Homework: ERC20

What are the benefits of setting a token standard like ERC20?
the benefits of setting a token standard like ERC20 is that creates integration and interoperability between all smart contracts to reach the most effiency possible

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

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

The benefits are that it reduces friction between programmers, everyone knows what specific functions do and how to write these functions, thus making the programming more efficient.

  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • totalSupply() shows the total amount of tokens in existence.
  • balanceOf() shows the balance of a specific address.
  • transfer() transfers tokens from one address to another without any checks.
  • approve() sets an allowance of how many tokens can be sent.
  • transferFrom() moves an amount of tokens from one allowance address to another address.
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  1. What are the benefits of setting a token standard like ERC20?
    A standard makes sure that all tokens a programmed in the same way, so they can be used in programs like exchanges or wallets in the same way. It avoids confusion and guarantees interchangeability.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf(address) - gives the token-balance of a certain account
    transfer - for transfer of tokens between accounts
    totalSupply() - defines the total supply of a specific token

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  1. Having the ERC20 standards it allows wallets and exchanges to easily take on the tokens

  2. TotalSupply - provides information about the total token supply / balanceOf(address account) - balance of specific account (specified in the address account)

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  1. It reduces friction in creating an ecosystem built off the Ethereum blockchain, if everyone is building smart contracts the same way, it promotes interoperability and a growing community

totalSupply()
balanceOf(address tokenOwner)
transfer(address to, uint tokens)
approve(address spender, uint tokens)
allowance(address tokenOwner, address spender)
transferFrom(address from, address to, uint tokens)

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

The ERC20 Standard defines a standard way of programing/developing tokens on top of the ETH smart contract platform. This standard establishes unified conformity in the creation of tokens so that all exchanges and wallets can easily support these tokens.

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

totalSupply() – This function accounts for the total number of tokens that are in circulation.

balanceOf( address account ) – This function gives the exchanges the account balance of a specific wallet address.

transfer() – This function is for transferring assets to and from specific accounts addresses.

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  1. one benefit is that it’s easier for wallets and exchanges to support tokens from day 1. Also it’s a lot easier for people in general to understand how each token works.

  2. Balance of shows the account balance and total supply show the number of total fungible tokens.

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  1. It is accepted by all wallets and exchanges.

  2. Total Supply which dictates the supply of the token and Balance Of which checks the balance of the wallet for a particular token.

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  1. Benefits of setting a token standard like ERC20 because we all can build applications that they can talk to each other and this sure help community to grow together so much.
    2.
    totalsupply (): how many total supply that of token in circulation.
    balanceof(): for wallet to check balance.
    transfer( ): allow tokens to be transfer to different addresses.
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  1. What are the benefits of setting a token standard like ERC20?
    So everyone will go go same way .Standard are must to run any process otherwise everyone will write their own way
    1. What functions are in the ERC20 Token Standard Interface and what do they do?
      Basically ERC 20 is technical standrard which must be followed to deploy smart contract.
      like Balance transfer ,Total supply,transfer
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  1. Having a token standard increases efficency and compatibility. Wallets and Exchanges are
    able to immediately recognize when something is based on the Ethereum network. Also
    different tokens on the Ethereum network have high compatibility.
  2. function totalSupply() - check the balance of tokens in circulation.
    funtion balanceOf(account address) - check balance of an account.
    function transfer(address recipient, uint 256 amount) - transfer tokens
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  1. What are the benefits of setting a token standard like ERC20?
    Token standards allow for straight forward interoperability between applications. Software development is made must more efficient thanks to a shared language.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    -> `balanceOf() - Get the account balance of another account
    -> transfer() - transfers a number of tokens directly from the message sender to another address
    -> approve() - approval to transfer up to a certain number of tokens
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  1. Token standard allows other entities like wallets and exchanges to read the code in the same way, so work properly for all tokens in that standard.

