Homework: ERC20

Ethereum 101
#3775

1). The benefits of setting a standard like ERC 20 is that the space has specifications on how code is written. An Efficient economy has the least amount of friction as possible and standards create that .

2.) totalsupply( ) is how many total tokens are in circulation. banlanceOf ( account address) is the actual balance of a wallet. there are more and I will learn them once I take the other courses.

(Loved the Porsche Mug BTW :rofl: :rofl: :rofl:)

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#3776

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    Answer: By setting an ERC20 Token standard it can be assured that dapps being built on top of the layer 1 blockchain (in this case Ethereum Blockchain) have tokens that are programmed the same way. Further by following one agreed standard it is has been very beneficial for the network as for instance wallets have it easier validated balances. On the contrary , if everyone would come up with their own individual token that would follow their “own” standard it would become very difficult for wallets and exhanges to deal with this matter.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Answer: To name a few a) total supply function = how many tokens are in circulation b) balanceOf = how many tokens a balance has i.e. for example a wallet can check how many tokens an individual address has c) transfer function = can reference transfers.
#3777
  • What are the benefits of setting a token standard like ERC20?
    This allows for compatibly across the exchanges and wallets making it easy to be read and supported.
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    Total supply - how many tokens are in circulating supply
    Balanceof (address) - Gives the balance of a particular address.
    Transfer - sending tokens from one address to another.
    Token Standards create efficiency in inoperability so wallets don’t to talk different ways to each for something that would essentially be the same.
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#3778

  1. The benefits is to make a code structure which make it easier for wallet and changes to interact tokens effectively.

  • totalSupply() = Get total token supply in circulation
  • balanceOf() = Get balance of account address
  • transfer() = Send amount of token from sender to address
  • approve() = Gives permission from token owner to transfer token to recipients account to spend.
  • allowance() = Provides the number of tokens allowed to be transferred from a given address to another given address
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#3779
  1. Standards are fast, reliable and efficient.
  2. BalanceOf() - gives the number of tokens held by an address
    Transfer() - Transfer a number of tokens directly to a given address
    Approve() - used to give another address to transfer a number of tokens
    TransferFrom(),
    Allowance() - Gives the number of tokens allowed to be transfered from one address by another address.
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#3780

  1. Every Wallet knows how to address ERC20, everybody uses the same standards and builds on top or with it it therefore makes it efficient and scalable, as everybody applies the standard.

  2. totalSupply- gives max number of tokens that exist
    balanceOf- gives public addresses balance of ERC20 tokens
    transfer - allows someone to transfer their ERC20 tokens to another public address.

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#3781

1: It makes for a much smoother medium of communication. All tokens are coded, laid out, and deployed in a similar way so that DEXes and wallets can easily interact with these new tokens being created. It prevents friction in how developers write their smart contracts. This helps the space move forward at a quicker pace.

2: One of them is totalSupply(), always written in the same way by developers so that wallets know how to interact with it. This function for example returns the total supply of the tokens.

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#3782

  1. ERC 20 token is standardized and fungible.

  2. Transfer, decimals, total supply, balanceOf(), Approval, Allowance.

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#3783
  1. You get a bunch of functions “out-of-the-box”, you don’t have to reinvent the wheel. And because it’s a commonly used standard - so easier to implement somewhere else as well.
  2. Oh… there’s a whole bunch of them, eg totalSupply() - gives a total supply of the token, balanceOf(address) - does what it says, and so on…
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#3784
  • What are the benefits of setting a token standard like ERC20?
    A: Allows consistency on how SC and Tokens are programs and as such, wallets can treat the tokens and SC the in a consistent way.
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    A: functions like getting the account balance is consistent with all ERC20 tokens so different wallets can access the information in the same way. Wallets can contain different types of tokens and if they are ERC20 complient they can be read the same way.
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#3785

  1. ERC 20 sets a standard for all the programmers: efficiency, interoperability

balanceOf() : shows the balance of a specific address
transfer() : transfer tokens from the sender address to another address
allowance() : shows how many tokens are available for a transaction
approve() : authorizes a transfer of tokens to another address

