Homework: ERC20

Ethereum 101
#3654
  1. The benefits of setting a token standard are wallets and exchanges can be programmed that support that standard.
    2.The functions in ERC20 Token Standard Interface are
    totalSupply() which gives the total supply of tokens that exist.
    balanceOf(address account) gives the balance of ERC20 tokens in a public address.
    transfer() allows transfer of ERC20 tokens from one public address to another
    doSomething()operates instructions
    allowance()provides number of tokens allowed to be transferred from a given address to another
    approve()a ERC20 token holder gives another address approval to transfer a certain number of tokens
    transferFrom() takes the address of sender and receiver as well as the number of tokens to be transferred.
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#3655

Q.1.What are the benefits of setting a token standard like ERC20?
A.1. Makes all participants interoperable, resulting in economic efficiency reducing friction

Q.2.What functions are in the ERC20 Token Standard Interface and what do they do?
A.2. totalSupply() how many tokents in circulation
balanceOf(address account) how many tokens does an account have
transfer(address recipient, uint256 amount) publice_transfer(msg.sender, recipient, amount)

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#3656
  1. The benefits of setting a token is that it has the blockchain for ethereum with each token to be worth.
  2. The functions in the ERC20 is part of coding and has different types of numbers where ERC takes which requires address account to transfer.
#3657

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
  • All smart contracts/tokens/coins are in the same language. its easy to build on, and use for wallets, exchanges and more.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • totalsupply - shows the total of a certain tokencontract in all wallets, all over the network.
  • balanceOf - shows the total balance of a token in one specific wallet address.
  • transfer - is used to send tokens from one address to another.
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#3658

  1. What are the benefits of setting a token standard like ERC20?
    same naming conventions, same parameters, same standards, makes it easier

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

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#3659

  1. What are the benefits of setting a token standard like ERC20?
    It facilitates the development of the blockchain. With the same standard wallets and exchanges can easily understand and interacts with different tokens…

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    function totalsupply() - check total supply of a token
    function balance0f() - check balance of an address
    function transfer() - transfer token to another address

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#3660
  1. What are the benefits of setting a token standard like ERC20?

It’s extremely beneficial to have a standard for all ERC20 tokens because they will all look the same, will all function the same way and with the code of the ERC20 tokens being laid out in the same way, it means that all exchanges and wallets will be able to support the tokens equally from day one enabling everyone to easily integrate and interoperate with each other allowing efficiency to be achieved.

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

• totalsupply equals the sum of all balances.

• balanceOf() provides the number of tokens held by a given address

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

• allowance() provides the number of tokens allowed to be transferred from a given address by
another given address

• doSomething() is used to operate instructions.

• approve() allows a token holder to give another address approval to transfer up to a certain
number of tokens, known as an allowance. The token holder uses approve() to provide this
information.

• transferFrom() allows the transferring of funds by another address.

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#3661

The benefits of setting a standard for ERC20, is reducing friction in development and providing interoperability due to not having individuals maintain different coding structures which would hinder the interoperability and slow down the development of the space.

function()

balanceOf()

transfer()

doSomething()

transferFrom

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#3662

totalsupply equals the sum of all balances
balanceOf() provides the number of tokens held by a given address
transfer() transfers a number of tokens directly from the message sender to another address.
allowance() provides the number of tokens allowed to be transferred from a given address by
another given address
doSomething() is used to operate instructions.
approve() allows a token holder to give another address approval to transfer up to a certain
number of tokens, known as an allowance. The token holder uses approve() to provide this
information.
transferFrom() allows the transferring of funds from an address.

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#3663

  1. Standardization allows for less friction when building on top of the network.

  • totalSupply() = sum of all balances
  • balanceOf() = number of tokens held by a wallet
  • allowance() = number of tokens allowed to transferred from one wallet to another
  • transfer() = transfer tokens from one wallet to another
  • approve() = way to provide the allowance volume
  • transferForm() = a way to claim part of or all of the allowance
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#3664

1.- A token standard keeps the same value for all tokens(fungible) making them predictable to market.
2.- there are a lot of functions but 2 of them are:

totalSupply(): maximum number of tokens.
balanceOf(adress): return the total balance of the adress

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#3665

  1. The benefits of setting a token standard is that all participants are able to develop, read and execute instructions in a consistent manner, resulting in greater structure and efficiency across the industry. For example, ERC 20 token standards provide a framework for any person to develop a token using an understandable and “standard” way that all participants can use consistently. This consistency allows for greater efficiencies and communication among the community.

