Homework: ERC20

[Cazuum]

Homework on ERC20 token standard.

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

It allows all exchanges and wallets to integrate and interoperate and support any token using that token standard

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 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

Cheers

[Daniel_Howard]

1.The benefits of having a ECR20 standard is that all tokens created can then easily be added to all wallets and exchanges without creating messes or new functions.

2.The ERC20 is an ethereum smart contract
It has functions with in it to direct and move units of value
totalSupply() the number of tokens

[thenode369]

Homework on ERC20 token standard.

1. What are the benefits of setting a token standard like ERC20?
Having standards in the code means that all developers on the network have to use specific ways of performing actions, particularly with naming formats. By having a global standard on how to call specific functions, it allows very easy connection to different commands for wallets, DEX, Dapps and anything else on the network.

Which is better than the alternative of each developer using different standards that would require more complex ‘joining’ code to be able to operate network functions, which would affect the speed of operation and transactions, making it un-scalable and slow.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalsupply - Used to obtain the total supply that equals the total sum of all balances
balanceOf() - Used to provide the balance of the token in any given address
transfer() - Used to send token from one address to another ERC20 address
doSomething() - Used to do a task, eg. move 10 tokens from one address to another
approve() - Used to provide smart contract data of send address, number of tokens etc
transferFrom() - Used to provide the address to take the tokens from
allowance() - Used to set the amount of tokens that can be sent from one address to another

[jcon84]

1. The ERC20 standard allows all tokens to communicate with each other, as well as all wallets on the network.

2. Basic functions include balance of, total supply, holder address.

[Jesus_Munoz_Castano]

1. That the token will be undestand by every system that works in that standard simplifying interoperability between coins.

2. 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.

   approve() and transferFrom(): are two functions that allow the smart contract to work using a two-step process.

[Core]

Having a standard like ERC20 allows for easier adoption and development of given tokens and services based on them.

totalSupply(): Returns the total circulating amount of tokens
balanceOf(): Returns how many tokens exist in a given account
transfer(): Transfer an amount of token from owner’s account to another account
approve(): A token owner can approve for spender to transferForm token from the token owner’s
account
allowence(): Returns the amount of tokens approved by the owner that can be transferred to the
spenders account
transferForm(): Allows a spenders account to transfer an amount of tokens of behalf of the token owner
to another account

[skawal22]

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

Everyone developing smart contract following a standard like ERC20 would set everyone under single standard. Exchanges or wallets can easily integrate quickly, Dapps can communicate each other through the standard.

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

totalSupply - provides the total supply of the token
balanceOf(account) - token balance in a particular account
transfer() - send tokens from one address to another.

[RamdanJones]

1. It allows interoperability between exchanges and wallets to support any token using the same standard.

2. balanceOf() - Provide balances of the token in any given address
   transfer() - To send tokens from one address to another

[stefansimonsson]

1. the standard allows all wallets, exchanges and so on can support the ERC20 tokens.
2. balanceOf() number of tokens held by an adress
   totalSupply() total number of tokens in circulation
   transfer() transfer tokens from one adress to an other
   tranferFrom() take tokens from a specific adress
   approve() gives approval to transfer tokens
   are some of the standardized

[pappas_kellyn]

Using ERC20 token standard allows inter-operability between most other tokens and wallets since its code format is the most commonly used

The functions of the ERC20 token interface are:
balanceOf() - gives number of tokens held by a given address
transfer() - transfers number of tokens from message sender to another address
approve() - allows a token holder to give approval to another address to transfer a certain number of tokens - aka an “allowance”
allowance() - defines the specific amount of tokens that are allowed in the approve() function
transferFrom() - defines which sender address the dosomething() function is taking the tokens from
dosomething() - initiates the transferFrom() function as long as there are enough tokens there

[alp257]

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

• Within a blockchain ecosystem (i.e. Ethereum, using ERC20), a token standard helps applications communicate efficiently with each other even if there are different tokens. It sets a conventional way between applications to understand each other right away.

