Homework: ERC20

Ethereum 101
#4055
  1. It is a standard that dictates how the tokens are coded, which allows the community to be transperent, learn from one another better and evolve faster.
  2. Total supply - amount of tokens and total supply balance of a certain account.
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#4056

  1. Setting a standard for creating tokens makes sure that all tokens follow the same set of functions but are allowed the freedom to execute them within the guidelines of the ERC20 standard. It makes it more efficient and adaptable.

  2. balanceOf - Calculates the amount of tokens an address holds.
    totalSupply - Calculates the total amount of tokens.
    transfer - Transfer tokens from one address to another address.
    approve - The address holder signing or giving approval to initiate the smart contract.
    transferFrom - Is used in a smart contract for transferring tokens.
    allowance - reads address to determine the amount of tokens available to spend or send.

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#4057

  1. the benefits of setting a token standard ensures that all apps are working in the same way which helps with interoperability and efficiency

  • totalSupply is the # of tokens that are in supply
  • balanceOf (address account) is the balance of the account holders
  • transfer-- emits details of the movement of tokens from one address to another
  • allowance()-- provides the number of tokens allowed to be transferred from a given address by another given address
  • approval-- details of approvals of tokens from one address to another
  • transferFrom-- smart contract can take up to the allowed number of tokens from a user’s allowance as part of the contract’s operation
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#4058

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

Standards are essential across most industries. Benefits include security, clarity, protection of consumers and avoiding duplication of work.

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

name - full name (e.g. Ethereum)

symbol - symbol by which the token is known (e.g. ETH)
decimals - divisibility of the token

totalsupply - the sum of all token balances

balanceOf() - number of tokens held in a single address

transfer() - transfers tokens between addresses

allowance() - number of tokens allowed to be transferred between addresses

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#4059

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

The standard way of creating so we can easily integrate and operate. There needs to be a parameter, standards are important for small contracts.
We do not want to add friction.

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

total supply: this is the total of all the tokens in circulation.
balance 0f: It shows how many tokens you have in your balance
transfer: it show the transfers from a specified token from one address to another one.

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#4060

ERC20 -

  1. So everyone using the network uses the same language.

  2. Functions that every token on the network uses. Set balance, create or burn tokens, total supply, token ownership.

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#4061

  1. The benefits of a token standard is that all smart contracts or tokens on that standard can easily communicate and work together, especially since they are on the same standard, like following the same rules or guidelines. They understand one another. It increases efficiency.

  2. BalanceOf is one to check the number of tokens a certain address has.
    You can also transfer tokens from one address to another.
    You can also check the allowance of an address, or how many tokens that address is allowed to transfer to another address.

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#4062

Tokens are interchangeable . It helps keep track of created tokens on the blockchain.
Track the transfer of tokens from one account to another, getting an account balance, and the total supply of tokens on the network.

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#4063
  1. Making it easier to everyone to follow the same language.
  2. balanceOf, transfer
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#4064
  1. It allows interoperability and efficiency in interacting with the smart contract. Because of this standard deployment of wallets and the creation of tokens becomes easier.
    2.The balance Of() 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, not used in paying for functions within the smart contract. To pay for these functions we have to use approve() to allow SC use tokens defined as “allowance” and when any function is called SC is using transferFrom() to take tokens from allowance as a payment.

The allowance() is providing info about how many tokens are in the allowance.

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#4065

  1. Everybody is a universal and tested method making it simple and quick for 3rd parties to interact.

totalSupply() - How many tokens are in existence
balanceOf() - The amount of tokens in a specific address

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#4066

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

  • Setting a token standard like ERC20 will allow easier transition of programs and makes it easier for them to talk to each other. It would make it much easier to understand and use the code as well.

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

  • totalSupply() - gets the total supply of the token
  • balanceOf() - gets the amount or token balance of a wallet/address
  • transfer() - sends a specific amount of token to another wallet
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#4067
  1. Setting a token standard allows for built in functions that can be used by anyone making a dapp.
  2. For example, you make an exchange and want to check the token balance of a specific token. You can use the totalSupply function to check the token balance for the users address. There are many functions that come with the erc20 interface, and they are all very useful.
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#4068

The Erc20 standard allows wallets and exchanges is accept all new tokens as soon as they are launched. This reduces friction within the EVM and the overall crypto community.

The balanceOf() function provides the token balance of an account.
The totalSupply() function equals the sum of all balances.
The transfer() function is handy for sending tokens from the msg.sender to another address, but is not good for sending tokens to a smart contract.
The name(), symbol(), and decimals() functions are there to provide additional info to users.

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#4069
  1. What are the benefits of setting a token standard like ERC20?

Tokes that are programed in this standard can much easily interact with other programs (ex: DEX, Wallets, …). This will reduce friction.

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

totalSuply() - the sum of all balances
balanceOf(address account) - returns the token balance of “account”
transfer() - transfer ERC20 tokens to another address

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#4070
  1. What are the benefits of setting a token standard like ERC20?
    availability from everyone who wants to use Ethereum as blockchain layer, to follow the same structure, brings compliance to all developers, users, exchanges or wallets; that can provide accessibility and standard development. That reduces economy friction and easier integration
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalsupply() provides the max amount of tokens
    balance of(address) provides the amount of stored tokens in any particular wallet
    approve() approve a smart contract
    transferfrom() transfer from selected wallet address
    allowance() the amounts of tokens allow to be transferred.
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#4071
  1. This decreases the friction in the system. Everyone creating tokens is required to follow the same design pattern.
  2. Minting tokens creates new tokens, transfer transfers from one account to another, burning decrease token supply. balanceOf() queries account balance of any user
    transfer() transfers tokens
    approve() used to approve transfer
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#4072

1/ So all programmers are working on the same standard to smart contracts are interoperable

2/

  • Total supply - is total token supply,
  • Balance of is the balance in a wallet address.
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#4073
  1. What are the benefits of setting a token standard?
    So all apps and smart contract can efficiently communicate with each other.

2.What functions are in the ERC20 Token Standard Interface and what do they do?
Balance of function- gives the account balance.
Total supply- gives the maximum amount of tokens.

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#4074
  1. What are the benefits of setting a token standard like ERC20? standardization creates universal functionality for existing and new tokens to operate with various third parties such as exchanges or wallets.
  2. What functions are in the ERC20 Token Standard Interface and what do they do? Examples of functions for ERC20 are totalSupply (how many tokens are in existence), balanceOf (# of tokens in a specific account)
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