Homework: ERC20

Ethereum 101
#4175

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

Setting a token standard like ERC20 (Ethereum Request for Comment 20) brings several benefits to the Ethereum ecosystem. Here are some advantages of having a token standard:

  1. Interoperability: ERC20 provides a standardized interface for tokens on the Ethereum blockchain. This common standard ensures that all ERC20-compliant tokens can be easily recognized and interacted with by wallets, exchanges, and other smart contracts. It facilitates seamless interoperability between different tokens and simplifies integration across the ecosystem.
  2. Ease of Development: Token standards like ERC20 provide a well-defined set of functions and guidelines, making it easier for developers to create and deploy tokens on the Ethereum network. By following the established standard, developers can leverage existing tools, libraries, and infrastructure, saving time and effort in the token development process.
  3. Enhanced Liquidity: With a widely adopted token standard like ERC20, tokens become more liquid and tradable. Exchanges and decentralized platforms can confidently list ERC20 tokens, knowing that they adhere to a recognized standard. This improves accessibility and liquidity for token holders, fostering a vibrant ecosystem of token trading and usage.
  4. Compatibility with Wallets and Services: ERC20 tokens are compatible with various Ethereum wallets and services, including popular wallets like MetaMask and hardware wallets like Ledger and Trezor. Users can easily store, manage, and transfer their ERC20 tokens using these widely supported wallets, enhancing user experience and convenience.

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

  1. totalSupply(): This function returns the total supply of tokens issued by the smart contract.
  2. balanceOf(address _owner): It returns the token balance of a specific address (_owner).
  3. transfer(address _to, uint256 _value): This function allows the sender to transfer a specified amount of tokens (_value) to another address (_to).
  4. transferFrom(address _from, address _to, uint256 _value): It allows a third party, with prior approval, to transfer tokens from one address (_from) to another address (_to).
  5. approve(address _spender, uint256 _value): This function approves a specific address (_spender) to spend a certain amount of tokens (_value) on behalf of the token owner.
  6. allowance(address _owner, address _spender): It returns the amount of tokens approved by the owner to be spent by a specific address (_spender).

The ERC20 Token Standard Interface provides these functions as a basic set of operations for managing and interacting with tokens. Token contracts that adhere to the ERC20 standard implement these functions to ensure compatibility and seamless interaction with other contracts, wallets, and exchanges within the Ethereum ecosystem.

It’s important to note that while ERC20 is the most widely adopted token standard on Ethereum, there are also other token standards like ERC721 (non-fungible tokens or NFTs) and ERC1155 (multi-token standard) that serve specific use cases and requirements.

#4176

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

  • Interoperability: ERC20 tokens can be easily integrated and interact with various platforms, wallets, and exchanges because they adhere to a common set of rules and interfaces.
  • Increased liquidity: ERC20 tokens can be listed and traded on multiple exchanges, which enhances their liquidity and accessibility to users.
  • Wallet compatibility: Since ERC20 tokens follow a standard interface, wallets can easily display and manage balances for a wide range of ERC20 tokens.
  • Community adoption: ERC20 has become the most widely adopted token standard in the Ethereum ecosystem, which means that many developers and users are familiar with its implementation and can easily work with ERC20 tokens.

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

  • balanceOf(address _owner): Returns the token balance of a given address.
  • transfer(address _to, uint256 _value): Transfers a specified amount of tokens from the message sender’s address to the specified address.
  • allowance(address _owner, address _spender): Returns the remaining number of tokens that an address is allowed to spend on behalf of another address.
  • approve(address _spender, uint256 _value): Sets the allowance for a specified address to spend a specified amount of tokens on behalf of the message sender.
  • transferFrom(address _from, address _to, uint256 _value): Transfers a specified amount of tokens from one address to another if the sender is authorized to do so.

These functions enable token holders to check balances, transfer tokens to other addresses, approve other addresses to spend tokens on their behalf, and allow authorized addresses to transfer tokens. They are the basic building blocks for token transfers and interactions within the ERC20 standard.

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#4177
  1. What are the benefits of setting a token standard like ERC20?

ERC is a standard that developers of Ethereum-based coins must follow. Having a standard has a lot of advantages. All developer can deploy a D-App or a Token than can inter-communicate with other present in the ecosystem. And the main benefit is that both Wallet industry and Exchanges can easily offer the same support to the tokens, making the entire ecosystem stable.

