Homework: ERC20

Ethereum 101
#443
  1. Setting a token standard allows all exchanges and wallets to be able to communicate with all tokens from day
  2. Total supply , which gives the total supply of specific token .
    Balance of gives balance of specific address .
    Transfer allows token transfers between two addresses .
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#444
  1. It follows the standard that others follow as well so it’s better organized and wallets can then better integrate various tokens.
  2. For example balanceOf(address) or totalSupply() as to unveil the number of total fungible tokens.
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#445
  1. Having standards is the first step for integration, everything built upon that standard would be inherently compatible with every other program that uses the same standard.
  2. totalSupply() returns the total token supply
    balanceOf() returns the account balance
    transfer() transfers a number of tokens directly from the message sender to another address
    approve() gives another address approval to transfer up to a certain number of tokens
    transferFrom() sends the amount of tokens specified from one address to another
    allowance() provides the number of tokens allowed to be transferred from a given address by another given address
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#446
  1. Allows for much better and efficient development of the network / industry since with standards everything is compatible and the standards allow for efficiencies which increase development and collaboration.
  2. TotalSupply > finds the total supply of the token
    balanceOf > takes the address and gives the balance of the token held at the address
    transfer > transfers funds / tokens to a specified recipient
    transferFrom > transfer tokens to a specified address, pending approval, see approve function
    approve > approves a transaction
    doSomething > operate instructions
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#447

Homework on ERC20 token standard.

What are the benefits of setting a token standard like ERC20?
This makes it a lot more efficient. All tokens will have the same important data and this will make the programs compatible with every other program.

What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() tells you the total token supply
balanceOf() tells you the account balance
transfer() transfers a number of tokens directly from the message sender to another address
approve() gives another address approval to transfer up to a certain number of tokens
transferFrom() sends the amount of tokens specified from one address to another
allowance() provides the number of tokens allowed to be transferred from a given address by another given address

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#448

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

  1. Also, a standard like ERC20 have a lot of benefits : Uniformity of tech and protocol standard . Reduced complexity of understanding each type of token implementation.

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

  1. The ERC20 token standard also contains the basic modalities of what a token should implement for it to start trading after launch . Such modalities include token transfer , balance inquiry for specified addresses , and finding out total token supply .
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#449
  1. A standardized procedure brings more speed and efficiency and consistent than each token being unique.
  2. total supply= max # of token
    balanceOf= balance of ERC20 tokens in public address
    transfer = transfer of EFRC20 tokens to another public address
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#450

  1. It makes it very easy for any exchange, wallet, developer, service, etc to work with Ethereum based smart contracts.

  • balanceOf() - outputs the number of tokens held by an address

  • transfer() - transfers tokens from sender to another address

  • approve() - gives approval to transfer up to a certain number of tokens to another address

  • transferFrom() - transfers up to the allowed limit

  • allowance() - defines limit to number of tokens that may be transferred

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#451

  1. So that you can interconnect with other Dapps. And if there is a currency token, multiple hosted wallets and exchange can register those tokens from day 1 as they all follow same standard.

  2. Different type of functions including getting the total supply of coins, coin balances in particular address, transfer of tokens from one wallet to other and so on.

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#452

  1. What are the benefits of setting a token standard like ERC20?
    It is good to have standards in building tokens since it will allow all exchanges and wallets to accept these tokens from day one.
    The most popular type of tokens is a fungible token, identical to each other (currencies). ERC20 is a standard for such tokens.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() gives maximum number of tokens
    balanceOf(address account) gives a public addresses’ balance of ERC20 tokens
    transfer() allows someone to transfer their tokens to another public address

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#453
  1. allows the token to be more fungible, so it can be used in exchanges to other different Token or Coins
  2. TotalSupply (decide the total supply of the token)
    balanceOf (account balance)
    transfers (send token to other user)
    transferFrom (manage to identify transaction sender and execute transaction)
    approve (validate a transaction)
    doSomething (operate instruction)
    allowance (provides the number of token allowed to be transferred from a given address by another given address)
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#454
  1. What are the benefits of setting a token standard like ERC20?
  • Everybody know the rules to interact with this token standard. This make it safe for everybody, because the rules are set.
    It’s like when companies want to archive ISO standards or shipping standards like Ex. works. DDP and so on. The rules are set, and everybody know how to interact.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • Total supply() - The maximum number of tokens created on the blockchain.
  • Balance0f (address account) - This is the public adress of a given balance of tokens. (ERC20)
  • Transfer() This gives the ability ti transfer tokens between other ERC20 adresses.
2 Likes
#455

  1. A big benefit of the ERC 20 standard is a easy implementation of a new Token in wallets and
    exchanges .

  2. balanceOf() -> shows balance of a specific account,
    totalsupply -> the number of total fungible tokens

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#456

Screenshot 2020-05-04 at 13.50.49
Screenshot 2020-05-04 at 13.50.491374×1414 383 KB

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#457

  1. What are the benefits of setting a token standard like ERC20?
    When a token uses the ERC20 standard it is sure to be compatible with every wallet and exchange that support the standard.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply - returns the total number of tokens
    balanceOf - returns the balance of a certain account
    transfer - transfer tokens

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#458
  1. Exchanges and Wallets communicate the ETH network easily
    2)balanceOf, totalSupply, transfer
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#459
  1. What are the benefits of setting a token standard like ERC20?
  • Scalability (evolution/ maintenance, learning …)
  • Efficiency (readability and development speed execution )
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • name: Returns the name of the token - e.g. "theToken"
  • symbol: Return the symbol of the toke - .e,g "ZIX"
  • totalSupply: How many tokens in circulation.
  • balance0f: The account balance.
  • transfer: Send amount of token to an account .
  • transferFrom: Withdraw an amount on behalf another account.
  • approve: Withdraw multiple times, up to a value amount.
  • allowance : Returns the amount which is still allow from an account.
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#460

1- Standards allow different developers and apps to comunicate in the same convention and give a known way of representing an use case.

2- several pre made functions such as balanceOf() totalsupply() returning the sum of all balances in a token smart contract.

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#461

1.The tokens interact very easy and therefore we have increased speed and efficiency.
2. totalSupply - checks how many tokens are in circulation; balanceOf - checks a balance of a wallet/address; transfer - executes transfer; allowance.

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#462
  1. What are the benefits of setting a token standard like ERC20?
    It is much easier for everybody if you have standards, so it is like object oriented interface concept - you as a programmer know what is to implement and also everybody has to learn the concept once and can reuse it easily
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply - how many tokens are in circulation , balanceOf(Account) What is the balance of given account/wallet
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