1. What are the benefits of setting a token standard like ERC20?
    With Standards like ERC20 it allows wallets, exchanges, to easily add ERC20 as they have a standard naming in their code
  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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#3581

  1. It allows all wallets and exchanges to interpret balances and coding in the same way,

  2. The balanceOf() function provides the number of tokens held by an address. The transfer() function transfers a number of tokens directly from one address to another. The doSomething() requires 10 Do tokens to operate a function. The approve() and transferFrom() functions allow doSomething() to work. The allowance() function provides the number of tokens allowed to be transferred from one address to another.

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#3582

  1. Increase in efficiency allowing token to be exchange in platform and wallets.

  2. BalanceOf(): provides the number of tokens held by a given address.

    Transfer(): transfer a number directly from message sender to another address. But not working
    well when token are used to pay for function in a smart contract.

    Approve(): a token holder gives another address approval to transfer up to certain number of
    token. (ALLOWANCE)

    TransferFrom():take certain tokes from sender’s account and carry on its work.

    DoSomething(): to operate instructions.

    Allowance(): provides number of tokens allowed to be transferred from given address by another
    given address.

2 Likes
#3583

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
  • Established and shared standards
  • Interoperability amongst other ERC20 chains and tokens
  • Proliferation of applications and community adoption
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • totalSupply() = returns the total supply of a token
  • name() = returns the token name - ie. “J token”
  • balanceOf = returns a the balance of a particular address of an address owner
  • decimal() = return the decimal precision of a token, which determines the units of division a single token can have
  • symbol() = returns the token symbol -ie. “JTKN” Example: a stock name ticker

Source link: :globe_with_meridians:
EIP-20: ERC-20 Token Standard

3 Likes
#3584

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    Meanwhile there’s a standard way of communicating with each other, there’s no friction and the development can scale a lot. There can also be interoperability and helps the development of applications, wallets, ICOs, and so on…

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() that provides the total of these tokens are outthere
    balanceOf() to fetch balances of addresses
    transfer() which transfer number of tokens from one address to another

2 Likes
#3585

  1. Setting a token standard like the ERC 20 enables wallets and exchanges to easily interact with these tokens after deployment and this is very good for the ecosystem.

  2. balanceOf(address account) which gives the balance of a specific account, totalSupply() which gives the total amount of the token that exist.

2 Likes
#3586

1. What are the benefits of setting a token standard like ERC20?
All fungible tokens created on Ethereum with ERC20 standard function in the same way and all wallets and exchanges can support the token.

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

totalSupply() - information about how many tokens are in circulation
balanceOf() - checks the balance of the wallet adress
transfer() - send tokens from one adress to another
approve() - tokens holder gives another adress approval to transfer up to a certain amount of tokens
transferFrom() - takes tokens from the allowance as payment
allowance() - provides the number of tokens allowed to be transfered from a given adress to another given adress

2 Likes
#3587

  1. Setting a standards allows all the programs, contracts tokens etc… to communicate with each other, improves efficiency and reduces friction within the network.

  2. balanceOf() provides the number of tokens held by a given address
    transfer() sends tokens from one user to another
    approve() allows an allowance of up to a certain number of tokens to be transferred by an address, usually of a smart contract. Once the allowance is created the contract can take up to the allowance from the specified account as part of the contract’s operation.
    allowance() allows a specified number of tokens to be transferred from a given address by another given address.

1 Like
#3588

  1. What are the benefits of setting a token standard like ERC20?
    Benefits of having a standard token is that it makes it much easier for the network to accept new tokens, when they are started by a standard like ERC20. The network is already known with this type of standard, if you have new tokens with different startup programming codes it is much more work for the network to accept this new token. And it is more work for exchanges and wallets to list these new tokens. When they all come from the same standard, its more efficient, less work.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Totalsupply: This show the amount of total tokens in supply.
    BalanceOf: This show how much balance a certain adress has.

1 Like
#3589
  1. Interoperability, can interact with wallets, exchanges, other contracts, reduces friction.
  2. totalSupply() get the total token supply
    balanceOf() get a public addresses’ balance
    transfer() transfers an amount to a specified address
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#3590
  1. What are the benefits of setting a token standard like ERC20?.

a. The biggest benefit is setting a standard for programs to communicate with the network. By having standing functions newly created programs and legacy programs can all speak the same language. This allows for a vast expansion of the network that is potentially continuous.

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

a. Standard functions are an essential part of ERC20. An example of a standard function is BalanceOf function uses the account number to verify that an account balance has enough for the transaction.

1 Like
#3591

Homework: ERC20 - Answers

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

A token standard provides a common consistent set of rules enabling the creation of products and services, such as ecosystems of tokens, coins, wallets, dApps and Dexs, to interact with each other, without friction.

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

The functions found in ERC20 and their functions are:
totalSupply() – gets the total supply of tokens
balanceOf() – checks the total balance of tokens for a specific, unique Ethereum wallet address
transfer() – sends/transfers tokens to a wallet
transferFrom() – allows token holders to transfer tokens from one address to another
approve() – allows for other accounts to withdraw up to a certain value amount of a token from the executing account
allowance() – after executing approve(), allowance() is used to check the value amount of tokens remaining and approved for withdrawal by the account holder.

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#3592

  1. Setting a token standard allows all new tokens created under such a standard to be immediately and fully compatible with any wallets that support ERC20.

  2. There is a function called “totalSupply” and tells you how many tokens are in circulation. “balanceOf” function tells you the balance within a particular address.

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#3593

1,it sets a standard way of building smart contracts so that they can be inter operable and save time increasing efficiency

2,

  • balanceOf() gives back the balance of a specific address
  • transfer() transfer tokens from the sender address to another address
  • allowance() shows how many tokens are allowed to be transfered
  • doSomething() instruction
  • approve() part of a 2step transfer: authorizes to transfer an amount of tokes to another
    given address
1 Like