Homework: ERC20

Ethereum 101
#3875

  1. What are the benefits of setting a token standard like ERC20?
    Through standards we make sure that tokens are built in a interoperative way allowing communication.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Some of the ERC20 token standard functions are:

  • totalSupply -total token supply
  • balanceOf -balance of an address
  • transfer -amount transferred to an address
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#3876
  1. What are the benefits of setting a token standard like ERC20?

All tokens are the same therefore, it increases interoperability between these tokens, due to sharing the same syntax, indicating exchanges and wallets can integrate them from day 1. Furthermore all programmers can read each other´s code, which allows easier further development.

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

balanceOf() function: Provides number of tokens held by an address

transfer() function: Transfers a number of tokens directly from the message sender to another address.

totalSupply() function: Keeps track of the token balance in each Ethereum wallet.

transferFrom() function: Enables token holders to exchange tokens with one another after the initial distribution occurs.

approve() function: Used to “approve” other accounts to withdraw a certain amount of tokens from the account calling the function.

allowance() function: After approve() is used, allowance() is used to see the amount of tokens the approved account is allowed to withdraw from the original account.

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#3877

  1. ERC20 token standard helps the with reducing friction within and between networks which helps with easy operability, connectivity with wallets, servers and exchanges.

  2. The f unctions in the ERC20 Token Standard are the total supply, ownership management, balance inquiry and the issue or burn of tokens. These serve govern the token behaviour and manage compliance that the tokens are supported.

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#3878
  1. It allows inter-operability and efficiency in interacting with the smart contract. Making different tokens exchange easily, allowing all exchanges and wallets to support different ERC20 tokens.
  2. function totalSupply(): gives maximum number of tokens for a particular ERC20 token
    function balanceOf(): gives a public addresses balance of ERC20 tokens
    function transfer(): allows transfer of ERC20 tokens to another public address
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#3879
  1. What are the benefits of setting a token standard like ERC20?
    If all tokens share the same standard in code, they can all be supported by the same exchanges and wallets.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply, balanceOf, transfer, tranferForm, approve, allowance, doSomething
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#3880

The benefit with the standard erc20 is it like ground rules for all, a standard way to program. it provides the ability for the token to be supported by all the wallets and exchanges, interoperability and more efficiency or developers and users.

function balanceOf(adress acccount, amount) = The balance of the account
function totalSupply() = The total supply of the token (uint)
function transfer(adress receiver and amount) = Transfer a amount of token from your adress to another.
function transferFROM (adress receiver and amount) = Transfer a amount of token that you dont own but have the permission to spend, it is used with the following function approve .
function approve() = The owned of the account can give approval to another account so that the approved account can transfer from the the “owned” .

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#3881

1)What are the benefits of setting a token standard like ERC20?
-the base code or general code is similar in all ethereum based tokens (erc20) with makes the interconnection of all erc20 much more efficient and easy to interact with
2)What functions are in the ERC20 Token Standard Interface and what do they do?
-function balanceOf = shows the balance amount
function totalSupply () = shows the total supply
function transfer = transfer of erc20 assets from one address to another

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#3882
  1. Due a token standard like ERC20 wallets and exchanges can efficiently read the code, for example the total supply of each token.
  2. totalSupply() - shows the total supply.
    balanceOf() - shows the balance of a specific address.
    transfer() - commands transfer tokens to another destination.
    approve() - approve tokens being sent from one address to another.
    doSomething() - operate certain instructions coded in the contract.
    allowance() - provides the number of tokens allowed to be transferred to another address.
    transferFrom() - 3 inputs, the address of the sender, the address of the receiver, and the number of tokens to be transferred. And shows whether the transfer succeeded or failed.
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#3883
  1. What are the benefits of setting a token standard like ERC20?
    One standard allows all tokens to work with the same wallets. You do not have to create a separate wallet for each token.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply - how many tokens in total
    balanceOf- how many tokens are left in the account
    transfer - to transfer tokens to another wallet
    transferFrom - to transfer tokens from another wallet
    approve - to validate how many tokens you really have
    allowance - you permit another address to retrieve tokens from your address
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#3884

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

It ensures compatibility between the many different tokens issued on Ethereum.

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

The functions that are in the ERC20 are:

  • totalSupply() which returns a number as an output. This number is the total supply of the token
  • balanceOf() which takes the address of an owner as the input and gives the balance of the users as output
  • transfer() function takes in the address of the receiver and the funds which are to be sent to the account
  • approve() function. It can approve someone to spend from your account.
  • transferFrom() function. It takes: the address of the sender, the address of the receiver, and the number of tokens to be transferred. And returns an output of the success or failure of the transfer.
  • allowance() function takes in the address of the tokenOwner and the spender and returns the number of tokens allowed to be transferred from a given address by another given address.
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#3885

1 - It is already an industry standard, enabling quicker adoption
2 - totalSupply() gives maximium of tokens that exists
balanceOf(address account) gives a public address’ balance of ERC20 tokens
transfer() allows someone to transfer their ERC20 public address

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#3886
  1. The whole system is much more efficiency. When everything has the same standard everybody uses the same system. All tokens on the same standard can communicate with each other and it allows to add new tokens easier.
  2. For example total supply. It determines the total supply of a token. Or balance of. It shows the balance of an adress.
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#3887

  1. This ensures that every token, regardless of what functions it can perform or what use-case it may be for, can be universally accessed or interacted with by any user on the network. Essentially, it allows people to use a universal programming language with regards to queries, functions, or transactions with any ERC20 compliant token.

  2. totalSupply() - Displays the total of a given token’s existent supply
    balanceOf(address account) - gives the public addressee’s balance of the given token
    transfer() - Initiates a transfer of the given token between accounts.

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#3888

  1. Token standards provide consistent ways for wallets and exchanges to interact with new tokens.

  2. totalSupply(), balanceOf(), etc. provide information about the token and an individual user’s holdings.

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#3889
  1. Without this standard, anyone could build their own version of the token creating friction or incompatibility among smart contracts.
  2. totalSupply - the amt of tokens in circulation
    balanceOf - balance of public address
    transfer - send tokens
    transferFrom - automates transfer
    approve - approves withdrawals
    allowance - tokens allotted to be transferred by another address.
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#3890

1. What are the benefits of setting a token standard like ERC20?
ERC20 increases interoperability of
It allows wallets to provide token balances for hundreds of different tokens and creating a means for exchanges to list more tokens by providing nothing more than the address of the token’s contract.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() gives as an output the total supply of the token.
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 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.

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#3891

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

It allows for easy integration into other application like wallets or exchanges

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

totalSupply = Tokens in circulation
balanceOf = Checks your token balance.

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#3892

  1. Interoperable. All tokens will be able to communicate more efficiently between wallets, apps and exchanges.

  2. Function totalSupply() is the number held in a wallet address. Function Transfer() transfers tokens to another address.

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#3893
  1. It makes it easier for people and applications(wallets) to interact with the tokens using the same standard.
  2. totalSupply(states the total supply of the token), balanceOf(gives the balance of a particular address), transfer(to transfer ownership of tokens), allowance(gives another address the right to spend the token from a particular address).
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#3894

  1. Everyone who creates a token will use the same programming functions which allows compatibility for all wallets no matter the token.

  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

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