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#3786
  1. It allows wallets to all function the same and ensure interoperability.
  2. totalSupply() shows the maximum possible amount of tokens to exist, transfer() transfers, balanceOf shows balance.
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#3787

1 - Allows standard communication (interoperability) between the whole ethereum network from exchanges to wallets

2 -
1 - Total Supply - total supply of shows total supply of all erc20 tokens
2 - Balance of - total balance of all erc20 tokens (of address of)
3 - function transfer - of all erc20 tokens
4- and allowance but it was skipped lol

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#3788

ERC-20 prodides a great basis to build token contracts. Having a standard like ERC20 makes it interoperable and efficient. Without a standard every wallet and exchange would have to be programmed to support many different personalized codes.

totalSupply(): Total number of tokens supply.
balanceOf(address): Gives a public address balance of ERC20 tokens.
transfer(): Allows transfer of ERC20 tokens to another public address.
doSomething(): Operates instructions.
allowance(): Provides the number of tokens allowed to be transferred from a address by another.

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#3789

What are the benefits of setting a token standard like ERC20?
Ensures whoever sets up a token is following a similar standard to others.
Means exchanges can query balances of account holders etc.
We can add tokens using this protocol - everyone playing by same rules.
What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply(): gives maximum number of tokens that exist
balanceOf(address): gives a public addresses’ balance of ERC20 tokens

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#3790
  1. What are the benefits of setting a token standard like ERC20?
    Using the same standards results on easy universal usage and interactability for ethereum smart contracts and protocols.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    TotalSupply: total token supply
    BalanceOf: balance of an account
    Transfer: transfers between addresses
    TransferFrom: transfers a specified number of tokens from a given eth address
    Approve: allows a spender to withdraw from an account
    Allowance: gives an amount from a ‘spender’ to a given owner
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#3791

Setting a token standard so all wallets, exchanges and applications can function smoothly with no friction.

Function such as total supply identify total number to all wallets and exchanges and balance Of also allows exchanges to request balances as well.

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#3792
  1. The main benefits is to have a consistent way of operating on all ecosystem. Wallets knows how to deal with a specific API that each token implements and this way, integrations with 3rd parties are much easier because there is a standard that is respected.
  2. Basically there are the balanceOf() to know the number of tokens an address possess, the transfer() to send tokens from one account to another account, the approve() to approve other address (smart contract) to spend our balance, and the transferFrom() to allow this smartcontracts transfer tokens from an account.
#3793
  1. ERC-20 is a fungible token standard, which has a set of basic guidelines, that all smart contracts on the ETH network must adhere to regarding token implementation. Benefits include:

a) interoperability: since tokens created using ERC-20 follow the same guidelines, they can then be used to exchange information with other 3rd party services such as wallets, which follow ERC-20.
b) prevents confusion: users need to be in compliance with ERC-20 to create and issue new tokens, instead of each of them having to create in their own manner, this deters confusion and complexity in the network, and streamlines the process with other 3rd party services accepting ERC-20.

  1. There are a total 6 mandatory (f) that a user must adhere to while token implementation:

a) totalSupply: this is used to set the total supply of a token in circulation
b) balanceOf: tells/shows the total balance of a token that a user/given address has
c) transfer: transfers a certain no. of tokens from the total supply to a user/given address
d) transferFrom: transfers a certain no. of tokens between two users/given addresses who have them
e) approve: verifies a smart contract to ensure it can transfer a certain no. of tokens to a user taking into account the total supply
f) allowance: checks and verifies if a user has sufficient tokens to send a certain no. of them to another user.

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#3794

  1. Setting a standard allows all forms of wallets and exchanges to be programmable to support all sorts of tokens. Thus bringing forth consistency and increasing efficiency.

  2. transfer() = allows the transfer of ERC20 to a designated public address
    totalSupply() = displays the maximum amount of existing tokens
    balanceOf(address) = displays the balance of ERC20 tokens of a designated public adress
    doSomething() = carries out instructions
    allowance() = displays the amount of tokens permitted to be re-allocated from an origin address to a targeted adress

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