Homework: ERC20

Ethereum 101
#3855
  1. ERC20 standard benefits token to communicate across exchange, wallets, etc
  2. ERC20 token standard interface allows transfer, balance, sent, receive and many other functions

for example

totalSupply() gives maximum number of tokens in existance
balanceOf(address account) gives a public addresses’ balance of ERC20 tokens
transfer() allows one to transfer its ERC20 tokens to another public address

2 Likes
#3856
  1. The benefits of setting a standard are that the community can operate, communicate and integrate work from different sources without errors, the same goes for exchanges and wallets. If you want to create a new token, there are no problems for the community to work with it, because you are using the same standards and therefore there is no language barrier or misunderstanding, that makes processing of information very fast and compact. Otherwise everyone needs a protocol for your programming and every other standard anybody else creates. That will than cause friction, because which standard will succeed or how many standards must be kept on every note to check a contract.
  2.    1. Function totalSupply     Check total amount of coins in circulation
   2. Function BalanceOf        Check Balance of a wallet or of an address
   3. Function transfer             transfer a coin from your address to another one
   4. Function transferFrom     transfer from an address to another address
   5. Function approve            Approve for a third party to for example transfer a coin

There are more but these are some of the standard functions

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#3857
  1. The benefit of using the Standard of ERC20 is that applications know how to read and interact with them.

2 Functions of ERC20 include:
Balance of
Transfer
Doer
Transfer from
approve
allowance

2 Likes
#3858
  1. Setting a token standard like ERC20 promotes programming best practices and reduces admin friction. The standard of tokens allows for an interaction between: wallets, exchanges, web servers , other contracts.
    2. ERC20 functions:
    totalSupply()-how many tokens are in circulation
    balanceOf()-gives back the balance of a specific address
    transfer () function transfers a number of tokens directly from the message sender to another address.
    allowance () function provides the number of tokens allowed to be transferred from a given address by another given address.
2 Likes
#3859

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

It allows top program in a common language across the whole network. It creates a common building language that is easy to recognize and interpret which simplifies the development of the network. Allows functions to be easily implemented in new contracts.

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

The Standard ERC20

  • Total supply: Show the total amount of tokens in circulation.
  • BalanceOf: returns the token balance of a specific address.
  • Transfer: if allows to transfer tokens from one address to another.
  • Approve: where a token owner can approve for “spender” to “transferFrom” tokens from the token’s owner’s account.
  • Allowance: Returns the number of tokens approved by the owner that can be transferred to the spender’s account.
  • Transfer: Allows a spender account to transfer an amount of tokens on behalf of the token owner to another account.

Source of the functions of ERC 20: https://yos.io/2019/04/14/erc-standards-you-should-know-about/

1 Like
#3860

1. What are the benefits of setting a token standard like ERC20?
It makes it easier for exchanges and wallets to support every new token created.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf() : gives number token held by address
transfer() : transfers a number of tokens directly from the sender to the recipient
approve() : used to provide information of another address (usually a smart contract) to approve access to transfer a certain number of tokens, known as an allowance.
transferFrom() : can be used used once an allowance has been created to transfer up tkk on the allowed number of tokens as per the smart contract operation.
allowance() : provides the amount of tokens permitted to be transferred from a given address by another address.

1 Like
#3861
  1. Everyone can interact with each other easily. Exchanges can create a wallet easily.
  2. total supply- how many tokens will there be
    balanceOf- show account balance
    transferFrom- is this a recieve function?
    approve- send tokens?
    allowance- return a set number of tokens from a spender to the owner?
1 Like
#3862
  1. Through the standardization we are enforced to create / implement smart contracts the same way,
    which creats interoperability and more benefits.
  2. totalsupply(), balanceOf(account), transfer(), approve()
1 Like
#3863

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

The benefit of setting a token standard is having a specific standard that can be used to interact with all applications between all developers.

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

  1. balanceOf() = Gives a balance of an account.
  2. totalSupply = Gives the total number of fungible tokens
  3. transfer() = Allows someone to transfer their ERC20 tokens to another public address.
1 Like
#3864

  1. ERC20 makes the deployment of new tokens easy on the first day because all tokens use the same programming language

  • totalSupply() - gives a number as an output. This number is the total supply of the token
  • balanceOf() - takes the address of an owner as the input and gives the balance of the users as output
  • allowance() - takes in the address of the tokenOwner and the spender and gives as output, the number of tokens allowed to be transferred from a given address by another given address.
  • transfer() - takes in the address of the receiver and the funds which are to be sent to the account
  • approve() - approve someone to spend from your account.
  • transferFrom() - 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.
2 Likes
#3865

1.Having a token standard makes it frictionless and all developers need to conform to the standard.

