Homework: ERC20

Ethereum 101
#4155

  1. What are the benefits of setting a token standard like ERC20?
    The benefits of setting a token standard like ERC20 are to ensure that all tokens are programmed the same way so that all wallets and exchanges can support them right from the beginning. This makes them fungible, functionally identical and interchangeable tokens. Thus, ERC20 is the standard for fungible tokens.

  2. What functions are in the ERC20 Token Standard Interface and what do they do
    Functions of the ERC20 Token Standard are TotalSupply, balanceOf(), and transfer(). The balanceOf( ) function supplies the number of tokens held by a given address. The transfer( )function transfers tokens from the sender to another address

1 Like
#4156

Homework on ERC20 token standard.

1. What are the benefits of setting a token standard like ERC20?
Using a standard, makes it easy for applications, exchanges, wallets etc to communicate with each other. A standard also defines certain rules and methods which save time and not everyone has to re-invent the wheel. In short setting a token standard results in network efficiency and interoperability.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply(): returns the total number of coins circulating in the network.
balanceOf () : returns the balance/number of tokens of the address provided.
transfer(): transfer tokens from one account to the other.

1 Like
#4157
  1. can build applications that can communicate with each other, then all exchanges and wallets will be able to support these tokens from day 1, makes token programed on ETH very accessible
  2. totalSupply (max # of tokens that exist); balanceOf (account balance); transfer (transfers their ERC20 tokens to another address)
#4158
    • Transaction - speed, effective, globalized.
      Creation - Extremely easy to create.
      Interaction - Reduce the complexity of token interaction.
      Contract - The risk of contract breaking is low.
      Liquidity - Increased token liquidity.
      Revenue - High revenue because of wide usage & familiarity.
    1. balanceOf(): provides the number of tokens held by a given address.transfer(): transfers a number of tokens directly from the message sender to another address. But it doesn’t work well when tokens are being used to pay for a function in a smart contract.approve(): a token holder gives another address approval to transfer up to a certain number of tokens(allowance).transferFrom(): take certain tokes from sender’s account and carry on its work.doSomething(): to operate instructions.allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.

1 Reply

18

Reply

17 DAYS LATER

Shivani_Shah

Aug '19

  1. Setting the ERC20 standard for token design, it alows inter-operability and efficiency in interacting with the smart contract. Because of this, deplyment of wallets and creation of new tokens become easier.
  2. totalSupply(): gives maximum number of tokens that exist
    balanceOf(address): gives a public addresses’ balance of ERC20 tokens
    transfer(): allows transfer of their ERC20 tokens to another public address
    doSomething(): operates instructions.
    allowance(): provides the number of tokens allowed to be transferred from a given address by another.

3

Reply

RichieR

Aug '19

  1. The benefits of setting a token standard like ERC20 is that it increases efficiency and allows tokens to operate on platforms and wallets seamlessly.
  2. The functions that are in the ERC20 are:
  • totalSupply() which gives a number as an output. This number is the total supply of the token
  • balanceOf() which takes the address of an owner as the input and gives the balance of the users as output
  • allowance() function takes in the address of the tokenOwner and the spender and gives as output, the number of tokens allowed to be transferred from a given address by another given address.
  • transfer() function simply takes in the address of the receiver and the funds which are to be sent to the account
  • approve() function. You can approve someone to spend from your account.
  • transferFrom() function. It takes in three inputs — the address of the sender, the address of the receiver, as well as the number of tokens to be transferred. And gives an output of the success or failure of the transfer.

9

Reply

paschkka86

Aug '19

  1. Benefits of having a standard like ERC 20 are: Increase of efficiency- all wallets, exchanges, platforms can add the token very easily. Also it is easy to read. Programmers don´t have to learn/program every token from scratch, with a standard you just have to change a few lines.
  • balanceOf() --> gives back the balance of a specific address
  • transfer() --> transfer tokens from the sender address to another address
  • allowance() --> shows how many tokens are allowed to be transfered
  • doSomething() --> instruction
  • approve() --> part of a 2step transfer: authorizes to transfer an amount of tokes to another
    given address

2

Reply

20 DAYS LATER

dave-dave

Sep '19

  • What are the benefits of setting a token standard like ERC20?
    Creates a common language for all users.
  • What functions are in the ERC20 Token Standard Interface and what do they do?

totalSupply() - returns - (uint);
balanceOf(address tokenOwner) - returns - (uint balance);
allowance(address tokenOwner, address spender) - returns - (uint remaining);
transfer(address to, uint tokens) -returns- (bool success);
approve(address spender, uint tokens) - returns - (bool success);
transferFrom(address from, address to, uint tokens) - returns - (bool success);

2

Reply

mszp

Sep '19

Homework on ERC20 token standard.

