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The benefits of setting a token standard like ERC-20 is that all Ethereum applications such as wallets and exchanges can support the tokens at their launch.
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Total supply: Sets the total supply of the ER-20 token
Balance: Shows the balance of a specific address
Transfer: Built in function that sends ERC-20 tokens
Allowance: It provides the allowed amount allowed to be transferred by a specific address
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1.So that it makes it easier for a wallet to check the balance and total supply of coins etc. to then make it easier with code when there’s other tokens
2. There are many functions including balanceOf which says the users balance in account and totalsupply which shows the total of erc20 tokens
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- so that you can easily read and everyone uses the same standard
- total supply and balanceof
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- The ERC20 standard has several benefits. Since the code is written in a consistent way, wallets, exchanges, applications etc. will be able to support all ERC20 tokens without requiring adaption for each one. Also, it makes it easier for developers to read / program new ERC20 tokens.
- ERC20 functions:
- balanceOf(): provides the number of tokens of an address
- transfer(): transfers tokens to a specific address
- approve (): gives another address permission to transfer a specified amount of tokens
- transferFrom (): transfers tokens from a specific address to another address
- allowance (): provides the number of tokens that can be transferred from one address by another specified address
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The benefit of having a standardized code for tokens is that it makes it easy for wallets and exchanges to utilize them. It also gives developers and company’s that are creating protocols a good blueprint for solid tokens.
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ERC20 tokens are token efficient for coin exchanges, the functions that are in the interface are as follows, the balacnceO function provides the number of tokens held by an address, the transfer function sends tokens from ones address to another, the approve function is used for when a holder gives another address confirmation to transfer tokens, the allowance function gives a number of tokens that are allowed to be transferred from a given address from another address.
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What are the benefits of setting a token standard like ERC20?
All wallets and exchanges know how to communicate with a ERC20 token. They will support these tokens
What functions are in the ERC20 Token Standard Interface and what do they do?
Every ERC20 Token has a totalSupply, a balanceOf and a Transfer function
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If you use a standard like ERC20 when you create a token you can immediately interact with the crypto space from day one. The token can be listed on any exchange, and the token is compatible with any wallet, without the need for any code or conversions specific to the token.
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balanceOf():provides the number of tokens held by an account. totalSupply(): returns the total supply of the token on the network. transfer(): transfers tokens from one address to another. transferFrom() and approve(): are used when tokens pay for a function in a smart contract. allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.
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- Token standard lets anyone code their tokens by using the same already built in solidity functions.
- There are functions such as :
- totalSupply() which calculates the total supply of tokens there are;
- balanceOf() which calculates the token balance of a specific address;
- transfer() which transfers the tokens from one address to another.
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Standards, like ERC20, makes world wide adoption of technologies and such easier.
Uniformity, efficiency and consistency are some of the benefits of standardization. For example any crypto wallet can hold any token that is written following ERC20 token standard. ERC20 is one of few token standards there is to date.
ERC20 defines the functions balanceOf, totalSupply, transfer, transferFrom, approve, and allowance.
balanceOf - This function allows a smart contract to store and return the balance of the provided address.
totalSupply - This function allows an instance of the contract to calculate and return the total amount of the token that exists in circulation.
transfer - This function lets the owner of the contract send a given amount of the token to another address.
transferFrom - This function allows a smart contract to automate the transfer process and send a given amount of the token on behalf of the owner.
approve - This function allows _spender to withdraw from your account multiple times, up to the _value amount. If this function is called again it overwrites the current allowance with _value .
allowance - Returns the amount which _spender is still allowed to withdraw from _owner .
ERC20 token standard has also fields like token name, symbol, and the number of decimal places.
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- What are the benefits of setting a token standard like ERC20?
Allows all tokens to use the same language to be more efficient. Wallets can provide token balances for all of the different tokens making it easy for exchanges to list.
- What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() function provides total number of tokens
balanceOf() function provides the number of tokens held by a given address.
transfer() function transfers a number of tokens directly from the message sender to another address.
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It can run loops and have every token and wallet operate on a specific set of functions.
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balance of, shows the whole balance of the wallet
transfer, execute a transfer
approve, allow transfer to go through
doer, party that is supposed to fulfill smart contract
total supply, total supply of all tokens
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What are the benefits of setting a token standard like ERC20?
compatibility and communication throughout different applications; efficiency and avoidance of friction -
What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf() tells you the balance of a specific account
totalSupply() tell you the total number of tokens
transfer() transfers tokens from one address to another
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1.- It allows to wallets and nodes to read in the same languaje, making the network more efficient. It also creates an environment where lots of tokens and apps can interact easily.
2.- The balanceOf() function provides the number of tokens held by a given address.
The transfer() function transfers a number of tokens directly from the message sender to another address.
The approve() function gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens, known as an allowance.
The allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.
The transferFrom() function is to carry out the transfer by the previously approved to transfer address, or the third party.
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1. What are the benefits of setting a token standard like ERC20?
Tokens can be shared, exchanged for other tokens or transferred to a crypto-wallet.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalsupply(): returns the total circulating amount of tokens.
balanceOf(): returns how many tokens exist in an account.
transfer(): transfer an amount of tokens from token owner’s account to another account.
approve(): A token owner can approve for spender to transferForm tokens from the token owner’s account.
allowance(): returns the amount of tokens approved by the owner that can transferred to the spender’s account.
transferForm(): allows a spender account to transfer an amount of tokens on behalf of the token owner to another account.
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1- Having standards like ERC20 allows for more interoperability such as permitting a wallet to provide balances for multiple tokens that use such standard.
2- The common functions in ERC20 are as such:
- balanceOf ( ) = provides balance of address
- transfer ( ) = allow transfer of tokens without checks
- approve ( ) = sets allowance
- allowance ( ) = sets amount of tokens that can be withdrawn by the executing address
- transferFrom ( ) = transfer tokens within allowance
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The benefit is that all wallets know how to communicate with one another so there is less friction when communicating between different smart contracts
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There are multiple standard functions in the ERC20 Token Standard interface including:
balanceof()
Transfer()
Totalsupply()
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-Many benefits come from the standardization of the language like; applications can communicate with each other, compatible with the same wallets and exchanges, and less friction between developers
-Blanceof, were the total balance of an address is display
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- The benefit of the standard ERC20 code is that all tokens used across the Ethereum platform.
- totalSupply() gives the total amount of existing tokens .
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- What are the benefits of setting a token standard like ERC20?
It is efficient and interoperable because all wallets and exchanges that support ERC20 standard can use a token built on the ERC20 standard.
- What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() <— gets maximum tokens that exist
balanceOf(address account) gives balance of the address (how many ERC20 tokens they have)
transfer() transfers ERC20 tokens to other address
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- The benefits of using a token standard like ERC20 are that wallets and exchanges can support a vast number of tokens which leads to a more efficient economy.
- totalSupply() => gives amount of tokens in circulation
balanceOf() => check how many tokens are in an account
transferOf() => transfer erc20 tokens to and from accounts
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