Homework: ERC20

Ethereum 101
#4015

  1. What are the benefits of setting a token standard like ERC20?
    It allows inter-operability and efficiency in interacting with smart contracts. Because of this, deployment of wallets and new token creation becomes easier.

  2. What functions are in the ERC20 Token Standard Interface and what do they do? transfer() : transfers a number of tokens directly from the message sender to another address.
    totalSupply(): gives maximum number of tokens that exist
    balanceOf(address): gives a public addresses’ balance of ERC20 tokens
    doSomething(): operates instructions.
    allowance(): provides the number of tokens allowed to be transferred from a given address by another.

1 Like
#4016

  1. It is important to set a standard to something widely used. The ERC20 token is an example, this standard facilitates programming interactions of tokens with each other and with decentralized platforms.

  2. The mains functions in the ERC20 Token Standard are:
    •transfer(), to transfer funds from your wallet to another;
    •balanceOf(), to give the token balance of a public address;
    •totalSupply(), to show all the supply of the token.

1 Like
#4017
  1. We can build application that can be talk with another.
  2. totalSupply; check total of token supply., balanceOf; check balance of specific address., transfer(); transfer an amount of token to specific address.
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#4018
  1. So we know what functionalities we need to put on the token for standard
  2. balanceOf() -> Provides the number of tokens held by given address
    transfer() -> Transfer a number of tokens to another address
    approve() -> gives allowance to transfer up to certain number of tokens
    transferFrom() -> take tokens from another address
1 Like
#4019

  1. The benefits of having a ERC20 standard is that all tokens are created the same way which allows for exchanges and wallets to easily support new tokens as they come out and it allows for exchanges and wallets to easily communicate between the tokens because they are all built the same way.

  2. Some functions of the ERC20 standard include: Function: Total Supply which states how many tokens are in the total supply and Function: BalanceOf(address account) which states the balance of the specific account address.

2 Likes
#4020

  1. What are the benefits of setting a token standard like ERC20?
    All developers create tokens same way with the same standards, it means all the exchanges, all the wallets will support token from the beginning.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply - total amount of tokens,
    balanceOf - balance of address
    transfer - used for transfer of tokens

2 Likes
#4021

Hi everyone,

  1. It is beneficial because all tokens created by following this same standard function the same way and can be supported by all wallets and all exchanges straight away.
  2. To give a few examples of functions : totalSupply() which gives the total number of tokens in circulation, balanceOf() which gives how many tokens a given account has, transfer() which sends tokens from one account to another.
2 Likes
#4022
  • What are the benefits of setting a token standard like ERC20?
    Standards allow for interoperability so that different tokens can operate on the same network. Otherwise, the number of interfaces would be overwhelming. Standards allow for multiple tokens to operate on the same blockchain.
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    ERC20 tokens are coded with a number of functions that allow them to find out balances in different accounts and implement transfers under specific conditions. There is balanceOf(), transfer(), approve(), allowance(), and transferFrom() for example
2 Likes
#4023
  1. What are the benefits of setting a token standard like ERC20?

Same as the other standards in the world. We need to be sure in the totally same behaviour of the entities which are called standard compatible. The same behaviour is the reason. So if you create a new token within Ethereum network you must allow to communicate with it only within standard specs.

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

That standard includes functions allowing transfers and balance calculations. Such as:

  • totalSupply() - returns number of tokens in circulation
  • balanceOf() - number of tokens in the account
  • approve() - approves withdraw tokens from the account
  • transfer() - transfer tokens from one to another account
  • transferFrom() - automate transfer tokens on behalf of owner
  • allowence() - provides number of tokens allowed to be transferred
1 Like
#4024

  1. Exchanges and wallets are able to support tokens immediately.

  2. Examples are;
    totalSupply() , number of tokens in circulation.
    balanceOf() , gives the balance of the address entered.
    transfer() , destination address.
    alowance(), address owner and spender limit of transfer.

1 Like
#4025

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
  • The benefit of the ERC20 token standard is that all tokens that are created using the standard will allow for easy integration and application between exchanges and wallets due to similar functions used/applied in their smart contract coding.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • Functions in ERC20 Token Standard Standard Interface
    i) balanceOf() - provides the number/balance of tokens held by a given address
    ii) transfer() - for sending tokens from one user to another
1 Like
#4026
  1. it makes exchanges to add a new token to their platform cuz of common standard that every token is following.
  2. Every function has their seperate use case for ex balanceOf is used to check the balance of account transfer is use for transferring the tokens rtc
1 Like
#4027
  1. What are the benefits of setting a token standard like ERC20?