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

It enables communication between tokens and wallets by setting standards.

  1. 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, 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.

6

Reply

Jshanks21

Sep '19

  1. One of the major benefits of setting a token standard is it increases the interoperability of these tokens because they share the same syntax meaning there is no resistance when integrating them to currently established systems like wallets and exchanges. It also allows programmers from different projects to more easily read each other’s code which makes further development easier. It should also make it easier for new developers to transition into the space and create smart contracts because many of these standards will apply to most tokens meaning there isn’t a steep learning curve to enter.
  2. The core functions outlined by the article in the ERC20 Token Standard Interface are balanceOf(), transfer(), approve(), transferFrom(), and allowance().
  • The function balanceOf() will return the number of tokens in a given address.
  • The function transfer() will transfer a specified number of tokens from one address to another.
  • The function approve() gives another address approval to transfer a certain amount of funds from the given address. This is usually how smart contracts are give permission to take the necessary funds needed to perform requested operations .
  • The function allowance() is the maximum amount that’s allowed to be transferred by another address via the approve() function.
  • And transferFrom() is the function that is actually invoked to perform the transferring of funds by another address.

11

Reply

DKSA

Sep '19

  1. Standard ERC20 tokens enables wallets and exchanges to easily implement a new token, built on a standard that is common knowledge and true for all ERC20 tokens.

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
function approve() = Allow spender to withdraw from your account, multiple times, up to the value amount. If this function is called again it overwrites the current allowance with value
function transferFrom() = Returns the amount which spender is still allowed to withdraw from owner

1 Reply

2

Reply

acidspud

Sep '19

  1. All participants in the ecosystem will be able to speak the same language.

The specific wording of the function is followed by a clarification of what it does, in square brackets.

  • totalSupply() public view returns (uint256 totalSupply) [Get the total token supply]
  • balanceOf(address _owner) public view returns (uint256 balance) [Get the account balance of another account with address _owner ]
  • transfer(address _to, uint256 _value) public returns (bool success) [Send _value amount of tokens to address _to ]
  • transferFrom(address _from, address _to, uint256 _value) public returns (bool success) [Send _value amount of tokens from address _from to address _to ]
  • approve(address _spender, uint256 _value) public returns (bool success) [Allow _spender to withdraw from your account, multiple times, up to the _value amount. If this function is called again it overwrites the current allowance with _value ]
  • allowance(address _owner, address _spender) public view returns (uint256 remaining) [Returns the amount which _spender is still allowed to withdraw from _owner ]

Events format:

  • Transfer(address indexed _from, address indexed _to, uint256 _value) . [Triggered when tokens are transferred.]
  • Approval(address indexed _owner, address indexed _spender, uint256 _value) [Triggered whenever approve(address _spender, uint256 _value) is called.]

(SOURCE: https://en.wikipedia.org/wiki/ERC-20)

3

Reply

ArtfulEntrepreneur

Sep '19

  1. What are the benefits of setting a token standard like ERC20?
    ERC20 Standardisation creates commonality of design and interaction which in turn leads to efficiency and predictability and greater adoption within the industry.
  2. What functions are in the ERC20 Token Standard Interface and what do they do? The key standardised functions in an ERC20 token are: Contract Address, Total Supply of tokens, the name, symbol & number of decimal places. In addition the standard protocol allows for transfer of tokens by way of transfer(), approve() & transferfrom().

2

Reply

Aran

1

Sep '19

  1. Token standards allow applications and exchanges to be completable with all tokens using a particular standard.

balanceOf - “This function allows a smart contract to store and return the balance of the provided address”
totalSupply - “this function allows an instance of the contract to calculate and return the total amount of the token that exists in circulation.”
transfer - “This function lets the owner of the contract send a given amount of the token to another address just like a conventional cryptocurrency transaction.”
transferFrom - “This function allows a smart contract to automate the transfer process and send a given amount of the token on behalf of the owner.”
approve - " When calling this function, the owner of the contract authorizes, or approves , the given address to withdraw instances of the token from the owner’s address."
(Source: https://medium.com/blockchannel/the-anatomy-of-erc20-c9e5c5ff1d02 )
allowance - " Returns the amount which _spender is still allowed to withdraw from _owner "
(Source: https://en.wikipedia.org/wiki/ERC-20#Technical_standard )

