Homework: ERC20

[bmwil87]

1. What are the benefits of setting a token standard like ERC20?
   Easily allows users to process transactions on the Ethereum blockchain of sending tokens to and from account addresses. Makes processing faster and more efficient with standards and allows more exchanges/dapps to use it.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   balanceOf() provides the number of tokens in an account address
   transfer() allows account address to send tokes to another address
   transferFrom() allows smart contract to pull from balance of account address
   allowance() number of tokens to be withdrawn from one address and sent to another
   approve() authorizes withdraw from account address
   totalSupply() shows balance of tokens in circulation

[aidnii]

1. The benefits of setting a token standard like ERC20 is that when anyone creates a token using Solidity, everyone will use the same standard which is very valuable. Also, all exchanges and wallets will be compatible by using the same standards.
2. The functions are “balanceOf()” - provides the number of tokens held by a given address; “transfer()” - transfers a number of tokens directly from the sender to another address; “allowance()” - provides the number of tokens allowed to be transferred from one address to another; “approve() and transferFrom()” that are two functions that allow the “doSomething()” and “Do/Doer” to work using a two-step process.

[IntrepidShape]

1. What are the benefits of setting a token standard like ERC20?
   Better standarization meaning other contracts such as exchanges always know what function to call for example the balance. Better security. Guidelines for how a token should be set out.
2. What functions are in the ERC20 Token Standard Interface and what do they do?

• balanceOf gets the balance of an account,
• totalSupply gets the total supply.
• transfer gives an amount of coins to a recipient address,
• allowance gets the total amount of tokens the account has to spend,
• approve sets the amount of tokens the user has to spend depending on their total balance.
• transfer takes the amount out of the senders account and gives to the recipient.

[Nedu]

1. There will be uniform performance with the ecosystem. Furthermore, wallets which support the basic currency like ether will support all the tokens based on its standard like ERC-20-Complaint tokens

2. There are about six functions. Some handle basic functionality matters. Some handle method of transfer of the token. While another functionality describes how users can access data regarding the token.

[spicydumpling]

Homework on ERC20 token standard.

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

• It allows for a common language between all applications and, therefore, an efficient network.

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

• totalSupply(); how many ERC20 tokens are in circulation
• balanceOf(address account); recall the balance of a specific wallet
  transfer(); Transfer a specified amount of ERC20 tokens to a wallet

[Slavy]

1. All tokens have the same standard and that makes communication really easy,
2. TotalSupply returns a unit of the total supply of that token
   balanceOf - given an address it returns their account
   balance of transfer - transfers an amount to a specified address from the owner of the contract (return bool success)
   transfer From - specifies a from address, to address and a value to transfer (return bool success)
   approve - When called the owner of the contract authorises the address to withdraw tokens from the owners address

[Bsse]

A benefit from Setting any kind of standard is that we won´t have interference and misunderstanding of what we refer to. For example using a ERC-20 Standard enables the facility in which all the tokens in the Ethereum Network work in a similar way and the code is written in a similar way.
In the ERC-20 standard we have the following mandatory code lines:

1. The Token Name
2. Its symbol
3. Number of decimals
4. The token transfer
5. The balance of

[ErrorCode]

1. What are the benefits of setting a token standard like ERC20?
   The WRC-20 standards make it easy for any developer to create a token that is fully compatible and able to communicate with exchanges, wallets and Dapps, and reducing friction within the space.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   a) function totalSupply() public view returns (uint256)
   This function tells you the total supply of tokens in circulation.
   b) function balanceOf(address account) public view returns (uint256 balance)
   This function shows the balance of a particular address.
   c) function transfer(address recipient, uint256 amount)
   This function is used to transfer tokens to an address.

[neuschool]

1. What are the benefits of setting a token standard like ERC20?
   Everyone in the ecosystem speaks the same language and Dapps can easily integrate these tokens (DEXs).

