Homework: ERC20

Ethereum 101
#4095

  1. By using a standard, we put some certain rules to decide how a token should be. In that way, we may avoid fractions and find stability on our economic and financial systems.

  2. balanceOf() --> to show the number of tokens held by a given address
    transfer() --> to transfer tokens from one address to another
    approve() & transferFrom()

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#4096

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    A: It allows the ecosystem to operate on a standard platform and to allow for interoperability and cohesiveness across the ecosystem.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    A: totalSupply() - will give the maximum quantity of tokens that exist .
    balanceOf(account) - will give a balance of what the balance is in a particular account.
    transfer - will allow the holder of that account the ability to transfer those tokens to another address.
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#4097
  1. It is very beneficial to setting a token standard like ERC20 because it ensure there are better experiences with wallets and dApps because interoperability is easier due to a standard.
  2. There are several functions totalSupply() tells you how many is the maximum amount of tokens, balanceOf(address) tells you how much tokens you have in your account, and transfer() gives you ability to transfer your token to another address.
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#4098
  1. The benefits of setting a token standard like ERC20 is that all the contracts have the same code structure allowing for different wallets, exchanges, and other platforms to easily add them with no problems.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    TotalSupply() gives maximum number of tokens that exist
    BalanceOf(address) gives the balance of tokens in an account
    Transfer() allows the transfer of tokens from one address to another
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#4099

  1. Reliability and efficiency in the development ecosystem as all parties can count on certain functionalities and their implementations being done in a standard way.

  2. Function to get all available tokens, function to get a certain account’s balance, function to transfer tokens, etc.

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#4100

  1. Using a standard such as ERC20 ensures all apps, wallets, and exchanges are interoperable and brings consistency to community.

  2. totalsupply, balanceOf(account), transfer, approve are examples of functions which are part of the ERC20 standard. Totalsupply gives the number of tokens, balanceOf gives available token balance, transfer is used to send to other account whereas approve allows user to approve the transfer to a function.

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#4101

Homework o ERC20 token standard:

  1. When there is a token standard (such as ERC20) implemented, communication and transactions among a network are completed flawlessly. For example, wallets and exchanges are able to accept and process all tokens that are subjected to a token standard immediately after the token is created.

  2. Functions and their abilities within the ERC20 Token Standard Interface include:

    • balanceOf() - this function provides the amount of tokens within a specified address
    • transfer() - this function transfers a specified number of tokens directly to the inputted address
    • doSomething() - is an encoded function that requires specific rules in order for the program to operate
    • approve() and transferForm() - these two functions allow the doSomething() function to complete transactions by using a 2-step process
    • totalSupply() - this function provides the total amount of tokens in circulation
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#4102

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

  • ability scale your network alongside companies, users, & websites.
  • ability to plug into other erc20 manufacturers.
  • have an abstract ecosystem with the same interface.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • function totalSupply() public view returns (uint256) get total supply
  • balanceOf(address _owner) balance of another account with address
  • transfer(address _to, uint256 _value) public returns (bool success) transfer amount of tokens to address
  • transferFrom(address _from, address _to, uint256 _value) public returns (bool success) send amount of tokens from address
  • allowance(address _owner, address _spender) public view returns (uint256 remaining) allows withdrawals from your account, multiple times, up to the value amount
  • event Transfer(address indexed _from, address indexed _to, uint256 _value) MUST trigger when tokens are transferred, including zero value transfers.
  • address indexed _spender, uint256 _value) must trigger on any successful call.
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#4103

https://www.investopedia.com/news/what-erc20-and-what-does-it-mean-ethereum/

  1. What are the benefits of setting a token standard like ERC20?
    Standards allow wallets, exchanges etc to easily add all ERC 20 tokens as they have common naming in their code.