  2. ERC 20 functions include standard elements such as defining terms for total supply of coins, balances, and account addresses. There are other standard functions, these are only a representative example.

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#3666

  1. What are the benefits of setting a token standard like ERC20? The token standard allows wallets, exchanges, etc., to be able to communicate with each other in a frictionless manner. This allows for scalability, consistency, and stability.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    function totalSupply: how many tokens are in circulation, every ERC20 token has this function.
    function balanceOf: checks the balance of an account with a specific address.
    transfer: transfers funds from/to specific accounts.

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#3667

  1. the benefit of a token standard is primarily the agreement on a vernacular (in this programming language vernacular)

  2. the functions in the ERC-20 standard are (at the moment --early Aug 2021–, according to my copypasta from https://ethereum.org/en/developers/docs/standards/tokens/erc-20/):

function name() public view returns (string) - Returns the name of the token - e.g. "MyToken"

function symbol() public view returns (string) - Returns the symbol of the token. E.g. “HIX”

function decimals() public view returns (uint8) - Returns the number of decimals the token uses - e.g. 8 , means to divide the token amount by 100000000 to get its user representation

function totalSupply() public view returns (uint256) - Returns the total token supply

function balanceOf(address _owner) public view returns (uint256 balance) - Returns the account balance of another account with address _owner

function transfer(address _to, uint256 _value) public returns (bool success) - Transfers _value amount of tokens to address _to , and MUST fire the Transfer event. The function SHOULD throw if the message caller’s account balance does not have enough tokens to spend

function transferFrom(address _from, address _to, uint256 _value) public returns (bool success) - Transfers _value amount of tokens from address _from to address _to , and MUST fire the Transfer event (The transferFrom method is used for a withdraw workflow, allowing contracts to transfer tokens on your behalf. This can be used for example to allow a contract to transfer tokens on your behalf and/or to charge fees in sub-currencies. The function SHOULD throw unless the _from account has deliberately authorized the sender of the message via some mechanism)

function approve(address _spender, uint256 _value) public returns (bool success) - Allows _spender to withdraw from your account multiple times, up to the _value amount

function allowance(address _owner, address _spender) public view returns (uint256 remaining) - Returns the amount which _spender is still allowed to withdraw from _owner

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#3668

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    A token standard allows exchanges and wallets to support any token using that standard. This makes everything more scalable and easier for use

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf(): provides the number of tokens held by a given address.
    transfer(): transfers a number of tokens directly from the message sender to another address. But it doesn’t work well when tokens are being used to pay for a function in a smart contract.
    approve(): a token holder gives another address approval to transfer up to a certain number of tokens(allowance).
    transferFrom(): take certain of tokens from sender’s account and carry on its work.
    doSomething(): to operate instructions.
    allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.

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#3669

1.Allows wallets and exchanges to have the same track to run on and not having developers reinventing the wheel everytime they produce a coin or token.

  1. total supply- returns the total circulating supply of tokens

balanceOf -returns how many tokens exist in an acct.

transfer-transfer an amount of tokens from owner to another acct.

approve- a token owner can approve for spender to transfer tokens from owners acct.

allowance- returns the amt. of tokens approved by the owner that can be transferred to the spenders acct.

transfer From- allows spender acct. to transfer an amt. of tokens on behalf of the owner to another acct.

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#3670
  1. The benefits for a token standard like ERC 20 are that they it makes it possible for different tokens to communicate with each other, and work with wallets and exchanges from day one. The tokens have the same naming and parameter conventions.
  2. Below are some examples of ERC20 functions:
    total Supply: tells you how many tokens are in circulation.
    balanceOf: tells you the balance of a specified account.
    transfer: instructions for transferring tokens.
    allowance: provides the number of tokens allowed to be transferred from a given address.
    approve: gives another address approval to transfer up to a certain number of tokens.
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#3671

  1. Standardisation makes communication between different tokens and wallets easier.

  2. totalSupply gives the total number of circulating tokens.
    balanceOf gives the account balance.
    transfer gives instructions to transfer tokens.

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#3672
  1. What are the benefits of setting a token standard like ERC20?
    This is so you can easily built smart contracts that interact with tokens, because all tokens use the same standard the interaction will be the same with all tokens using this standard.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    BalanceOf() - allows SC to instruct to show balance
    totalSupply() - Maximum circulating supply of tokens
    transfer() - allows transfer to other addresses
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#3673

  1. ERC20 as standard makes different tokens exchange easily, allowing wallets to provide token balances for different tokens.

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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