1 Reply

2

Reply

BlueBubble

Sep '19

  1. Token standards allow all wallets and exchanges which are set up to support a token standard to accept all tokens which respect the token standard
  2. totalSupply function returns total supply of token
    balanceOf function returns token balance of wallet address
    transfer function transfers tokens from token owner account to account
    allowance function returns the amount of tokens approved by the owner that can be
    transferred to the spender’s account
    approve function allows the token owner to approve for spender to transferFrom tokens
    from the token owner’s account
    transferFrom transfers tokens from account to account

1

Reply

rushdi202

Sep '19

1- One update on Etherium is reflected to all tockens, tockens and understand each others
2- allow users to find out the balances of accounts as well as to transfer them from one account to another under varying conditions

1

Reply

Gedas

Sep '19

  1. It will be supported by all the wallets and exchanges, because they function in the same way.
  2. totalSupply() gives you how many tokens in circulation
    balance0f(adrress) you get the balance of wallet you want to check
    allowance() function shows how many tokens can be send from given address by another given address

2

Reply 1. balanceOf(): provides the number of tokens held by a given address.transfer(): transfers a number of tokens directly from the message sender to another address. But it doesn’t work well when tokens are being used to pay for a function in a smart contract.approve(): a token holder gives another address approval to transfer up to a certain number of tokens(allowance).transferFrom(): take certain tokes from sender’s account and carry on its work.doSomething(): to operate instructions.allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.

1 Reply

18

Reply

17 DAYS LATER

Shivani_Shah

Aug '19

  1. Setting the ERC20 standard for token design, it alows inter-operability and efficiency in interacting with the smart contract. Because of this, deplyment of wallets and creation of new tokens become easier.
  2. totalSupply(): gives maximum number of tokens that exist
    balanceOf(address): gives a public addresses’ balance of ERC20 tokens
    transfer(): allows transfer of their ERC20 tokens to another public address
    doSomething(): operates instructions.
    allowance(): provides the number of tokens allowed to be transferred from a given address by another.

3

Reply

RichieR

Aug '19

  1. The benefits of setting a token standard like ERC20 is that it increases efficiency and allows tokens to operate on platforms and wallets seamlessly.
  2. The functions that are in the ERC20 are:
  • totalSupply() which gives a number as an output. This number is the total supply of the token
  • balanceOf() which takes the address of an owner as the input and gives the balance of the users as output
  • allowance() function takes in the address of the tokenOwner and the spender and gives as output, the number of tokens allowed to be transferred from a given address by another given address.
  • transfer() function simply takes in the address of the receiver and the funds which are to be sent to the account
  • approve() function. You can approve someone to spend from your account.
  • transferFrom() function. It takes in three inputs — the address of the sender, the address of the receiver, as well as the number of tokens to be transferred. And gives an output of the success or failure of the transfer.

9

Reply

paschkka86

Aug '19

  1. Benefits of having a standard like ERC 20 are: Increase of efficiency- all wallets, exchanges, platforms can add the token very easily. Also it is easy to read. Programmers don´t have to learn/program every token from scratch, with a standard you just have to change a few lines.
  • balanceOf() --> gives back the balance of a specific address
  • transfer() --> transfer tokens from the sender address to another address
  • allowance() --> shows how many tokens are allowed to be transfered
  • doSomething() --> instruction
  • approve() --> part of a 2step transfer: authorizes to transfer an amount of tokes to another
    given address

2

Reply

20 DAYS LATER

dave-dave

Sep '19

  • What are the benefits of setting a token standard like ERC20?
    Creates a common language for all users.
  • What functions are in the ERC20 Token Standard Interface and what do they do?

totalSupply() - returns - (uint);
balanceOf(address tokenOwner) - returns - (uint balance);
allowance(address tokenOwner, address spender) - returns - (uint remaining);
transfer(address to, uint tokens) -returns- (bool success);
approve(address spender, uint tokens) - returns - (bool success);
transferFrom(address from, address to, uint tokens) - returns - (bool success);

2

Reply

mszp

Sep '19

Homework on ERC20 token standard.

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

It enables communication between tokens and wallets by setting standards.

  1. 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, 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.