  1. There are functions like Balances, Total supply, Symbol, Decimals.
1 Like
#3866

1.compatability
2.totalSupply,transfer,balance,approve,allowance

1 Like
#3867

[quote=“filip, post:1, topic:8440”]
Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
  • So all the smart contracts/ wallets applications can communicate with each other. also easy to create the contracts since it can be copied from open source.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • totalSuppy() gives the maximum supply of a token ERC20.
  • balanceOf() give a specific address it balance of ERC20.
  • tranfer() allows transfer of balances to be done among ERC20 tokes.
1 Like
#3868
  1. What are the benefits of setting a token standard like ERC20?

It makes easier for wallets/exchanges/platforms to interact with different tokens.

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

balanceOf() shows tokens balance
transfer() used for sending tokens
allowance() number of tokens allowed to be transferred
Transfer() emits details of the movement of tokens

1 Like
#3869

a.) ERC20 allows programmers, computers, wallets etc to communicated in a efficient and clear way. A rule for a efficient economy which we certainly got in the crypto net is “minimum to no friction”. Imagine 10 people in a room trying to solve a problem through communication, but everyone has different definitions for key words in the discussion. Troublesome.

b.)
totalsupply = the sum of all balances for a token
balanceOf () = gives the balance hold by a account holder, insert account address into brackets
transfer () = send token from one account to another, irreversible though as there won’t be a receipt
approval () = finds out if a transfer is possible without querying the blockchain, sanctions the spending of token from an account
allowance () = function provides the number of tokens allowed to be transferred from a given address by another given address
transferFrom () = data of transferal
doSomething () = operate instructions

1 Like
#3870
  1. All e.g. wallets can talk to each other if the functions use the same standard nomenclature.
  2. balanceOf() gives the balance of an address
1 Like
#3871
  1. What are the benefits of setting a token standard like ERC20?

Standard make life easier for developers and businesses because they can communicate with each other via interfaces and do not need to reinvent wheels. Only with standards you can easily build wallets to support multiple coins and tokens. Standars ar teh main road to performance.

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

totalSupply()
balanceOf()
transfer()
approve()
_mint()
…

1 Like
#3872

Truls-Magnus Lokrheim - Homework Submission, ERC-20 Token Standard

Question 1: What are the benefits of setting a token standard like ERC-20?
Answer: These benefits include; that all exchanges and all wallets will support your token, ERC-20 can be considered a letter of recommendation, ERC-20 ensures a presence in the crypto space.

Question 2: What functions are in the ERC20 Token Standard Interface and what do they do?
Answer: In the code Liljeqvist presented, functions include; totalSupply, balanceOf, transfer, allowance, approve, transferFrom, increaseAlllowance, decreaseAllowance, and _mint, among others.

1 Like
#3873

1. What are the benefits of setting a token standard like ERC20?
A token standard sets all the rules in place to allow people to develop code and systems that can talk to one another. This reduces friction and allows more collaboration.

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

  • balanceOf() - returns the account balance
  • totalSupply() - returns the total token supply
  • name() - returns the name of the token
  • symbol() - returns the symbol of the token
  • decimals() - returns the number of decimals the token uses
  • transfer() - transfers amount of tokens to an address
  • transferFrom() - transfers an amount of tokens from an address
  • approve() - allows the spender to withdraw from your account multiple times up to the value amount
  • allowance() - returns the amount the spender is allowed to withdraw
  • Approval() - must trigger on any successful call to approve()
1 Like
#3874

  1. A token standard allows people to develop code in an interoperable way. This interoperability continues throughout the protocol allowing for the least amount of friction and increased efficiency.

a) totalSupply- the total supply of tokens
b) transfer- transfers tokens from total supply to a user
c) balanceOf- total balance of tokens a user has
d) transferFrom- transfers between two users
e) allowance- confirms sufficient funds for a transaction
f) approve- smart contract verification ensuring a transfer of a certain amount of tokens in regards to toal supply

1 Like