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

The minimum of functions and information needed in an ERC-20 compliant token are

  • TotalSupply : The total number of tokens that will ever be issued
  • BalanceOf : The account balance of a token owner’s account
  • Transfer : Automatically executes transfers of a specified number of tokens to a specified address for transactions using the token
  • TransferFrom : Automatically executes transfers of a specified number of tokens from a specified address using the token
  • Approve : Allows a spender to withdraw a set number of tokens from a specified account, up to a specific amount
  • Allowance : Returns a set number of tokens from a spender to the owner
  • Transfer : An event triggered when a transfer is successful (an event)
  • Approval : A log of an approved event (an event)
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#4104
  1. What are the benefits of setting a token standard like ERC20?
    The main benefit is unifying all tokens meaning they’re created on the same code, which makes it simple to operate with them. Also when operating with the tokens we know exactly what we’re dealing with.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    For example: balanceOf(which shows us the balance in the smart contract) or transfer(allowes us to transfer an amount of tokens to another person) or totalSupply(which gives us the max amount of tokens in the contract)
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#4105
  1. As we all use the same standars, it is more efficient and we reduce frictions. We can all build applications to talk to eachother.
  2. In Ivan´s lesson I learned 2 fuctions
    a. totalSuplly () that tells you how many tokens are in circulation.
    b. balanceOf ( address account ) that tells you how much tokens that address has.
    So if an exchange wants to show your balance, needs that same function.
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#4106

  1. What are the benefits of setting a token standard like ERC20?
    They are allow communities communicate with each other

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    function totalSupply () gives how many total token in circulation.
    balanceOf() to specify where the fund is.

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#4107
  1. The account model doesn’t require much space as the UTXO model, why is that a benefit?
    It takes less space and provides a balance at all times
  2. How is the account model not as great as the UTXO model for privacy?
    You can send yourself back in a multioutput transaction. Funds to from A to B it is easier to see.
  3. What are the benefits of setting a token standard like ERC20?
    Makes thing interoperable and drives consistence which increase efficiency.
  4. What functions are in the ERC20 Token Standard Interface and what do they do?
    Balanceof, transfer, doer, doSomething, Do, approve, transferfrom, allowance
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#4108

  1. The benefits are that everyone knows how to read and interact with the token because it maintains it’s standard.

#4109

Hey @bniel19, hope you are ok.

I think you forgot to answer the rest of the questions :nerd_face:

Carlos Z

#4110
  1. What are the benefits of setting a token standard like ERC20?
    The main benefits are:
  • standardization
  • universal functioning in the programming
  • less friction
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
    For example:
    BalanceOf( ) gives the balance of a specific account
    TotalSupply ( ) informes of the total number of fungible tokens available
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#4111

  1. ERC20 allows exchanges, wallets, etc, to interact with the token on launch, making it far more accessible then if it had used its own standard

  2. some of the standard functions for ERC20:
    totalSupply - Returns the total token supply.
    balanceOf - Returns the account balance.
    transfer - transfers tokens to address.

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#4112
  1. What are the benefits of setting a token standard like ERC20?

A: The benefits of setting a token standard like ERC20 is that all developers building upon Ethereum are coding to the same standard as every other developer. It also allows all wallets & exchanges to support ERC20 tokens. This also promotes interoperability.

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

totalSupply() - provides a total supply of whichever token is specified.
transferFrom - instructs the contract to execute the transfer of tokens from the specific wallet.
balanceOf - this instructs the smart contract to check the balance of the wallet in question is sufficient to make the transaction.

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#4113

  1. What are the benefits of setting a token standard like ERC20?
    The benefits of setting a token in ERC20 is having the project have a standard to follow from the start. Having the capability of being able to work with as many wallets as possible will allow for greater adoption. With the ERC20 standard makes this possible for new developers.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    The function total supply is checking how many coins are in circulation. This could potentially dictate gas fees and other checks and balances for the coin. The balance Of address account is able to check the wallets balance when needed.

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#4114

  1. The benefits for following the token ERC20 standard would allow wallets to efficiently communicate with various tokens within their smart contracts.

  2. There are various functions that it contains. Just to name a few, totalSupply() gives the total value of the token that it contains. balanceOf() provides a specific balance of the person’s wallet address.

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