Homework: ERC20

[Captaincrypto]

What are the benefits of setting a token standard like ERC20?
Standardisation allowing many different wallets, cryptocurrencies and exchanges to easily transact.
What functions are in the ERC20 Token Standard Interface and what do they do?
Many standard functions including balance - which gives the balance of the wallet, total supply of- which gives the total supply within the contract, transfer- which allows transfer to other wallets.

[Mr.D]

1. The standards makes it possible for all new tokens to be easily read and understood by wallets and exchanges, it is the reason for their exponential growth

2. The “balanceOf ( )” gives the balance of chosen address, this is possible because nothing is hidden on the Eth Blockchain
   “transfer ( )” transfers tokens to the chosen address
   “approve ( )” approves another address to transfer tokens out of ones account
   “transferFrom ( )” is used to transfer tokens out of another address, this requires “approve ( )” from the owner of the address

[Calle_Jansson]

1. A huge benefit is that with a token standard like ERC20 it is easy for wallets and exchanges to onboard new tokens that follow this standard.

2. totalSupply() = tells the maximum amount of tokens that exist.
   balanceOf() = tells the amount of tokens that are being held in one specific address.
   transfer() = it transfers an amount of coins from the sender to the recipient address.

[Enrique]

1. What are the benefits of setting a token standard like ERC20?
   Wallets, exchanges and any other application can support any token using the same standard. It helps with scalability anf simplicity.
2. 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.
   approve() and transferFrom() for a two-step process. In the first step a token holder gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens, known as an allowance. The token holder uses approve() to provide this information.
   The allowance() function provides the number of tokens allowed to be transferred from a given address by another given address. Any contract using allowance() must additionally consider the balance of the holder when calculating the number of tokens available to it.

[simplist]

1. Interoperability. Wallets and exchanges can support any token using the standard and the tokens can interact with one another.
2. Functions that allow you to get total balance, transfer, total supply

[Kalx1]

The benefit is that it allows wallets and exchanges to interact with tokens efficiently. If there wasn’t any standard then there will be many unsupported tokens and to add them to wallets will take a long time.

Functions allow to find out the balance of users and transfer balance to each other.
One example is balanceOf(), this function allows to find out the balance of a specific address.

[Seth]

1. What are the benefits of setting a token standard like ERC20?
Having a token standard allows for compatibility and ease of integration between all wallets and exchanges.

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

• totalSupply - Total amount of tokens in circulation

• balanceOf - Total amount of token in a specific account

• transfer - Transfer an amount of tokens from one account to another account

[RailGame]

• What are the benefits of setting a token standard like ERC20?
  The ERC20 standard allows for easier adoption within the entire crypto currency space.

• What functions are in the ERC20 Token Standard Interface and what do they do?
  balanceOf(): number of tokens in an address.
  Transfer(): Transfers tokens
  Approval(): emits details of approvals of tokens from one address to another.
  just to mention a few. I need to have a good look at basic programming before I get a real appreciation for these functions.

[thecil]

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

@Jaap_NL

What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf , totalSupply , transfer , transferFrom , approve , and allowance

@Raf.PV7 check this one too please.

@Raf.PV7

Balance, transfer, increasing supply, decreasing supply

@DaanBoshoven check this one too please.

@DaanBoshoven

Check total supply, balance, allowance

@never_settles check this one too please.

@never_settles

Such modalities include token transfer , balance inquiry for specified addresses , and finding out total token supply .

@prassie check this one too please.

@prassie

2)balanceOf, totalSupply, transfer

@simplist check this one too please.

@simplist

Functions that allow you to get total balance, transfer, total supply

Hello sir(s), could you please describe a little bit more what every function does exactly?

If you have any doubt, please let us know so we can help you!

Carlos Z.

[Glenn_CostaRica]