6

Reply

Jshanks21

Sep '19

  1. One of the major benefits of setting a token standard is it increases the interoperability of these tokens because they share the same syntax meaning there is no resistance when integrating them to currently established systems like wallets and exchanges. It also allows programmers from different projects to more easily read each other’s code which makes further development easier. It should also make it easier for new developers to transition into the space and create smart contracts because many of these standards will apply to most tokens meaning there isn’t a steep learning curve to enter.
  2. The core functions outlined by the article in the ERC20 Token Standard Interface are balanceOf(), transfer(), approve(), transferFrom(), and allowance().
  • The function balanceOf() will return the number of tokens in a given address.
  • The function transfer() will transfer a specified number of tokens from one address to another.
  • The function approve() gives another address approval to transfer a certain amount of funds from the given address. This is usually how smart contracts are give permission to take the necessary funds needed to perform requested operations .
  • The function allowance() is the maximum amount that’s allowed to be transferred by another address via the approve() function.
  • And transferFrom() is the function that is actually invoked to perform the transferring of funds by another address.

11

Reply

DKSA

Sep '19

  1. Standard ERC20 tokens enables wallets and exchanges to easily implement a new token, built on a standard that is common knowledge and true for all ERC20 tokens.

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
function approve() = Allow spender to withdraw from your account, multiple times, up to the value amount. If this function is called again it overwrites the current allowance with value
function transferFrom() = Returns the amount which spender is still allowed to withdraw from owner

1 Reply

2

Reply

acidspud

Sep '19

  1. All participants in the ecosystem will be able to speak the same language.

The specific wording of the function is followed by a clarification of what it does, in square brackets.

  • totalSupply() public view returns (uint256 totalSupply) [Get the total token supply]
  • balanceOf(address _owner) public view returns (uint256 balance) [Get the account balance of another account with address _owner ]
  • transfer(address _to, uint256 _value) public returns (bool success) [Send _value amount of tokens to address _to ]
  • transferFrom(address _from, address _to, uint256 _value) public returns (bool success) [Send _value amount of tokens from address _from to address _to ]
  • approve(address _spender, uint256 _value) public returns (bool success) [Allow _spender to withdraw from your account, multiple times, up to the _value amount. If this function is called again it overwrites the current allowance with _value ]
  • allowance(address _owner, address _spender) public view returns (uint256 remaining) [Returns the amount which _spender is still allowed to withdraw from _owner ]

Events format:

  • Transfer(address indexed _from, address indexed _to, uint256 _value) . [Triggered when tokens are transferred.]
  • Approval(address indexed _owner, address indexed _spender, uint256 _value) [Triggered whenever approve(address _spender, uint256 _value) is called.]

(SOURCE: https://en.wikipedia.org/wiki/ERC-20)

3

Reply

ArtfulEntrepreneur

Sep '19

  1. What are the benefits of setting a token standard like ERC20?
    ERC20 Standardisation creates commonality of design and interaction which in turn leads to efficiency and predictability and greater adoption within the industry.
  2. What functions are in the ERC20 Token Standard Interface and what do they do? The key standardised functions in an ERC20 token are: Contract Address, Total Supply of tokens, the name, symbol & number of decimal places. In addition the standard protocol allows for transfer of tokens by way of transfer(), approve() & transferfrom().

2

Reply

Aran

1

Sep '19

  1. Token standards allow applications and exchanges to be completable with all tokens using a particular standard.

balanceOf - “This function allows a smart contract to store and return the balance of the provided address”
totalSupply - “this function allows an instance of the contract to calculate and return the total amount of the token that exists in circulation.”
transfer - “This function lets the owner of the contract send a given amount of the token to another address just like a conventional cryptocurrency transaction.”
transferFrom - “This function allows a smart contract to automate the transfer process and send a given amount of the token on behalf of the owner.”
approve - " When calling this function, the owner of the contract authorizes, or approves , the given address to withdraw instances of the token from the owner’s address."
(Source: https://medium.com/blockchannel/the-anatomy-of-erc20-c9e5c5ff1d02 )
allowance - " Returns the amount which _spender is still allowed to withdraw from _owner "
(Source: https://en.wikipedia.org/wiki/ERC-20#Technical_standard )

1 Reply

2

Reply

BlueBubble

Sep '19

  1. Token standards allow all wallets and exchanges which are set up to support a token standard to accept all tokens which respect the token standard
  2. totalSupply function returns total supply of token
    balanceOf function returns token balance of wallet address
    transfer function transfers tokens from token owner account to account
    allowance function returns the amount of tokens approved by the owner that can be
    transferred to the spender’s account
    approve function allows the token owner to approve for spender to transferFrom tokens
    from the token owner’s account
    transferFrom transfers tokens from account to account

