Homework: ERC20

Ethereum 101
#361
  1. Applications can communicate with each other. It is easier to add the tokens to exchanges since they share common codes.
  2. totalSuply(), balanceOf(), transfer()
#362

  1. ERC20 tokens allows wallets and exchanges to easily programmed any token by just providing the address of the token contract.

  2. a) balanceof () : the number of tokens held by a given address
    b) transfer () : the way tokens are sent from one user to another user address
    c) totalSupply () : the sum of all balances
    d) doSomething () : operates intructions
    e) approve () : the action taken to spend from you account
    f) transferFrom () : the action taken of sending tokens from one account to another account

#363

  1. What are the benefits of setting a token standard like ERC20?
    Ethereum Request for Comment (ERC20) is a token standard that is used to create Fungible tokens on Ethereum Blockchain. By using ERC20 standard, you can mint as many tokens of a specifictype, which also have economic values.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    ERC20 uses the following functions:
    totalSupply-gives you how many tokens are in circulation.
    balanceOf- will give you the balance of a given account.

#364
  1. What are the benefits of setting a token standard like ERC20?

It makes it more efficient and easier to ingrate in the network and interoperate with each other due to the the fact that they will all be sharing the same standard.

  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.

-transferFrom():
Emits details of the movement of tokens from one address to another

-approve():
Gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens, known as an allowance

-allowance():
Provides the number of tokens allowed to be transferred from a given address by another given address

#365
  1. A token standard allows for a common language to be used. Having the same naming convention and syntax helps to understand all token programming. Removes confusion and improves transparency. Improves interoperability between wallets and exchanges.
  2. BalanceOf - returns the balance of an account
    totalSupply - returns total supply of tokens in circulation.
#366

1 - all ETH smart contracts can efficiently operate and integrate with each other
2 - a variety of “accounting or bookkeeping” Smart Contract functions such as totalSupply, balanceOf, transfer, etc. that check the total supply of tokens in circulation, check the balance of tokens in an account, and amount to be transfered

#367
  • What are the benefits of setting a token standard like ERC20?
    it has standard setting already.
  • What functions are in the ERC20 Token Standard Interface and what do they do?
  1. balanceOf() provides the number of tokens held by a given address.
    transfer() transfer tokes from the message sender to another address
    approve() gives another address aproval to transfer up to a certain number of tokens.
    transferFrom() tranfer token from a given address that previous had given approval for that
#368

  1. By having a standardized way of writing code, every wallet or other third party will always know how to get the information they want from a token that is written in the standardized way.

  2. totalSupply = returns the total supply of the ERC20 Token.
    balanceOf = shows the balance of an account inside the ERC20 token
    transfer = transfers balance from one account to another

#369
  1. What are the benefits of setting a token standard like ERC20?

A token standard is important to maintaining a valid and reliable blockchain. A standard like ERC20 will establish the rules and criteria that all programmers will follow in the development process, nodes will all be in agreement based on the rules and criteria, and wallets and exchanges work seamlessly together without friction.

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

balanceOf () - Tells the EVM and wallets to find how many tokens are held in an address.
transfer () - Transfers a specified number tokens from one address to another.
approve () - Gives an ETH address the approval it needs to transfer specified number of tokens.
totalsupply () - Gives the sum of balances
allowance () - Finds the balance of the address to calculate how much is available to send
approve () - gives the authority to transfer tokens from one address to another.

#370

1
Standards allow the fast adoption of the blockchain.

2
totalsupply: how many tokens are in circulation.
balanceOf(a) returns the balance of a: a specific address
transfer (…

#371

Exchanges and wallets do right away support a new token if it is based on an established standard. There is no extra work involved for them.

There are functions for the total supply of a token and one for checking the balance of an account and many more.

#372
  1. This ensures that there is an underlying standard consistently used and built upon which enables seamless integration and interoperability within the ecosystem - an example of this is wallets or apps interacting with the tokens can be standardised rather than customised for each individual token.
  2. totalSupply() returns the total circulating token supply. balanceOf() returns the balance of the specified address. approve() authorises a specified address to draw tokens from the contract owners address.
#373
  1. As a ‘standard’ means to be defined, one could reuse ERC20 concepts for deploying ‘any’ fungible token type. The advantage would be code reuse and also easier integration in exchanges and wallets and DeFi DApps already prepared for this type of standard ERC20 fungible tokens.
  2. tottalSupply - is the sum of all token Accounts balances in the smart contract (SC)
    balanceOf - one can verify any Account balance in the SC
    transfer - to transfer amount of tokens from an executor account to the a recipient account
    approve - to allow in advance that another account takes up to a certain max allowed amount of tokens from the current executor account balance
    transferFrom - so that a previously approved account executes and takes an amount of tokens less than or equal the allowed amount of tokens if available at the balance form the approver account
    allowance - so that a previously approved account executes and takes all possible allowed tokens up to the amount of tokens available at the balance form the approver account
#374

  1. One of the main benefits of setting a token standard like ERC 20 is the establishment of conventions for code, such as function names. This is very useful for the development community for creating applications that interact with various ERC20 tokens.

  • 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() – " a token holder gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens, known as an allowance. The token holder uses approve() to provide this information."
  • transferFrom() – " Once an allowance has been created the smart contract can take up to the allowed number of tokens from a user’s allowance as part of the contract’s operation. Continuing the example, Joe can now call doSomething() and doSomething() can use transferFrom() to take 10 Do tokens from Joe’s account and carry on its work."
  • allowance() – provides the number of tokens allowed to be transferred from a given address by another given address
#375
  1. What are the benefits of setting a token standard like ERC20?
    All devs and projects follow the same standard which makes wallets and exchanges know how to interact with an ERC20 token.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    There are functions like getting the balance of an account, or functions for transferring between two accounts, and many others.
#376
  1. So that everyone’s code would match the same and works better way.
  2. ERC 20 standard has couple different functions.
    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.
#377

1 all new tokens of that standard are supported from all networks and wallets from day 1
2 balanceOf() : gives you the number of tokens held by the selected address
transfer() : transfers tokens directly to another address
approve() : the holder gives another address the approval to transfer up to a certain number of tokens
transferFrom() : take sertain tokens from the sender account and continue on
doSomething() : to operate instuctions
allowance() : provides the number of tokens allowed to be transferred from the given address by another address

#378
  1. Setting a token standard like ERC20 is beneficial as it helps wallets and exchanges to support all tokens.
  2. balance0f() number of tokens in a specific account
    transfer() send tokens from one address to another
    doSomething() for operating instructions
    approve() authorizes an address to withdrawal of token
    transferFrom() send from one address to another
#379

  1. The benefits of setting a token standard like ERC-320 is that it make is fungible, meaning the token will be able to communicate with other ERC-320 tokens with no issues. It creates a more efficient communication protocol for the Tokens.

  2. totalSupply function in ERC-320 give the total number of tokens in circulation. balanceOf is a ERC-320 function that provides the number of tokens owned by a particular address.

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#380

1.What are the benefits of setting a token standard like ERC20? It allows smart contracts on the ERC20 standard to work more fluently together.
2.What functions are in the ERC20 Token Standard Interface and what do they do? Functions like balanceOf() and totalSupply() are used to show the amount of tokens in an area.