Homework: ERC20

Ethereum 101
#483

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

Hello sir, 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! :slight_smile:

Carlos Z.

#484
  1. It creates a uniformity in the function orders for Smart Contract tokens so all programmers dont use a function order of their own causing friction in the system. (slows down scaling)
  2. totalSupply(), how many tokens are in circulation.
    balanceOf(address account), how many tokens are in balance of account.
    transfer, sending tokens from one address to another.
    allowance, amount of tokens approved by the owner that can be sent to someone else wallet.
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#485

1.The benefits of having a token standard are that it makes it much easier for the advancement of a crypto space as a whole if all other services can integrate with the plethora of ERC20 tokens in the same fashion. Rather than having different ways of programming thingsā€¦Given size and scope of the industry, things would get messy.
2. Total supply: Total supply of tokens in circulation Balanceof: used to get the balance of any given address.

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#486
  • What are the benefits of setting a token standard like ERC20?
    Uniform set of rules and standards that allow for easier utilization and listing, from exchanges to wallets.
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    Total supply, balance, transfer are some and they all help users understand what total supply of tokens is, what balance each user has and ability to transfer
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#487

  1. Standards make access to working with new tokens and understanding them much easier. The standard means the language is more universal to new tokens so people can understand them better without having to learn a whole new language just to see if they like them. It makes new tokens more accessible, marketable, and understandable.

  2. balanceOf() tells the balance of any address, transfer() transfers tokens, allowance() tells the number of tokens allowed to be transferred from a given address to another address.

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#488
  1. What are the benefits of setting a token standard like ERC20?

Once a standard is set, multiple developers can develop on that platform and have a common language to do so.

  1. What functions are in the ERC20 Token Standard Interface and what do they do?
#489
  1. all the tokens will be made according to the same set of rules.
  2. totalSupply()- how many tokens there are
    balanceOf - public adressā€™s balance of tokens
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#490

1- The benefits of setting a token standard like ERC 20 allow wallets and exchanges to be programmed to support any token.
2- total supply, fungible token, allowance, balance, and transfer.

#491

  1. Setting a token standards prevents fragmentation by allowing all tokens creators to use a common naming system in their code.

  2. totalSupply() gives total number of tokens in circulation
    balanceof(address account) gives the balance of a public address of ERC20 tokens
    transfer() is to transfer ERC20 tokens from message sender to receiving address

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#492

ERC20 defines the functions balanceOf , totalSupply , transfer , transferFrom , approve , and allowance . It also has a few optional fields like the token name, symbol, and the number of decimal places with which it will be measured.

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#493
  1. What are the benefits of setting a token standard like ERC20?
    Setting a standard means that new smart contracts can appear in the market and be consumed immediately. In the case of ERC20, exchanges and wallets as an example, will be able to interface with new tokens without having to invest in lots of development and testing to accommodate non-standard tokens.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Two ERC20 functions that exist are totalSupply() which will return the number of tokens in supply, and balanceOf(address) which given a token address will return the balance of that address.
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#494
  1. all wallets and exchanges that support erc20 can interact with the token
  2. balance and supply features.
#495

  1. The benefits of setting a token standard is to define a parameter for communication in the network that all computers are able to understand one another.

  2. Functions that are able to observe complex amounts of data are in the interface and are able to be used in commands to simplify instructions.

#496
  1. Easy for wallets and exchanges to recognize.
  2. Total supply - total amount of tokens
    balance - the balance of the accounts
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#497

  1. Efficiency. By implementing some standarts, the wallets and exchanges can be compatible with all tokens that use erc20 from the getgo.

  2. balanceOf (shows funds of a particular account)
    total supply (how many tokens are there in total)
    transfer (move funds to another account)
    transferFrom
    approve ( Allows other accounts to withdraw a certain amount of ABC token from the account executing the function)
    allowance (shows how many tokens are allowed to be transfered)

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#498

Hello sir, did you forgot to type the answer to the 2nd question?

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

Carlos Z.

1 Like
#499

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

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! :slight_smile:

Carlos Z.

#500
  1. Standard make the whole space able to communicate with each other by defining how we all program tokens. Itā€™s also useful since it means that all tokens are supported by all exchanges and all wallets since day 1 of the launch of the token.

a) balanceOf() function provides the number of tokens held by a given adress.
b) transfer() function transfers a number of tokens directly from the message sender to another address.
c) The allowance() function provides the number of tokens allowed to be transferred from a given address by another address.
d) approve() a token holder gives another address approval to transfer up to a certain number of tokens.
e)doSomething() to operate instructions.
d) transferFrom() take certain tokens from senderā€™s account and carry on its work.

2 Likes
#501

1.Standards in code simplify the tokens support of wallets and exchanges quickly after their release.

2.All ERC20 token have a standardized totalSupply function, a further important function is the balanceOf(address account) which makes it possible to control the wallet balance of an ETH address.

#502

I wasnā€™t confident in answering that questions so I left it alone. I understand there is the totalSupply function and the parameters that encompass the smart contract but, Iā€™m still pretty fresh to the concepts.

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