1. What are the benefits of setting a token standard like ERC20?
The befits is that the core of every token made is the same, making it easier for everybody to interact with it, Wallets and exchanges already know how to deal with the token.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
That could be totalSupply() that states the total number of tokens in existence.
or balanceOf() that shows the number of tokens held by a specific wallet.
When everyone is on same standard it means tokens and contracts are easily transferable between organisations such as wallets/exchanges. They can easily interact together. It also promotes good programming practice.
The balanceOf() 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
Having one standars ensure that all functions can operate together, Exhanges, Walllets balances etc
Total supply
Balances
The benefit of having the ERC20 standard is that anytime a new Token gets built and deployed, it’s all built with this standard so that everything integrates seamlessly and more efficiently. Its a set of protocols that all developers follow so that everything works together.
From the lesson, we have totalSupply, balanceOf, transfer. These are standard functions in ERC20 that all developers must follow so that all smart contracts and token are in a sense, speaking the same language.
1. What are the benefits of setting a token standard like ERC20?
All developers “speak, read, deploy” the same way of doing. It makes the things easier for all DAPPS to be developped on ETH blockchain.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalsupply gives the sum of total balances
balanceOf() gives the number of tokens held by a given address
allowance() shows how many tokens are allowed to be transfered
transfer() Send value amount of tokens from address from to address to
transferFrom() allows a smart contract to automate the transfer process and send a given amount of the token on behalf of the owner
doSomething() instruction
approve() part of a 2step transfer: authorizes to transfer an amount of tokes to another
given address
It allows exchanges and wallets to add a ERC20 Token.
The have" totalSupply" fuction or "balanceOf ((address account) so there is a standard in Tokens and this allows them all to communicate with each other.
What are the benefits of setting a token standard like ERC20?
having standards makes easier for programmers of different products / companies to make products capable of communicating between eachother.
What functions are in the ERC20 Token Standard Interface and what do they do?
balanceO()
totalsupply()
1: The benefits of setting a token standard like ERC20, is that different tokens can co exist next to each other and interoperate with each other without any friction. Therefore the network can operate efficiently and faster.
2: The following functions are in the ERC20 Token Standard Interface and do the following:
a: totalSupply() represents the total number of tokens in circulation
b: balanceOf() represents the number of tokens an account possesses
1. Benefits of setting a standard ERC20 token include fungibility, and consensus among developers that all ERC20 tokens will act according to certain protocols. It brings easier scalability, and more trust (and less of a learning curve) when it comes to the user base as well.
2. Some of the functions in ERC-20 tokens include balanceOf(), transfer(), approve(), transferFrom(), and allowance().
balanceOf() = provides the number of tokens that are held by an address. Anyone can look since the blockchain is a public ledger.
transfer() = pushes a certain amount of specified tokens from one address to another.
approve() = provides the information within a smart contract for an address to access and withdraw tokens from the address providing the approval
transferFrom() = gives a specific address that the withdrawing address will take coins from pending approval
allowance() = specifies the amount of tokens that are being given approval to be transferred from the sending to the receiving address.
1- It is really beneficial because it ensures that all tokens are programmed using the standards stated by the ERC20, making it really easy to interact and to be added to the blockchain, exchanges and wallets. Making it beneficial because the ERC20 is supported by all nodes on the ethereum network.
2- totalSupply(…) states total number of tokens in existance, BalanceOf(…) shows the balance of token in a specific wallet, tranfer(…) tranfers a number of tokens to the destinated adress.
With a token standard like ERC20 every new token is based on the same basic rules/ structures and uses the same functions which everybody can read and understand. That being sad you have a high effiency in the network, because there is less friction. Through a token standard every exchange/wallet/node knows how to deal with new tokens which are based on the standard. No implementations/adaption is needed. It makes everything more comfortable and user friendly.
balanceOf()= Provides information how many tokens a user has
transfer()= this function allows to transfer some or all tokens from your balance to a other address. You are the one who creates the transaction.
totalSupply()= Defines how many token will or are exist in the network/economy
transferFrom()= this function also allows sending transaction/token from your balance. The difference to transfer() is that smart contracts are allowed to execute it. With this function you can automate transfer processes of tokens in your balance to another address (comparable to your bank account).
approve()= it ensures that no one can create tokens out of thin air and add it to the max. supply.
allowance()= checks if the sending address has enough tokens to do the transaction. You can think about it like a validation function which ensures the transaction is valid before adding it to the blockchain.
doSomething() is not a ERC20 standard 
You forgot maxSupply(). There are only 6 standard function!
Benefits of setting and following standards include ease of use and common usage. If everyone knows the standard way to implement an ERC-20 token contract, things are simplified. Like using an SOP, Standard Operating Procedure, in the real world. It’s demanded by many companies who must follow regulations, like pharmaceutical or food production, that their employees follow the written standard ways of doing things. A written standard allows for auditing of procedures to uncover irregularities and non-adherence to the protocol. With some type of governance protocols and contracts can be improved upon in a regular fashion. I like how Ivan stated that having a standard will reduce friction.
The ERC-20 Token Standard specifies that each token smart contract include the name, totalSupply(), symbol, and decimals for the given token. Token names are usually short, like one or two descriptive words, totalSupply() refers to how many tokens will ever exist, and symbols are 3-4 characters that represent the token, like a stock ticker. Decimals describes how finely divided each token is, ranging from whole numbers where decimals equals zero, up to 18 divisions.
Token contract functions include balanceOf() which allows you to query the balance for any address and transfer() which allows direct sending of tokens from one address to another. When sending tokens to a smart contract additional steps are needed so approve(), transferFrom() and allowance() are used together. Allowance refers to the number of tokens that a particular address can transfer, but allowance can be larger than an address balance so checks must be made prior to using transferFrom().
My bad! I thought I had taken out the doSomething() after realizing it wasn’t actually a function haha. Guess I missed taking out the top one without a definition. I will go back and also add maxSupply(). Thanks so much, you are awesome 
1.What are the benefits of setting a token standard like ERC20?
All wallets and exchanges will be able to support the tokens from day 1 on the Ethereum network
2.What functions are in the ERC20 Token Standard Interface and what do they do?
balance of (for amount of tokens), total supply (total fungible tokens), transfer