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

• totalSupply(), returns the total amount of the token of that particular Smart Contract
• balanceOf(address account), returns the amount of the token present in a particular address
• transfer(address recipient, uint256 amount), sends a specified amount of the respective token to a specified address

[takeshiCovac]

1. Setting a token standard like ERC20 gives the benefit of using Ethereum wallets and transactions be the same for any token.
2. totalSupply() gives maximum number of tokens in existence.
   balanceOf(address of account) gives a public address balance of tokens
   transfer() allows for transfer of tokens to other public keys

[MuletownPatriot]

1. What are the benefits of setting a token standard like ERC20? So all exchanges and wallets can support them without having to interact differently with tokens with a bunch of different programming.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
   balanceof: provides total number of tokens held by a given address
   transfer: a function that transfers a number of tokens from the sender to the recipient
   approve: allows a token holder to approve a transfer of a number of tokens to another address

[BenF]

1.the tokens can be easily accepted and can communicate with all wallet and exchanges that accept erc20 standards.
2.balance Of gives the balance of a given adress, totalsupply gives the total current supply
Transfer allows transferring erc20 tokens to a given adress

[crypto1008]

1- The benefits of a token standard like er20 is that it can easily integrate between wallets, exchanges and different er20 platform also developers no need to learn extra skill for each token.
2- The function os ERC20 are as follows:
totalSupply() -> Gives the output of total supply of token
balanceOf() -> It gives back the balance of a specific ER20 address
transfer() -> Transfer tokens from one address to another address
allowance() -> It shows how many tokens allowed to transfer
doSomething() -> A set of instructions
approve() -> you can give permission to someone to spend amount from your account
transferFrom() function -> 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 gives an output of the success or failure of the transfer.

[dnicng]

1. Standard like ERC20 helps to improve the interoperability so that exchanges, wallets can easily intergrade.

2. 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

[H_P]

1. Having a specific token standard makes the transfer of tokens efficient, convenient, and seamless on various platforms, wallets or exchanges.

2. ERC20 contains several functions that a compliant token must be able to implement.

• 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

(source of information and reading material) https://www.investopedia.com/tech/why-crypto-users-need-know-about-erc20-token-standard/

[AndyEken]

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

Increase in efficiency allowing token to be exchange in platform and wallets.

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(): transfer a number directly from message sender to another address. But not working
  well when token are used to pay for function in a smart contract.

• Approve(): a token holder gives another address approval to transfer up to certain number of token. (ALLOWANCE)

• TransferFrom():take certain tokes from sender’s account and carry on its work.

• DoSomething(): to operate instructions.

• Allowance(): provides number of tokens allowed to be transferred from given address by another
  given address.

[Mathewvizc7]

1. It gives a common background and set of rules for token creation that provides consistency, compliance, and efficiency on the market. While using a standard code, makes the programming step easier, with a solid library with specific functions that work under the same conventions.

2. As a programming language, it uses a nomenclature for each function: F(x) = x + conditions.

Total supply: The addition of each balance held by each holder addresses.
Holder address: List with addresses using the token.
Balance: It’s used to represent assets, objects, number of tokens, etc.
Decimals: How divisible a token can be. Ranging from 0 to 18 decimals.
Name: Token name.
Symbol: As the token is expressed as a symbol. Usually a contraction of the name with 3-4 characters.
Transfer/transfer from: To send tokens from one user to another.
Balance of: Number of tokens held by an address.
Do functions: Can be used to establish parameters to send tokens.
Allowance: It establishes the parameters of the number of tokens that can be sent.

[Brad_Burwash]

1. What are the benefits of setting a token standard like ERC20?
   The benefit of a standard like ERC20 is that everyone can build applications that can talk with one another
2. What functions are in the ERC20 Token Standard Interface and what do they do?
   Functions include:

totalsupply() - sum of all tokens
balanceOf() - tokens held by a given address.
transfer() - transfers tokens from the sender to another address
approve() - approves the transfer of a certain amount of tokens
transferFrom() - where tokens are transferred from.
allowance() - the number of tokens allowed to be transferred from a given address
etc…