  2. Functions in the ERC token Standard Interface are:
    a. balance0f() the function that gives information about a number od tokens held by given adress
    b. transfer() function allows to transfer a number of tokens from senders account to any given adress. When payment is about smart contract it needs extra information as smart contract while running can not read info from account directly. Thats why it needs to create an allowance by
    c. approve() function allows other bodys to confirm a number of token it wants to get. Than it uses transferFrom() function if balance is = or > than transfer amount.

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1.) The standard allows tokens to have similar functions that developers can use to take to every wallet
2.) balanceOf :How many tokens are in circulation
blanceOf: Check the balance of ERC20 tokens in the exchange

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1. What are the benefits of setting a token standard like ERC20?
It enables each ERC20 to have a common language that enables communication with each throughout the network. ex- “total supply” means the same thing for every ERC20. Enables wallets and exchanges to more easily support the token.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply – Used to get the sum total token supply of a token
balanceOf – Keeps track of the balance of token in each unique Ethereum wallet/address
transfer – After the creation of a token, this function can send tokens to a wallet
transferFrom – After a token is distributed, this command allows token holders to exchange tokens with one another
approve – Allows other accounts to withdraw a certain amount of a token from the account executing the function
allowance – After “approve” is executed, “allowance” is used to see the amount of a token that has been approved by the holder to be withdrawn.

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  1. The Benefits of setting a token standard like ERC20 are that as new tokens, economies, and projects get built out there can broad deploymentment across wallets and the network while maintaining operability / interoperabilitiy within the Ethereum ecosystem.
    With unlimited theoretical possibilities within the solidity programming language having a set of constrainment rules accross a diverse range of projects and tokens allows the Ethereum network to function and communicate effectively.

  2. The ERC20 token standard interface has serval functions which allow smart contracts, wallets and tokens to interact.

totalsupply( ) obtains the total balance of a token
balanceOf( ) obtains balances of wallet address.
transfer( ) tranfers tokens from one address to another
dosomething( ) is a basic contract with computations to carry out
appprove ( ) this function allows approval in order to be able to tranfer funds to an allowance
address usually to pay for the operation of a smart contract. Token holder uses
approve( ) to provide information.
transferFrom( ) allows doSomething( ) contract to take tokens from the holders account
(allowance) in order to obtain funds to perferms work in the contract.
allowance( ) provides the number of tokens allowed to be transfered from a given address to
another given address.

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  1. By having a standard, exchanges and wallets will be able to communicate with any ERC20 token as they share the same language.
  2. totalsupply() - tells you total in circulation

balanceOf (address account) - Gives you balance of an address

transfer (address recipient, uint256 amount) - transfers token from point A to B

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  1. What are the benefits of setting a token standard like ERC20?
    Having a standard creates a more efficient network with greater possibilities. Applications are enabled to communicate with each other.

  2. What functions are in the ERC20 Token standard interface and what do they do?
    function totalSupply() total supply of tokens.
    function balanceOf(address account) balance of address
    function allowance(address owner, address spender) the number of tokens that can be transferred.
    function transfer(address recipient, unit256 amount) directs the amount of transfer from address to address.

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  1. The benefit is that it’s easy to integrate that token with any exchange or wallet. It brings a certain level of predictability. It’s also super beneficial that you only need to set up infrastructure once and it works for every token that follows that standard.
  2. balanceOf(): gives number of tokens by a given address
    transfer(): transfers number of tokens from one address to another
    approve(): enables the contract to authorize the address to withdraw tokens from the owner
    transferFrom(): takes certain amount of tokens from senders account to finish the task
    allowance(): number of tokens allowed to be transferred from a given address to another address
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  1. The benefits of setting a token standard like ERC20 tokens are having standards and a unified language for all programmers and developers to write and execute code to be recognizable by all nodes in order to have the same result anywhere in the world

  2. totalSupply gives the maximum number of tokens created
    balanceOf (public address) gives the total account balance of ERC20 tokens in that specific account
    transfer() allows transferring tokens from one address to another

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