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   For example totalsupply() & transfer() -> they are pretty self explanatory from the names…

[vladlitvak]

1. it simplifies and standardise the way new tokens are created also allowing Dapps to immediately accept these tokens. E.x. Wallets
2. totalSupply() - overall amount of tokens
   BalanceOf(address account) - balance of a specific wallet
   transfer() - transfer some amount to some wallet

[decrypter]

1. All tokens present the same interface and features to an application interacting with the token contract. This allows allows applications (i.e. Uniswap) to support any token that is implemented using ERC-20.

name()
Returns the name of the token

symbol()
Returns the symbol of the token

decimals()
Returns the number of decimals used to get its user representation.

totalSupply()
Returns the amount of tokens in existence.

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

transfer()
Moves amount tokens from the caller’s account to recipient.

allowance()
Returns the remaining number of tokens that spender will be allowed to spend on behalf of owner through {transferFrom}

approve()
Sets amount as the allowance of spender over the caller’s tokens.

transferFrom()
Moves amount tokens from sender to recipient using the allowance mechanism.

[zajiramu1062]

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

So that all applications built on top of the network in question have a standard way in the programming language of doing things such as checking funds in a given wallet, transferring funds and so on and so forth.

This allows all developers on the network to program the same way of doing these basic things such as checking account balance etc.

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

The functions are totalSupply(), balanceOf(), and transfer().
These are the standard functions that need to be used by everyone building applications using any ERC-20 token.

[Nate]

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

every ERC20 token will be able to communicate in a expected way

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

totalsupply - tells you the total supply

balancOf - will check the balance of an address

transfer - used to transfer tokens

[SDMRDEL7890]

1. The benefits of setting a token standard like ERC20 is that each token has a set and determined value that are the same / Fungible, along with being able to be exchanged / traded, added / Hodl in Wallets / Nodes and Exchanges.

2. The functions of the ERC20 Token ; “Fungible” - Standard Interface and what it does is that it allows for a Total Supply, and Balance of all of the Tokens operating within the smart contract application / Dapp running on top of a Technical Platform / Ethereum.

[karenkristina]

1. Standardization saves time, prevents confusion and ensures compatibility in anything. That applies here. With the ERC20 token standard developers know the requirements to ensure their tokens are supported on exchanges and wallets from the beginning. It ensures the smart contracts for the tokens are written in standard way.

2. ERC20 functions and what they do

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

• transfer() is for sending tokens from one user to another. It has limitations when tokens are being used to pay for a function in a smart contract because it doesn’t have the address information for the transfer of funds so cannot assert that person has not paid the correct amount to operate the contract

• approve() a token holder gives approval to another address to transfer an allowance which is followed by the second function of transferFrom()

• allowance() function provides the number of tokens transferred between addresses

[cryptonav]

1 Standards create uniformity allowing wallets ,exchanges to interact in an efficient manner.
2 Total of() - total supply of the sc/token in existence
Balance of () - Balance of a given address
Transfer() Amount to be transferred from the contract
Transfer From() Address to Address

[afchamp11]

1. What are the benefits of setting a token standard like ERC20?
   The main benefit is that all applications use the same base in order to operate. This allows the applications to communicate with each other.
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 idrectly from the message sender to another address.
• aprove(): first step where a token holder gives another address approval to transfer up to a certain number of tokens, known as allowance.
• transferFrom(): function that takes tokens authorized by aproved so it can do the work.

[RayUtik]

1. It’s supported by exchanges and wallets. Standard way of deploying. Can easily create new apps
2. TotalSupply - info about total token supply. BalaneOf - balance of your (owner) account

[ainternicola5]

1. Through the ERC20 standard, tokens are supported by all exchanges and wallets immediately, these tokens are also interoperable with one another.
2. Totalsupply ()- shows how many tokens are in circulation
   balanceOf ()- shows the balance of a certain account
   transfer()- transfer tokens from one address to another
   allowance()- shows how many tokens are allowed to be sent

[Kacper]

1.easy token adjustment to wallet,
simply writing such a contract where you have standard pattern,
More simplicity in the blockchain - less standards - technology is easier to been grasp, to be know it.
2. TotalSupply()
BalanceOf(address account)
_transfer(unit amount)
allowance()
_mint()