Glenn_CostaRica

1. What are the benefits of setting a token standard like ERC20?
A token is a particular kind of a Smart Contract which, in itself, is basically a computer program that lives on top of the blockchain. Any computer program that has the specific purpose to attend one particular human need, can be structured in an infinite number of ways. There is not, therefore, one single way to build a program for each specific case. So, two programmers that are given the task of writing code for a program that attends one specific need, if they do not coordinate (talk) with each other, will almost absolutely write very different code, even if the result is the same at a functional level. One of them would solve the problem using much more or much less lines of code than the other, and would use a different number of functions. One could write the code trying to use English language as much as possible, and the other one might want to use Chinese or Portuguese. This is true also for Smart Contract programming, just as it is true of course for some thing like house building – if you give the same materials to 10 house builders and the very same instructions to build a house, each one of them will certainly build a totally different an unique house --. Uniquiness is a disadvantage in the case of cryptocurrency tokens! A token whose code does not look like the code of other tokens, cannot be accessed with the same wallets or client software that exists for other tokens. That’s why the crypto industry has developed Standards, as formats that impose one single tested way to solve one specific problem, like token implementation. A Standard imposes some obligatory expressions, functions and even names or variables and functions. Thanks to this, tokens that adhere to the Standars can be accessed through any wallet or software created to be able to connect with the predisposed structure. Also, Exchanges can easily integrate these tokens in their systems.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
-> balanceOf():---->returns the balance of a given address.
-> totalSupply():—>returns the total amount of tokens in circulation.
-> transfer():------->triggers a send transaction against another address.
-> transferFrom():->enables a smart contract to execute a transference on behalf an address-holder.
-> approve():------->implements authorization from the owner of the contract for a given address to withdraw tokens from owner’s address.
-> allowance():---->returns number of tokens that are allowed to be transfered from a given address by another given address.

[simplist]

Functions include:
balanceOf - number of tokens held in an address
transfer - send a number of tokens from one address to another
approve - give another address permission to transfer an allowance
transferFrom - send value from one address to another
allowance - provides the number of tokens that can be sent from 1 address by another address

[figurin]

1. The benefits are that all ERC20 tokens can communicate with each other in the same Ethereum network
2. all ERC20 tokens are fungible so you can do balance inquiry, manage token ownership, issue or burn tokens and check the total supply

[Mesiah]

1. To prevent people from setting there own price and allows all exchanges to have consensus on the network
2. blance of - number of tokens
   transfer- transfers tokens to address
   approve - address alows a transfer
   transfer from- sends from one address
   allowance- number of tokens allowed from an address

[Katoch]

1. What are the benefits of setting a token standard like ERC20?
   The creation of tokens and contracts with ERC20 make implementation easier because of the similarity in coding. Any changes made on the ETH network will reflect in each token on the network.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
   balanceOf(): returns the balance of a given address.
   totalSupply(): returns the total amount of tokens in circulation.
   transfer(): triggers a send transaction to another address.
   transferFrom(): enables a smart contract to execute a transfer.
   approve(): implements the authorization of the owner of the contract, where an address is given to withdraw tokens from the owner’s address.
   allowance():returns the number of tokens allowed to be transferred from a given address to another address.

[john_coraline]

1. We reach efficiency since it is easier for the tokens to interact with each other and also smoother operations for the exchanges and wallets

2. function totalSupply(): Shows the equal sum of al balances
   function balanceOf(): shows the total balance of the address (in tokens)
   function transfer(): transfer the tokens from one address to the other
   function allowance(): shows the number of maximum allowed tokens to be sent to another given address

[JustinP]

1 . Setting token standards allows interoperability between existing wallets and exchanges and any token observing those standards.

2. balanceOf() to find the number of tokens in a given address
   transfer() to move tokens from one address to another
   approve() Token holder allows another address to transfer a maximum of a specified amount.
   allowance() specifies the amount that can be transferred between addresses.

[Matgas]

1. It reduces friction between smart contracts and involving other applications like wallets, web servers and so on
2. balanceOf() = gives back the balance of an account; total supply() = shows number of total fungible tokens

[Crypto_Mofo]

• What are the benefits of setting a token standard like ERC20? Reduces friction when working across teams or organization. (We speaking the same langauge defined by the standard)
• What functions are in the ERC20 Token Standard Interface and what do they do?
  BalanceOf - Provides the balance of specific address
  Transfer - Sends tokens from one address to another
  Allowance - provide the amount the tokens allowed to be transfered

[pascaldeb]

1 it makes it easy for wallets and exchanges to support the token

2 totalsuply: give the total suply of tokens
balance; gives the total numer of tokens of an adress
transfer; send tokens from 1 adress to another adress

[ZAR]

@filip

• What are the benefits of setting a token standard like ERC20?
• What functions are in the ERC20 Token Standard Interface and what do they do?

1. Standardization of code promotes interchangeability and efficiency between the network and its tokens. It also makes it easier to deploy tokens.

2. function balanceOf() shows the balance of a wallet, function transfer() coordinates the transfer of tokens, function totalSupply() shows the total circulating supply.