Homework: ERC20

Ethereum 101
#3935

  1. The benefits are that there is a standard means of communicating with all tokens on that standards and thus all wallets that are set up for ERC-20, or all smart contracts will already know how to interface with these new tokens. It also makes creating a new token from scratch a much smoother and faster process

  2. Some of the functions in ERC20’s are ‘total supply’-which determines the total amount of tokens that will ever be minted, ‘check balance’ which allows a wallet to see how many tokens are associated with certain addresses, and other basic functions like those

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#3936

  1. The benefits is that allows a homogeneous approach for any developer creating a new token to use exactly the same functions and instruction template that any other future developer will use when creating an alternative taken. It sets so to speak, the template by which anyone creating tokens on top of ethereum blockchain will have to follow. This in turn allows for wallets and any exchanges or 3rd parties to understand and interpret in exactly same manner the instructions, parameters used for any of those ERC tokens. This uniformity is desirable because it allows to increase adoption on top of Ethereum, as well as minimises the need to add new conventions for every additional fungible token addition to the market.

  2. There are several functions used in the ERC20 Token standard, some of which are:

TotalSupply function, which specifies the total amount of tokens available (new tokens can be minted which will always increase Total amount of tokens available, and tokens can also be burnt, which in some cases may reduce total amount of tokens or in some case not, in case they are sent to an address with no private key - eg: sending them into a black hole of sorts)

BalanceOf will be used to calculate the balance of a given account of the token hold. This will be used to produce calculations of transactions between that address and that of another token account holder.

Transfer function will be use to deduct a certain amount from a the balance of a token holder account in favour of another token account owner.

There are more functions such as decimal which are used by the developers at the time of creating a new token altogether, to define whether or not tokens are fractionable or not and to the extent to which they can be fractioned (up to 18 decimal points. Careful thought has to be given to this as ETH is not franctionable to this must be chosen wisely.

Another function is allowance, which is used as part of smart contract computation of transactions between several accounts.

There are probably many other functions and I look forward to learn about them in more advanced courses.

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#3937
  1. What are the benefits of setting a token standard like ERC20? Having a standard way to program and a standard way to deploy tokens on the Ethereum smart contract platform are benefits of ERC20.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    total supply function- for total supply of tokens
    balance of- to get account balances.
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#3938
  1. What are the benefits of setting a token standard like ERC20?
    Standardisation of token program makes it easier for us to use it with other contracts, to deploy it on different exchanges and to use already made wallets that support the same standard. Standardisation also means that it is easier for tokens to be audited by authorities so that we make sure that the code is safe to use for people and it does not represent some kind of hidden threat.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    In ERC20 standard there are functions that every compliant token should support. ALL The functions defined execute some task as checking the total supply, checking the balance of the account, sending money, burn tokens etc.
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#3939

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

Extremely easy to create, reduce the complexity of token interaction as most function naming & parameter convention are usually the same so that many application or smart contract build on the blockchain can easily talk with each other…also the risk of contract breaking is very low.

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

There are many functions in the ERC20 token standard interface, couple examples are:

a) balanceOf() this function provides the number of tokens held by a given address.
b) transfer() this function transfers a number of tokens directly from the message sender to another address.
c) allowance() this function provides the number of tokens allowed to be transferred from a given address by another address.

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#3940
  1. benefits of ERC20 standard is eliminating confusion, to gain functionality, compatibility and interoperability among different projects, their (d)apps and tokens on one base (Ethereum) blockchain protocol, thus creation of new projects, (d)apps & tokens becomes faster, clearer and less complex.
  2. there are many methods, we mentioned 2 of those functions for now, function totalSupply() and function balanceOf(address _owner), I assume the first one returns total supply of tokens and second one a balance of an owner of that account address
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#3941
  1. Standards avoid friction, it creates consensus. It creates a base framework that everybody can work on.
  2. TotalSupply, is the number of the total supply of the token.
    BalanceOf, is the number of token of a specific account.
    transferFrom, specifies the value of a transfer between two accounts.
    allowance, the number of token remaning on an account.
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#3942

  1. What are the benefits of setting a token standard like ERC20?
    It makes the query easy. ERC20 token standard makes the transaction easy and smooth. It also makes easy to implement security measures. It helps different wallet to work easily on the network.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    There are many functions but some of them are …
    totalSupply()- it gives the total supply of token or total number of tokens in your smart contract.
    balanceOf(address account) - it fetches a balance of token on given address.
    transfer() - this function transfers funds or tokens from one address to other

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#3943

  1. Having a certain standard makes it easier for different projects/ exchanges to interacts with each other. This is simpeler and more efficient then each token having a different code that must be translated.

  2. Examples of functions:
    balanceOf() = gives the balance of tokens held in a certain adress
    Totalsupply = gives the sum of al balances
    decimals = determines the amount of decimals displayed when showing the balance
    transfer() = can be used to transfer tokens from one adres to another
    approve(), tranferfrom() and allowance() are used together to send a certain amount of coins after a certain event has taken place. These functions are used in smart contracts.

