Homework: ERC20

[adamsh84]

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

Helps everyone communicate with each other and understand how to easily build a coin in a much more efficient way.

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

TotalSupply() provides what the total supply of an ERC20 is, Transfer() send an erc20 between addresses, and BalanceOf() gets the balance of an address

[JRoze545]

1. The benefits are that all wallets and exchanges will be able to support the tokens built on ERC20. This also helps the streamlined efficiency of the network because its core structure is always the same.
2. totalSupply(): gives maximum number of tokens held in that a
   balanceOf(address): gives the balance of ERC20 tokens of a public address
   transfer(): allows a transfer of ERC20 tokens to another address
   approve(): 2 step transfer that authorizes a set amount of tokens to another address
   allowance(): providing info about how many tokens are in the allowance.

[bvtran]

1. Setting the ERC20 standard makes it easier for everyone to communicate with each other across different smart contracts using the same standardized functions.

The totalSupply () function tells you how many tokens are in circulation.
balanceOf() tells you the exact balance of a specific address.
transfer() is what you use to transfer a specific amount of tokens to another party. It’s not good for sending money to a smart contract.
approve() allows another address to transfer a certain number of tokens
transferFrom() lets you take the number of allowed coins from an address
doSomething() lets you carry out any actions specified in the smart contract, assuming there is a sufficient number of coins to pay for the action.
allowance() provides the number of coins allowed to be taken from an address to another. However this is a “soft” allowance, meaning the number of coins allowed may exceed the actual balance of a person’s address and should take the latter into consideration.

[Slig11]

1 - The benefits of setting a token standard like ERC-20 is to have a standardized way of communicating with all tokens on ERC-20 and any new tokens that are created on ERC-20. This makes it easy to interact with other tokens on that same standard.

2 - Some function that are in the ERC-20 token would be the balanceOf() function which provides the number of tokens held by a given address. Another is the transfer() function which transfers a number of tokens directly from the message sender to another address. Some more would be the approve() and transferFrom() functions. They are two functions that allow the doSomething() function to work using a two-step process.

[TR7]

1. The ERC20 standard defines how we program tokens which run on the Ethereum blockchain. Having a standard like this demands all developers create tokens the same way allowing exchanges and wallets to support these tokens from day one.

2. totalsupply function- Tells you how many tokens that are in circulation

balanceOf function- just gives you the total amount of tokens held at a single address.

transfer function- sends tokens from one address to another address

appove and transfer from functions- Allows the transfer to take place between both parties in the trade by giving permission to send and receive tokens between the two addesses.

allowance function- provides the number of tokens allowed to be sent between the two token addresses.
A contract using the allowance function must consider the amount of tokens available in the holders address before processing the transaction i.e. are there enough tokens available to fulfil the contact.

[cryptolearning2021]

1. benefits of ERC20 are: having standards allows tokens to be listed on exchanges and allows wallets access. Without the standard everyone would write contracts their own way and the exchanges and wallets would have to know how to read each code. It makes the network efficient.
2. totalSupply() asks for total issued, balanceOf() exchanges will check your balance; transfer() transfers ERC20 tokens to another address

[MilanC]

1. it sets a standard that everyone has to follow. this means all exchanges and wallets can use a ERC20 token. everything is set to a rule set of code that has to be followed.

2. balanceOf- number of tokens one address has.
   totalsupply- how many tokens are in circulation
   transfer- used to transfer tokens from one person to another
   approve and transfer from- used for approval of sc and transferring of tokens
   allowance- provides number of tokens allowed to be transferred from a address
   dosomething- does instructions

[usman.eth]

1. ERC 20 Standards are fungible, meaning that all tokens are the same and of equal value… which could be beneficial if needed.