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

A took a look at this article
https://docs.openzeppelin.com/contracts/2.x/api/token/erc20#IERC20-totalSupply--
I could find a couple of functions explained during the lesson, present in the code of ERC 20 standard.
totalSupply() Returns the amount of tokens in existence.
balanceOf() Returns the amount of tokens owned by account.

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#4178
  1. Different dapps, like exchanges or wallets will have ease of integration.
  2. totalSupply, transfer, balanceOf
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#4179

  1. What are the benefits of setting a token standard like ERC20?
    All functions are readable by other programmers and exchanges. Decreases complexities with code being different for each token.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Total Supply give total supply in circulation, balanceOf gives balance of address account, Transfer transfers an amount from the smart contract to another account.
    Standard naming and function conventions. They are the standards for fungible tokens.

1 Like
#4180

[quote=“filip, post:1, topic:8440”]
Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    It helps cryptospace to go forward in faster space, cause everyone have some standards and guidlines, where comunication between projects ar gets faster and easyer.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply(): Returns the total supply of tokens.
    balanceOf(address): Returns the token balance of a specific address.
    transfer(address, uint256): Transfers a specified amount of tokens from the sender’s address to the recipient’s address.
    allowance(address, address): Returns the amount of tokens that the spender is allowed to transfer on behalf of the owner.
    approve(address, uint256): Allows the spender to transfer a specified amount of tokens on behalf of the sender.
    transferFrom(address, address, uint256): Transfers a specified amount of tokens from one address to another on behalf of a third-party.
    These functions provide the basic functionality required for an ERC20 token, such as querying balances, transferring tokens, and managing allowances for delegated transfers
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#4181

1.The benefits of standardization for tokens is that new tokens are accessible from the day of implementation. Wallets and exchanges do not need to implement new code or language interpretations because everything will automatically work with the standardized code.
2. The functions in the ERC Token Standard are

balanceOf() -function provides the number of tokens held by a given address.

transfer() function transfers a number of tokens directly from the message sender to another address.

doSomething() - to operate instructions.

approve() - give approval to another individual or address to spend from your own account.

transferFrom() - take token from an allowance as payment.

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#4182

  1. What are the benefits of setting a token standard like ERC20?
    A. Having an erc20 standard makes everything uniformed. The tokens being created will follow the same guidelines and rules.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    A. Totalsupply is a function that gives the total amount of tokens that are in circulation. BalanceOf give you the balance of tokens in a account.

#4183
  1. What are the benefits of setting a token standard like ERC20?
  • It creates a uniformity and expected way of interacting with wallets and accounts to support any token on the exchange
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • functions are:
    balanceOf(): Store and return the balance of the provided address

transfer(): Owner of contract send a given amount of the token to another address

approve(): Owner authorizes given address to withdraw instances of the token from another’s address

totalSupply(): Total no. of tokens in circulation

transferFrom(): Allows contract to automate the transfer and send a given amount of the token on behalf of the owner

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#4184

1. What are the benefits of setting a token standard like ERC20?
a. Regardless of TOKEN, there’s a Standard way to program and deploy.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
a. totalSupply() – returns _totalSupply
b. balanceOf(account address) – returns _balance(account)

#4185

  1. What are the benefits of setting a token standard like ERC20?
    When a standard is defined it allows compatible devices and applications to be developed outside of
    the originating team.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf - shows the balance of the account.
    totalSupply - Shows how many tokens are in circulation.
    transfer - transfers coins/tokens from one address to another.

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#4186

  1. The standards set by ERC-20 are that the majority of tokens are programmed the same way. All of the functions are programmed with the same code and therefore they all interact with wallets, exchanges, dapps, and the blockchain in the same way. Standardization is important across all industries because it ensures interoperability.

  2. There are many functions some of which are
    balanceOf which communicates the balance of any address.
    transfer* which sends tokens from one address to another
    approve which approves a certain number of tokens to be transferred.

and more…

#4187
  1. The standards allow cross-compatibility between wallets, exchanges, and different tokens. Everyone is working within the same parameters.
  2. balanceOf(address): gives a public addresses’ balance of ERC20 tokens
    transfer(): allows transfer of tokens to another public address
    allowance(): provides the number of tokens allowed to be transferred from a given address.
#4188

