Homework: ERC20

Ethereum 101
#524

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

Here are some of the features and benefits of ERC20 standard: Interacts with other currencies, Smart contract, Used on compatible platforms, projects, exchanges. Ensures operation with decentralized applications (Dapps). Secure and easy transaction. Makes assets interchangeable.

What functions are in the ERC20 Token Standard Interface and what do they do?
Some examples include:
balanceOf() provides the number of token of an address
transfer() transfers token from one address to another

1 Like
#525
  1. Having a standards make it easier for wallets, exchanges and all who know the standard to interact with those smart-contracts. This means that is easier to create a new token that is compatible with mostly everything.
  2. totalSupply() ; balanceOf() ; transfer()
#526

  • What are the benefits of setting a token standard like ERC20?
    You reduce the friction in the network.
    It provides better communication in the network.
    The tokens immediately get accepted at exchanges and wallets.

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

The Total supply function: this gives you the total amount of circulating tokens.
BalanceOf wallows you to see the balance of the adress.
Transfer function allows you to transfer your token.

1 Like
#527

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

  1. The ERC20 token standard enables different contracts to be read and understood by those creating a particular type of smart contract - in this case fungible tokens which all need to have the same values eg as in currencies.

What functions are in the ERC20 Token Standard Interface and what do they do?
2. Functions vary but apply to all ERC20 token contracts. EG
Function:
balanceOf() gives the total number of tokens held by that address
transfer() transfers tokens directly from message sender to another address
allowance() provides number of tokens allowed to be transferred by a given address by
another given address

1 Like
#528

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

Well from day one, everybody is reading off the same Hymn Sheet, Exchanges have the standard they need for ´ Wallet programmable intergration ´ the standard helps to keep friction low.

2/ What functions are in the ERC20 Token Standard interface, and what do they do ?

ERC20 tokens comes with a number of functions,that allows users to find out the balances of their accounts,as well as to transfer from one account to another under varying conditions.
balanceOf () function provides the number of tokens held by a given address.
transfer () two ways to send tokens from 1 address to another.
approve () transferFrom () Approval to transfer up to a certain number of tokens, known as an allowance.

1 Like
#529

1 advantage of setting a token standard is less friction to adoption and interaction that comes from efficiencies of standardisation.

2 E.g., balanceOf(x) is a function that returns the balance of a specified token address of “x”

1 Like
#530
  1. What are the benefits of setting a token standard like ERC20?
    If the code is lade out in the same way it means that all exchanges and wallets will be able to support these tokens from day one. Standars are very inportant, this is how we reach efficiency.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply ( ) equals the sum of all balances
    balanceOf ( ) provides the number of tokens held by a given address
    trancfer ( ) transfers a number of tokens directly from the message sender to another address
    allowans ( ) provides the number of tokens allowed to be transferred from a given address by another given address
1 Like
#531

  1. The same names and parameters conventions for all functions. Allows an efficient economy. No
    friction between the community.

  2. Functions like add,subtract,multiply,and,or etc.

#532
  1. What are the benefits of setting a token standard like ERC20?

The benefits of a token standard are that it removes friction from the ecosystem. It allows interoperability, like the capability to store all ERC20 tokens in one wallet. It makes the ecosystem of tokens more efficient and consistent.

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

ERC20 functions include;
function totalSupply() public view returns ( uint ); - Gets total token supply in circulation
function balanceOf( address tokenOwner ) public view returns ( uint balance ); - Get the account balance of a specific account
function transfer( address to , uint256 tokens ) public returns ( bool success ); - Sends a specific amount of tokens to specified address
function allowance( address tokenOwner, address spender ) public view returns ( uint remaining); - Gives a 3rd party the right to facilitate a transaction with the owners token
function transferFrom( address from, address to, uint tokens ) returns ( bool success ); - Allows a smart contract to automate the transfer process and send a given amount of the token on the owners behalf
function approve( address spender, uint tokens ) returns ( bool success ); - Contact owner authorizes given address to withdraw instances of the token form owner’s address

1 Like
#533

  1. Since ERC20 tokens are basically projects written as smart contracts on top of the ethereum blockchain, having standards creates a new language that allows developers to use the same conventions, eases communication, and structures interaction when it comes to crypto development. It’s like writing different stories in a newly developed language v each person writing them on different ones. That would be chaotic, unproductive and heterogeneous. Imagine having to learn a new language every time you want to read a new book.