1

Reply

rushdi202

Sep '19

1- One update on Etherium is reflected to all tockens, tockens and understand each others
2- allow users to find out the balances of accounts as well as to transfer them from one account to another under varying conditions

1

Reply

Gedas

Sep '19

  1. It will be supported by all the wallets and exchanges, because they function in the same way.
  2. totalSupply() gives you how many tokens in circulation
    balance0f(address) you get the balance of wallet you want to check
    allowance() function shows how many tokens can be send from given address by another given address
1 Like
#4159

  1. ERC20 standard allows different tokens to be exchanged efficiently between different wallets and exchanges. The fewer different rules and standards there is the less friction there is.

name - defines the name of a specific token;
symbol - defines the symbol of a specific token;
decimal - defines the lowest value of a token;
totalSupply - returns total token supply;
balanceOf - returns the number of tokens of a specific address;
transfer - transfers from one address to another;
approve - sets the limit of tokens withdrawal;
transferFrom - moves the number of tokens from a sender using the “allowance” mechanism;
allowance - defines the number of tokens to be sent.

1 Like
#4160

  1. By having a token standard everything that is built on top of ERC20 has the same functions and standards which makes it a lot easier to navigate and develop. This way all wallets and exchanges can support all the different tokens using ERC20.

  2. A few examples:
    balanceOf() - checks balance of address
    totalSupply() - gives the total supply of the token
    transfer() - used to transfer token to another address

#4161
  1. What are the benefits of setting a token standard like ERC20?
    So that all the tokens which are build on ethereum are fungible and immediately accepted on all exchanges and wallets which support the same standard. Less friction.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    They must be in every app on ETH they make all the apps run smoothly on ETH, they run smoothly on all exchanges, wallets, servers, with the same ERC 20 standard.
    They are: total supply, balanceOf, and more which we will find out later.
#4162

1. What are the benefits of setting a token standard like ERC20?
Benefits include consistency, communication (with wallets, exchanges…), and efficiency, resulting in the ability of the Ethereum network (together with smart contracts) to function as a whole.

2. What functions are in the ERC20 Standard Interface and what do they do?
ERC20 token contracts have some consistent functions (for uniformity and interoperability). Among them are:
totalSupply() represents the number of tokens in circulation
balanceOf() represents the balance of a user’s account
transfer() gives details of the movement of tokens from one address to another
approve() gives details of approvals of tokens from one address to another

1 Like
#4163

1 The benefits of setting a token standard like ERC20 include increased interoperability between different tokens, improved security, and easier development of new tokens. ERC20 also provides a standard set of rules and functions that all tokens must adhere to, which helps to ensure that all tokens are compatible with each other.

2 The ERC20 Token Standard Interface includes the following functions:totalSupply(), balanceOf(),
transfer(), approve(), allowance(), transFrom(), and approveAndCall(). These functions are used to manage the supply, transfer, and approval of tokens on the Ethereum blockchain.

#4164

  1. It’s important because it basically eliminates friction between tokens exchange. The standard (ERC-20) is what allows wallets and exchanges to support tokens in the same way, allowing easier interchangeability. Also, it enables scalability, simplicity and security.

  2. Functions that we always can meet at ERC-20 are:

function name() public view returns (string);
function symbol() public view returns (string);
function decimals() public view returns (uint8);
  • These 3 up here are OPTIONAL. They have the purpose of providing information about the token itself such as its name, symbol and number of decimals;
function totalSupply() public view returns (uint256)
  • It returns the total supply of the respective token;
function balanceOf(address _owner) public view returns (uint256 balance)
  • Returns the balance of each address that may, or not, have a balance of the respective token;
function transfer(address _to, uint256 _value) public returns (bool success)
  • It has the purpose of transferring tokens from one address to another;
function transferFrom(address _from, address _to, uint256 _value) public returns (bool success)
  • Allows another smart contract (Example: Exchanges) to transfer an predetermined amount of tokens from your account to another one;
function approve(address _spender, uint256 _value) public returns (bool success)
  • Allows another smart contract to send a amount of tokens on your behalf at least one time;
function allowance(address _owner, address _spender) public view returns (uint256 remaining)
  • It shows how much the owner of the tokens allowed another address (or smart contract) to spend his assets on his behalf.
#4165

  1. What are the benefits of setting a token standard like ERC20?
    standards helps for ecosystem interoperability which is really needed for the progress of the field

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() => used to check the total supply of any existing token
    balanceOf( address) => use to check the quantity of token particular address is holding in a smart contract.