1. What are the benefits of setting a token standard like ERC20?
Token standards like ERC20 in the blockchain world are similar to standard chargers for smartphones. Before we had a standard, if you owned different brands of phones, you needed a different charger for each one. It was inconvenient and inefficient. By setting a standard like ERC20, it’s like everyone agreeing to use USB chargers - it makes everything more compatible and user-friendly. ERC20 creates a common set of rules that all Ethereum-based tokens must follow. This means that any new token developed on the Ethereum platform will automatically be compatible with existing wallets, exchanges, and other smart contracts that also use the standard. It streamlines processes, ensures compatibility, and makes the whole ecosystem more efficient and easier to navigate, much like how standardized charging ports have made using and charging various devices much more convenient.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
Here are some of these key functions and what they do:

  • totalSupply : This function is like checking the total number of phone units produced by a company. In ERC20, it tells you the total supply of the token in existence.
  • balanceOf : This is like checking the contact list on your phone to see how many contacts you have. In ERC20, it lets you check the balance of a specific account (how many tokens this account holds).
  • transfer : This function is similar to sending a text message from your phone to another phone. In ERC20, it allows a token holder to transfer some of their tokens to another user.
  • transferFrom : Imagine asking a friend to send a text message for you using your phone. This function allows someone else to transfer tokens on behalf of the token holder, under certain conditions.
  • approve : This is like giving a friend permission to use a limited amount of your phone’s data. In ERC20, it lets a token holder give another account approval to transfer a certain amount of tokens from their account on their behalf.
  • allowance : Similar to checking how much of your phone data your friend has left from the amount you shared with them. This function checks how many tokens an account is still allowed to withdraw from another account.
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#4189
  1. What are the benefits of setting a token standard like ERC20?
    Standards allow for interoperability. if we all follow the standard we can all understand each other and operate with each other without friction.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf() gives the balance of a particular address
    transfer() transfers from the message sender adress to a recipient
    approve() and transferFrom() allow to do the same thing as transfer
    allowance() provides the number of tokens allowed to be transferred from a give address to another given address
    Approval() emits details of approvals of tokens from one address to another
    totalsupplygives the total supply of coins
#4190
  1. What are the benefits of setting a token standard like ERC20?
    Setting a token standard like ERC20 provides an efficient means for wallets to quickly retrieve the balance of thousands of tokens. It also allows exchanges to quickly add new tokens to the list of coins/tokens they offer.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    BalanceOf() - provides the number of tokens held by a given address
    Transfer() - transfers tokens directly from the message sender to another address.
    allowance() - provides the number of tokens allowed to be transferred from a given address by another given address
    TransferFrom() is used in conjunction with Approve() in the execution of a smart contract. The Approve() function is first deployed to request access to a wallet address from which the TransferFrom() function is then executed once the Approve() function is returned a valid access. At this point, further instructions in the smart contract can be carried out.
#4191
  1. The standard allows communication across parties
  2. Balance of, Transfer - As the names tell, they provde balance or transfer from one party to other.
#4192 
1. What are the benefits of setting a token standard like ERC20?

It makes the entire Ethereum, or crypto space able to talk to each other.

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

This provides a standers so that there is interoperability. This increases efficiency and reduces conflict.

1 Like
#4193

Benefits of Setting a Token Standard like ERC20

  1. Interoperability: Ensures seamless interaction between different tokens.
  2. Ease of Integration: Simplifies support by exchanges and wallets.
  3. Reduced Complexity: Provides clear guidelines for token development.
  4. Enhanced Adoption: Encourages trust and widespread use of new tokens.

Functions in the ERC20 Token Standard Interface

  1. totalSupply: Returns the total supply of tokens.
  2. balanceOf: Shows the token balance of an account.
  3. transfer: Moves tokens to another address.
  4. transferFrom: Moves tokens on behalf of another address.
  5. approve: Authorizes a spender to use tokens from an account.
  6. allowance: Checks the remaining tokens a spender is allowed to use.
1 Like
#4194

Benefits of Setting a Token Standard like ERC20

  1. Interoperability: Ensures seamless interaction between different tokens.
  2. Ease of Integration: Simplifies support by exchanges and wallets.
  3. Reduced Complexity: Provides clear guidelines for token development.
  4. Enhanced Adoption: Encourages trust and widespread use of new tokens.

Functions in the ERC20 Token Standard Interface

  1. totalSupply: Returns the total supply of tokens.
  2. balanceOf: Shows the token balance of an account.
  3. transfer: Moves tokens to another address.
  4. transferFrom: Moves tokens on behalf of another address.
  5. approve: Authorizes a spender to use tokens from an account.
  6. allowance: Checks the remaining tokens a spender is allowed to use.
1 Like