Homework: ERC20

[mohamed_navvaf]

1. having standards allow the wallets and exchanges to easily add tokens and display the supply and etc.
   2.-`balanceOf() provide the number of token in the address.
   • transfer() allow to directly transfer tokens from one address to another

[Monarcha]

1. Standards like ERC20 make it more efficient to work with wallets and exchanges since different tokens which use the same standard would have the same language.
2. “totalsupply” states the total number of tokens created, “balanceOf” states the number of tokens of a certain address, “transfer” executes a transfer of tokens.

[Bongani_Msibi]

1 Standards help individuals to build applications that can communicate with each other. Standards also improve efficiency in the crypto space.

2 Function called Total supply (): it gives an indication of how many Tokens are in circulation.

Function called BalanceOf(wallet address): it gives the balance of a particular address, it gives the number of Tokens in that particular address.

[hyperToken]

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

• The benefits are that we all can create applications that can talk to one another, by using the same naming of functions when developing a token. A standard guidance for developers when creating ERC20 tokens

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

• You have totalSupply function, to see the total supply of the tokens and balanceOF (address account) exchanges can use this functions to see the balance of the wallets. You have many other functions that are standardized.

[Precious]

1. Having a standard allows wallets and exchanges to be programmed to support any token using that standard. This is much simpler and more scalable than each token has its own personalized code.

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

[Pat100]

The benefits of having a token standard is the uniformity that comes from standards. Exchanges have certain expectations that allow them to host specific Tokens and Coders need a set of rules and standards from which to guide them when making those Tokens. This also allows Wallets and any other Token centric businesses to work within those standards.

There are various functions that are expected and are withing the standards set by ERC-20.
totalSupply() which presents the max number of tokens that exist

balanceOf() which gives the public addresses balance of said token

transfer() which is a function that allows for the transfer of funds from one public address to another.

[FunsyH]

1. that everyone can use it and communicate with the same language. So anyone can program and connect with the ERC20 standard.

2. totalSupply() gives maximum number of tokens that exist
   balanceOf(address account) gives a public addresses’ balance of ERC20 tokens

[knersus]

1.more efficient with less friction
2.total supply-how many tokens are there in circulation
balance-find out balances of different wallets

[maria_b]

@filip

• What are the benefits of setting a token standard like ERC20?
• What functions are in the ERC20 Token Standard Interface and what do they do?

1. Laid out the same way, following standard ERC20, it will allow exchanges and wallets to support the Token from day 1, it is beneficial to all.

2. ERC-20 token contracts come with a number of functions, some of them are bellow:

‘’ The balanceOf() function provides the number of tokens held by a given address.

The transfer() function transfers a number of tokens directly from the sender to another address.

Doer has a function doSomething() that requires 10 Do tokens to operate.

approve() and transferFrom() are two functions that allow the above scenario to work using a two-step process. In the first step a token holder gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens, known as an allowance. The token holder uses approve() to provide this information.

The allowance() function provides the number of tokens allowed to be transferred from a given address by another given address. ‘’

totalSupply() gives maximum number of tokens that exist

[Peter_Vongpaseuth]

1. The benefits of setting a token standard like ERC20 are that it creates a standard for tokens to run on top of the Ethereum Blockchain while the token can be its own unique coin and fungible.
2. The functions of ERC20 Token Standard Interface are to ensure that any token created through the Ethereum smart contract must follow those Token Standards in order for a new token to be supported on the Ethereum Blockchain. This will allow that wallets and exchanges to store those tokens without changing the internal coding within the storage of those tokens.

[PeterSh12833203]

1: Benefits include:
-You can program a token in exactly the way in which you want.
-All exchanges & wallets will support it.
-All devs create tokens in exactly the same way.

2:
function TotalSupply() - This function shows you how many total number of tokens are in circulation.

function balanceOf(address account) - This function displays how much balance a public address has (exchanges use this also).

[Cookie1]

1. To provide a common set of features and interfaces for token contracts in Ethereum and benefits such as allowing wallets to provide token balances for hundreds of different tokens.
2. 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.
   The allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.

[Matty_G]

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

ERC20 is a Fungible Programming standard. It will be supported by all exchanges and wallets. We can all build new tokens and apps that can communicate with each other to cut down on friction and increase efficiency on the network.

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

totalSupply - How many token in circulation

balanceOf - Exchanges and wallets can check the balance of a particular address

Transfer - transfers of crypto from one address to another

[Durkey_Turkey]

all tokens can communicate with wallets the same way.
Totalsupply() is for the total supply of coins

[Dornfelder]

1. What are the benefits of setting a token standard like ERC20?
   The key benefit of setting a token standard is that different entities can communicate/work with one another. For instance, a wallet would is able to serve its function (of being a wallet) for all ERC20 tokens. This means that an ERC20 token is automatically compatible with all ERC20 wallets, instead of having to wait (and hope) to be integrated.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   Examples of functions of an ERC20 token contract include ‘balanceOf’, which provides the number of tokens held by a given address, ‘transfer’ which allows for a number of tokens to be transferred from one address to another, and ‘totalsupply’, which provides the total supply of a given token.

[belinox]

1. It facilitates the efficiency and development of new fungible tokens as all wallets know how to interact with these contracts as it has a predefined list of functions.
2. From the Ethereum documentation we can find:
   https://ethereum.org/en/developers/docs/standards/tokens/erc-20/
   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
   TransferFrom: executes transfers of a specified number of tokens from a specified address
   Approve: allow a spender to withdraw a set number of tokens from a specified account
   Allowance: returns a set number of tokens from a spender to the owner

[bennytuesday]

1. Setting a standard like ERC20 eliminates friction between transactions.

2. Functions like totalSupply() are in the ERC20 Token Standard. This checks the total amount of the token.

[lanwan]

1. standard for creating tokens and programming on ethereum. standard interaction of tokens and applicaitons with wallets and exchanges

2. totalsupply, balanceof

[Abdul_123]

1. With ERC20 standard, tokens are fungible i.e. they will all use the same standard which results in exchanges and wallets supporting these tokens straight away from the moment they begin to operate.

2. totalsupply() gives the maximum number of tokens that exist
   balanceof() give the balance of the account address you have entered
   transfer() allows a person to send their ERC20 tokens to another public address (account)

[OmeOmy]

1. What are the benefits of setting a token standard like ERC20?
   Allows for mass adoption of tokens on platforms using the ERC20 code.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   Functions: balanceOf = Account balance, transfer= transfer of tokens to another address.
   approve= approval of an authorisation. totalSupply= balance of tokens.