#4166

Q: What are the benefits of setting a token standard like ERC20?
A: Working to an ERC20 standard makes it possible for different tokens to be interoperable and enables consistency in token programming.

Q: What functions are in the ERC20 Token Standard Interface and what do they do?
A: balanceOf(): provides the number of tokens held by a given address. totalSupply enables the total supply of that token. approve() function lets you approve someone to spend from your account.

#4167

  1. What are the benefits of setting a token standard like ERC20?
    Support of wallets, exchanges, gaming, NFT and deploy tokens from day one.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    -Total supply of tokens
    -Balance ( Address Account)
    -Transfer tokens to another account

#4168
  1. What are the benefits of setting a token standard like ERC20?
    it has standards that can be broken and everyone must use the sam standards
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    you need to use same standard and each one to their finctions
#4169

We need a standard to support the tokens by all wallets and exchanges.

Most popular are fungible tokens.

totalSupply() is a standard function for every token.

Because of this standards included in all tokens, everybody can talk with each other.

#4170

  1. Setting a token standard like ERC20 for fungible (similar) tokens will allow us to create a more trusted and secure way of verifying and reading the capabilities of each token on the blockchain. This will help to verify that all standard tokens have a good codebase for further development.

  2. balanceOf() will give the balance of the specific account, totalSupply() will give the number of total fungible tokens

#4171
  1. What are the benefits of setting a token standard like ERC20? Allow for interoperability and remove friction between the token created and the other tokens and smart contracts. Set of functions already defined which avoid to start from scratch
  2. What functions are in the ERC20 Token Standard Interface and what do they do? Several functions have been defined, e.g., totalSupply () which give the total token supply, or get the balance of one address
#4172
  1. Fosters consistency for application development.
  2. Total Supply = sets boundary for total amount of available ETH
    balance of = how much ETH in a given wallet.
#4173
  1. Setting a token standard like ERC20 (Ethereum Request for Comment 20) brings several benefits to the cryptocurrency ecosystem, including:
  1. Interoperability: ERC20 is a standard that allows different tokens to be easily exchanged and interact with each other on the Ethereum blockchain. This makes it easier for developers to create decentralized applications (dApps) that can accept any ERC20-compliant token.
  2. Efficiency: ERC20 defines a set of rules that standardize how tokens should be created, transferred, and managed on the Ethereum blockchain. This means that developers don’t need to reinvent the wheel each time they create a new token, and can instead use the existing infrastructure and code to create their own ERC20-compliant token.
  3. Compatibility: Because ERC20 tokens adhere to the same standard, they are compatible with a wide range of wallets, exchanges, and other cryptocurrency tools. This makes it easier for users to manage and trade their tokens without having to worry about compatibility issues or technical complications.
  4. Security: ERC20 includes a number of security features that help prevent fraud and malicious attacks on the network. For example, it includes built-in functions for verifying token transfers and preventing double-spending.
  5. Transparency: ERC20 tokens are transparent, meaning that anyone can view the transaction history of a token on the Ethereum blockchain. This promotes transparency and accountability in the cryptocurrency ecosystem, which can help build trust among users and investors.
  1. The ERC20 Token Standard Interface defines a set of functions that must be implemented by any ERC20-compliant token. These functions include:
  1. totalSupply() - This function returns the total number of tokens in circulation.
  2. balanceOf(address tokenOwner) - This function returns the balance of a specific token holder.
  3. transfer(address to, uint256 amount) - This function transfers a certain amount of tokens from the caller’s account to another address.
  4. allowance(address tokenOwner, address spender) - This function returns the amount of tokens that a spender is allowed to transfer on behalf of a token owner.
  5. approve(address spender, uint256 amount) - This function allows a spender to transfer a certain amount of tokens on behalf of the token owner.
  6. transferFrom(address from, address to, uint256 amount) - This function transfers a certain amount of tokens from the from address to the to address, but only if the spender has been authorized to transfer tokens on behalf of the from address.

These functions provide a standard way for developers to create and manage ERC20 tokens on the Ethereum blockchain, ensuring that different tokens can be easily exchanged and interact with each other on the same platform.

#4174

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

    The main benefit of having a standard like ERC20 is that all tokens look the same and have the same functions. This allows wallets and dApps to interact with different tokens in the same exact way, and allows to have native support for new tokens.

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

    Some example of functions are the followings:
    totalSupply → it gives the total supply of the token, menaing the max tokens in circulation
    transfer → it allows to transfer a token from a wallet to another
    balanceOf → gives the balance of a certain wallet for the token considered