Every token with the same standard, are easy tot integrete/ applicate between exchanges/wallets. The same standard allows different token to operate on the same blockchain.

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

They are coded with functions that allow them to find balances and transfer tokens under conditions. For example, the balance, the total supply and the transfer of tokens.

1 Like
#4028
  1. Standards and conventions are important because everybody follows the same rules and structure which ensures interchangeability.
  2. The ERC20 token standard has the following functions:
  • balanceOfSupply() which returns the total number of tokens in existence;
  • balanceOf(address account) returns the balance of tokens in the passed-in address for an account.
  • transfer() executes a transfer of tokens from one address to another.
1 Like
#4029

  1. Because everybody knows what function the smarctcontract aka ERC20 Token has, Wallets, Exchanges and the hole Ecosystem know how to communicate in a easy way with the smart contract aka erc20 Token, they just need the erc20 contract adress

  2. Mapping the Account adresses and their balances, Sending money trough balance change, Total supply, Burning, Minting, decimals, name, symbol,

balanceOf = query wallet balance of xyz
transfer = sends token to another adress
allowance = wallet allows another (mostly smart contracts) entity to transfer tokens
transferFrom= allowes the smart contract or other adress to transfer the “allowance” amount approved before

1 Like
#4030

Homework on ERC20 token standard.

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

The benefit of a token standard is the high readability of codes.
ERC20 is a set of functions for all developers to easily interpret & program how new tokens will function in ETH ecosystem.

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

For example,

  • querying total supply and account balance
  • transferring tokens to another balance
    and so on!
function totalSupply() public view returns (uint256);
function balanceOf(address tokenOwner) public view returns (uint);
function allowance(address tokenOwner, address spender)
public view returns (uint);
function transfer(address to, uint tokens) public returns (bool);
function approve(address spender, uint tokens)  public returns (bool);
function transferFrom(address from, address to, uint tokens) public returns (bool);
function totalSupply() public view returns (uint256);
function balanceOf(address tokenOwner) public view returns (uint);
function allowance(address tokenOwner, address spender)
public view returns (uint);
function transfer(address to, uint tokens) public returns (bool);
function approve(address spender, uint tokens)  public returns (bool);
function transferFrom(address from, address to, uint tokens) public returns (bool);
2 Likes
#4031
  1. What are the benefits of setting a token standard like ERC20?
    ERC-20 is a fungible token which doesn’t make it unique like erc 721, this is beneficial because this stands allows for easier integration and makes it easier for wallets and exchanges to integrate those
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Some functions:
    totalSupply() This contract is used to calculate and return the total amount of the token that exists in circulation.
    balanceOf() returns balance of provider address
    approve() The owner of the contract authorizes, or approves , the given address to withdraw instances of the token from the owner’s address.
    transfer() gives owner rights to transfer tokens to another address
    transferFrom() Automates the transfer process and send a given amount of the token on behalf of the owner.
1 Like
#4032
  1. Having a common standard makes it easier for smart contracts to communicate easier, it makes it easier for tokens to be integrated with wallets/exchanges.
  2. Functions in ERC20:
  • balanceOf(address) - returns balance of token associated with input address parameter
  • transfer() - transfers a number of tokens directly from the message sender to another address.
1 Like
#4033

  1. What are the benefits of setting a token standard like ERC20?
    The standard allows all exchanges and wallets to support the tokens adopting the standard.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() gets the total supply, balanceOf(address account) gets the balance of a specified account address, transfer() allows you to transfer tokens to a specified address.

1 Like
#4034

  1. All the token implementing the standard will have to implement a common set of functions, meaning that everyone interacting with the token knows it can rely on those functions to be available

balanceOf: return balance for an address
totalSupply: return total supply of the token
approve: authorize a given address to take tokens from the caller address
transfer: transfer token from the caller to a given address
transferFrom: transfer tokens between the two specified addresses. The receiving addess has to be authorized first via the approve function

1 Like