Homework: ERC20

Ethereum 101
#3715

  1. The benefits of setting a token to ERC20 is having the ability to communicate with all other tokens and wallets.

  2. The functions of ERC20 is as follows

  • TotalSupply() Sums up the total exisiting tokens
  • balanceOf(address account) gives the balance of a account address that is ERC20 compliant
  • transfer() allows a user to transfer funds to other public addresses
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#3716

1. What are the benefits of setting a token standard like ERC20?
It allows for different tokens with the same standard to exchange easily and allowing wallets to be successfully programmed to hold those tokens.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
balanceof(): provides an account balance detailing the number of tokens when given an address
transferfrom: transfers directly from the sender address to the recipient’s public address
dosomething(): Provides the necessary operating instructions
allowance() gives information of tokens in the users allowance and how many tokens can be sent from one address to the other

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#3717

  1. The benefits of having a standard like ERC20 is that it defines how tokens are programmed. Allows for multiple tokens to be supported on the same exchanges and wallets

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

  • Transfer () enables the transfer of tokens from sender to receiver.

  • BalanceOf() provides number of tokens held by an address/ like running a query

  • allowance() Create an amount to be taken from a address to another address

  • approve() provide information to approve a certain transaction

  • transferFrom() can be used to transfer token after approval of allowance is passed.

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#3718

  1. The benefits of setting a token standard like the ERC20 is that having that lets the whole ecosystem be interoperable, and scalable.

  2. totalSupply() - gives max number of tokens, balanceOf() - gives a specific address’ balance of fungible tokens, transfer() - allows someone to transfer their fungible tokens to another public address.

#3719

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

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Totalsupply Gives the number of tokens
    BalanceOf gives balance of tokens
    Transfer allows you to transfer your tokens

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#3720
  1. What are the benefits of setting a token standard like ERC20?
    The benefits of having a standard like ERC 20 is so that it will be compatible and understandable by all users and nodes on the Ethereum network. It means all exchanges and wallets will be able to support use cases of that token and it will be beneficial because there wouldn’t be lots of different languages being used so it makes programming smart contracts and transferring funds etc much simpler and more efficient
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf (with a capital O) Will give a balance of the specific account i.e- balanceOf (account address)
    totalSupply (with a capital S) gives the total amount of tokens in circulation
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#3721

  1. its fungible token(all the same) its set standards with means friction free communication between other contracts(erc20) and exchanges.

  2. balance of(shows account balance)
    total supply
    approved transaction
    transfer(sending tokens)

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#3722

  1. A Token Standard make it so the entire space can communicate.
    Everyone is on the same page. Also, it makes it easy to operate. And
    the wallets can interact with fluidity. A Token Standard is one
    way of transacting with the network. No one can introduce another
    version.

  2. The function balanceof () allows you the ability to see the number
    of tokens in an address. Anyone can see balanceof (). With
    transfer () function you can send tokens from one address to
    another one. The dosomething () function requires 10 do Tokens.
    If there is a contract doer, dosomething () function is implemented.
    But, the functions approve () and transferFrom () must be used
    to run dosomething ().

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#3723

  • What are the benefits of setting a token standard like ERC20?
    ERC20 tokens use the same code enabling them to easily communicate with other ERC20 tokens deployed on top of Ethereum.

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    function totalSupply()
    Lets you know how many tokens are in circulaton

function balanceOf (address account)
Gives you the token balance of the address that you’re inquiring about

function transfer (address recipient, unit 256 amount)
Transfers a specific amount of tokens to specific address

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#3724
  1. Then all exchanges/wallets can support all tokens within Ethereum from day 1 they are released.
  2. totalsupply, balanceOff(account), transfer are some functions which is part of erc20. Totalsupply gives numbers of all tokens, balanceOf shows how many tokens within an account, transfer is used to send to other accounts.
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#3725

Having a token standard means all tokens being created will have the same properties and function in the same way, making everything easier to understand by everyone and meaning everything can communicate with each other.

The balanceOf() function shows how many tokens an address has in it’s balance.
The transfer() function transfers a number of tokens from the sender to another recipient address.
The approve() function gives another address approval to transfer a certain number of tokens called allowance.
The transferFrom() function specifies what address to transfer a token amount from.
The allowance() function provides the number of tokens allowed to be transferred from a particular address by another specified address.

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#3726

  1. The standards by the ERC20 makes sure that they can work with every other token for exchanges and transfers.

  • balanceOf() : takes the owner’s address and gives the balance to the user for ERC20 tokens.
  • totalSupply() : gives you the maximum number of tokens that exist for that specific one
  • transfer() : lets the user transfer their ERC20 tokens to another different public address.
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#3727

  1. The benefits of setting a token standard like ERC20 is that all of the tokens can be ready for instant deployment and compatibility with exchanges, wallets and other contracts. It also promotes good programming practice.

  2. The functions in the ERC20 Token Standard Interface are:
    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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#3728
  1. Tokens are fully compatible & can be deployed asap by using standards.

2.1 Total Supply
2.2 Balance
2.3 Transfer
2.4 Tranfer From
2.5 Approve
2.6 Allwance

#3729

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

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

  3. Standards ensure that all apps are interoperable and brings consistency to community by increasing efficiency.

  4. balanceOf() - balance of a specific account,
    totalSupply() - the number total fungible tokens,
    transfer() - allows someone to transfer their ERC20 tokens to another public address,
    allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.

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#3730

  1. What are the benefits of setting a token standard like ERC20?
    All tokens written in a standard code, it also makes it easier for wallets and exchanges to work with this industry wide standard and makes it fully compatible.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Total Supply - provides information about the total token supply
    TransferFrom - allows the contract to automatically send funds on the users behalf
    Approve - allows a given address to withdraw
    BalanceOf - brings the balance of any given address

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#3731

  1. Setting up same token standards as it is ERC20 allows all tokens to be build applications in the same coding that can all talk to each other and be recognised and supported by all crypto exchanges and wallets.

  2. There are functions in the ECR20 Token Standard Interface such as
    totalSupply() max number of the total supply of that token
    balanceOf() public address with the number of tokens held by the given address
    transfer() transfers an amount to a specified address from the owner of the ECR20 tokens
    (return pool success)
    transferFrom() It takes in three inputs — the address of the sender, the address of the
    receiver, as well as the number of tokens to be transferred, and an output of
    the success or failure of the transfer
    approve() the owner of the ECR20 tokens authorises the address to withdraw tokens from
    the owners address
    allowance() number of tokens allowed to be transferred
    doSomething() instructions

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#3732

Having a common standard giving the community with less friction and more efficiency.

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 tokes 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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#3733

  1. This ensures that wallets and exchanges can interact with various tokens built under the same standard. That way there is a seamless inter-operability amongst smart contracts.

  2. Totalsupply() function: returns the total supply of a token under the ERC-20 token standard.

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#3734

  1. The benefit is that all tokens based on the same standard will be able to communicate in a known and expected way, which means interoperability between tokens is possible.

  2. totalSupply, balanceOf(account), transfer, approval are some of the functions that are part of ERC20. Totalsupply gives the number of tokens, balanceOf gives the available token balance for an account, transfer is used to send to another account whereas approve allows the user to approve the transfer to a function.

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