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#3944

  1. We increase efficiency and reduce friction as everyone will be following the same standards for creating tokens. And using the same standards that are approved on exchanges and wallets will allow us to get these tokens supported by these exchanges and wallets as well.

  2. Decimals: is the number of digits that come after the decimal place when displaying token values on-screen.

BalanceOf(): provides the number of tokens held by a given address.

Transfer(): transfers a number of tokens directly from the sender to another address.

Allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.

These are just to name a few.

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#3945

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

With standard like on e.g makes all tokens communicate in a standardized way, and with wallets and exchanges as well. Efficiency!

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

There are many functions such as:

function totalSupply(): All wallets know this standard, it’s the function all ERC20 have, and and will let you know how many tokens are in circulation.

function balanceOf(): (Address account) How many tokens that balance has. Exchange will use this. Specific address.

function approve(): Here you can approve that someone spends from e.g your account.

function transfer(): Here the creator of a contract sends an an amount of token to another address, just as in regular crypto transactions.

function transferFrom(): This returns the amount which the spendor is still permitted to withdraw from the owner.

function doSomething(): It operates instructions

function allowance(): Gives information about how many tokens that are in the allowance.

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#3946

  1. This makes it possible for wallets and exchanges to be programmed to support any token that meets these standards.

    • balanceOf() = balace of a certain address
    • transfer() = transfers a number of tokens directly from the message sender to another address.
    • totalSupply() = all ERC20 tokens have it and gives you how many tokens are in circulation.
    • allowance() = provides the number of tokens allowed to be transferred from a given address by another given address
    • approve() = providing info to give the approval to transfer a certain amount, known as an allowance.
    • approval() = emits details of approvals of tokens from one address to another.
    • transferFrom() = ?
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#3947

What are the benefits of defining a token standard like ERC20? Standardization allows multiple applications to talk to each other by performing actions to deliver expected results.

What functions are in the ERC20 token’s default interface and what do they do?

totalSupply() - gives the maximum number of tokens there are;
balanceOf() - gives the number of tokens held by a given address;
approval() - approves the transfer up to a certain number of tokens;
transfer() - transfers various tokens directly from the message sender to another address;
transferFrom() - transfers multiple tokens directly from a specific address to another address;
doSomething() - performs some action; and
allowance() - gives the number of tokens that can be transferred from a given address by another address.

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#3948

having a standard makes it easy for wallets, exchanges, etc to add many things to their network very easily.

function totalSupply() = Get the total token supply
function balanceOf() = Get the account balance of another account with address owner
function allowance() = Send value amount of tokens to address to
function transfer() = Send value amount of tokens from address from to address to

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#3949
  1. What are the benefits of setting a token standard like ERC20?

Universality of the commands for all tokens under the same standard, compatibility of all tokens with wallets and exchanges set under the same standard if the later two so they are too, fungibility of all tokens under the same standard.

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

function totalSupply()
It gives you the total number of ERC-20 tokens on the network.

function balanceOf(address account)
It gives you the numerical balance of Ether and all ERC-20 tokens of a particular wallet.

function allowance(address owner, address spender)
It gives you the amount of ERC-20 tokens or Ether available for both the address which minted the token or Ether and the spender of Ether or such kind of token after a particular transaction?
etc.

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#3950

  1. It makes it easier for wallets and exchanges to adopt/be compatible with new tokens

totalSupply() - returns all tokens in circulation
balanceOf() - returns balance of specified account
transfer() - sends a specified amount of tokens from one account to another
approve() - gives an address approval to transfer up to a certain number of tokens (allowance)
transferFrom() - allows smart contracts to take an allowed number of tokens from a user’s account
allowance() - returns the number of tokens that are allowed to be transferred from an account

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#3951

  • To ensure that will exist a pattern of comunication - to avoid mess and chaos in an opened environment -

  • The functions are:
    -> balanceOf () - Function provides the number of tokens held by a given adress
    -> transfer () - Transfers a number of tokens directly from the message sender to another adress
    -> approve () - Token holder gives approval to transfer up to a certain number of tokens - allowance -
    -> transferFrom () - Specify the origin of the resources
    -> allowance () - Provides the number of tokens allowed to be transferred from a given adress to another given adress… curious that this function is considered “soft” wich means that it can returns a number of shares that it’s higher than the origin balance… strange function i would say

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#3952
  1. The benefits to setting a token slandered like ERC20 is that you have all tokens that are the same and similar so that any type of exchange and wallets will be able to work with them from the start.
  2. The function of the ERC20 Token Standard Interface is to use the balanceOf() which balances a specific account, and total supply the number total fungible tokens.
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#3953
  1. you can have a lot of coins that are compatible with a lot of wallets from day 1 so there is a lot of flexibility with economics
  2. among the tons of functions there are “balanceOf”, “totalSupply” and “transfer”
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#3954
  1. All wallets, exchanges, server providers etc can speak in the same way with the contracts
  • balanceOf() gives the balance of an account
  • transfer() transfers a number of tokens directly from the message sender to another address - -
  • approve() and transferFrom() allow a 2-step process two-step process for transferring
  • allowance() provides the number of tokens allowed to be transferred from a given address by another given address.
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