  2. Ivan’s example was “totalSupply” which allows you to see how much crypto/tokens are in circulation.
    Another one is “balanceOf” which allows a person to see how much is contained in one particular wallet.

1 Like
#534

  1. Since a smart contract can represent its own cryptocurrency (a token), having a standard in place allows those tokens to immediately be available for use on exchanges and wallets that accept Ethereum.

totalSupply() provides the total token supply
balanceOf() provides an address balance
transfer() allows transferring tokens from one account to another.
doSomething() allows a specified number of tokens to operate
approve() allows a doSomething() function to work in conjunction with transferFrom()
transferFrom() allows a doSomething() function to work in conjunction with approve()
allowance() provides the number of tokens allowed to be transferred from a given address by another given address

1 Like
#535

1. What are the benefits of setting a token standard like ERC20? Having a standard allows wallets and exchanges to easily adopt all ERC20-compliant tokens, reducing the friction in the network.

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

  • totalSupply(): Returns the total number of tokens in circulation.
  • balanceOf(): Returns the number of tokens owned by a specified address.
  • transfer(): Transfers tokens from the calling address to a specified address.
  • approve(): Grants permission to transfer a specified number of tokens from one address to another specified address.
  • allowance(): Returns the remaining number of approved tokens that can be transferred from one address to another specified address.
  • transferFrom(): Transfers tokens from one specified address to another specified address.
1 Like
#536

1.-
A standard by definition is a set of rules.
ERC20 is a standard that defines the structure of any new token created over Ethereum platform.
Tokens that comply with the ERC20 standard can be shown immediately after created on all wallets and exchanges that support the same standard.

2.-
ERC20 specifies 6 functions.

function totalSupply() .- Allows an instance of the contract to calculate and return the total amount of the token that exists in circulation.

function balanceOf() .- The function allows a smart contract to store and return the balance of the provided address.

function approve() .- The owner of a contract uses this function to authorize to withdraw, instances of the token to the given address.

function transfer() .- This function lets the owner of the contract to send a given amount of the token to
another address just like a conventional cryptocurrency transaction.

function transferForm() .- Allows a smart contract to automate the transfer process and send a given
amount of the token on behalf of the owner.

function allowance() .- Used to set a cap on the value of transactions that can be made in the contract.

Taken from

1 Like
#537

It allows wallets and exchanges to be programmed to support any token using standard. It is like a language in the human world, a standard (English for example) makes us communicate now even if we are from different parts of the world.

The totalSupply() function, Get the total token supply.
The balanceOf() function provides the number of tokens in a given address.

The transfer() function will transfers a number (specified) of tokens from the sender to another address.
In the function approve() you approve someone to transfer tokens from your account.
In the function transferFrom(), you specify, “send value amount of …tokens from …address to …”
The allowance() shows how many tokens are allowed to be transferred

1 Like
#538
  1. It allows exchanges and wallets to support a single standard of token, which in turn helps spread adoption of exposure to the crypto space
  2. 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.
    approve(): a token holder gives another address approval to transfer up to a certain number of tokens(allowance).
1 Like
#539
  1. Having standard ERC20 enables wallets and exchanges to easily list a new token. Everyone have to create SC, following the rules made in Standard ERC-20.
  2. totalSupply() gives the number of tokens
    balance0f(address account) gives the balance of anaddress account
    transfer() send tokens to an address
    approve() you can approve someone to spend from your account
    transferFrom() take certain tokens from sender’s account
    allowance() provides the number of tokens allowed to be transferred from a given address by
    another.
1 Like
#540

1.Sets a common language for wallets to talk to each other easily.

  1. function totalSupply() - gives how many tokens are in circulation.
    function balanceOf(address account) - gives how many tokens a particular account holds.
1 Like
#541

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    Tokens can interact and same wsllet can use different tokens
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Getsupply shows total supply of thd token. Show balance of a specific address
1 Like
#542
  1. Allows all new projects to be able to speak to each other. Without a standard everyone would have to understand each individual contract. It would create non fungibility in contract swapping.
  2. Functions within an ERC20 are standard way of setting up the code so everyone can read and understand it. It sets the language so that can provide key needed info to the blockchain like total coin supply ect
#543

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    The exchanges will be able to handle them immediately as they’ll recognise the parameters.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf() gets balance
    transfer() sends
    totalSupply() checks balance or all tokens in existance
    allowance() what the smart contract is allowed to take max upto.
    approve() what the SC is allowed to take
    doSomething() tells SC what to do upon payment.
    transferFrom() taking funds from elseware
1 Like