2. balanceOf() gives the list of public address balances
   totalSupply() returns the total supply of coins available
   transfer() allows someone to transfer tokens from one address to another

[magicrypto]

1.what are the benefits of setting a token standard like ERC20?
that all programmers use the same standards make that new tokens made with these standards will be supported by all exchanges and wallets
2.what functions are in the ERC20 token standard interface and what do they do?
total supply: shows how many tokens are in total in supply
balanceOf: tells us how many tokens a balance has, when a wallet wants to know how many balance an acount has it uses this code

[mayelab]

1. Benefits of a Token Standard: the wallets, exchanges and applications can communicate with each other.

2. The functions of the ERC20 we reviewed are: totalsupply, balanceof (account) and transfer.

[DevinWiggins]

1. What are the benefits of setting a token standard like ERC20? Good standards, similar layout same naming conventions
2. What functions are in the ERC20 Token Standard Interface and what do they do? Total Supply- how many do you want there to exist. BalanceOf- anyone wallet can check to see what your balance is. transferring and others

[swervinmervin23]

1. simpler and make everything more auditable easier.
2. All ERC20 tokens are Fungible and sets a standard for new tokens wanting to use the 4th network.

[Web3Jeff]

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

Token standards allow for different smart contracts written by different people to interact with each other effectively. Without standards, everyone would be writing their own version of the code, making it difficult to be interoperable.

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

• 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.
• approve() gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens, known as an allowance
• transferFrom() transfers x amount of tokens from designated account
• The allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.

[kcoffey]

1. What are the benefits of setting a token standard like ERC20?
It’s the power of standards and standard way of solving issues. It helps reach efficiency if certain things are done the same way.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
The functions are: TotalSupply: Returns the total circulating amount of tokens.
BalanceOf: Returns how many tokens exist in an account.Transfer: Transfer an amount of tokens from an account

[seybastiens]

1. What are the benefits of setting a token standard like ERC20?
There is a security part where we know that all ERC20 tokens must respect the standard and therefore it restricts the options for scams or weird tokens.
It makes it much easier to communicate with multiple tokens. If each token had their own function names we would need to learn how to use them 1 by 1 which is a waste of time and impossible judging the amount of different existing tokens. If they are ERC20, we know how to do the important queries to get a certain information, and this way is the same for all tokens.
It makes it easier to create a new token. We already have pre-built functions and an architecture to work on.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalsupply() : = the sum of all balances = total current supply.
balanceOf() : Returns the balance of the specified address. Anyone can query that
transferFrom() : to transfer from 1 address to another. It can be sending to/from a smart contract too.
allowance() : When we call a smart contract, the allowance is how much we authorize it to use in the transferFrom function with our account.

[cryptickneefuhh]

1. all applications can talk to each other with ease.
2. balance and transfer are 2 of the functions.

[oracle.xyz]

1. It allows interoperability between tokens and allows interaction wallets, exchanges and other similar ERC20 tokens.

2. totalSupply() gives total number/ maximum supply of the tokens.
   balanceOf(address account) gives balance of ERC20 tokens of said address in the
   smart contract
   transfer() allows someone to transfer their ERC20 tokens to another public address

[ivtala]

Homework on ERC20 token standard:

1. Main benefits of setting a token standard like ERC20 are possibility to interact with all tokens, wallets, smart contracts and all other elements of the Ethereum blockchain.
2. The most common functions in the ERC20 are totalSupply(), balanceof(), approve() and transfer(). Totalsupply() shows total balance of all accounts. Banalnceof() shows balance of given address. Approve() shows which tokens could be transferred. Transfer() moves tokens from one address to another.

[Teabies]

1. The benefit is all tokens are held on based on the same standards, reduces the risk of complex token interaction, risk of contract breaking is low and high revenue with wide adoption and familiarity.
2. The balanceOf() function provides the number of tokens held by a given address. Note that anyone can query any address’ balance, as all data on the blockchain is public. The transfer() function transfers a number of tokens directly from the message sender to another address.

[Ohonds]

Less confusion when it comes to building tokens and transferring tokens between wallets.

Some functions are as follows: balanceOf() provides the token balance within an address. The transfer() function transfers tokens from one address to another. These functions are two of many that make the ERC-20 standard possible.