- What are the benefits of setting a token standard like ERC20?
Having a standard (ERC20) all tokens speak the same language this helps programmers to understand and provide improvements, as well as exchange and wallets can support the token from day 1. - What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() gives maximum number of tokens that exist
balanceOf(address account) gives a public addresses’ balance of ERC20 tokens
transfer() allows someone to transfer their ERC20 tokens to another public address
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New ERC20 tokens have the benefit of automatically being compatible with exchanges and wallets that are ERC20 wallets. The fact that there is a standard is also preventing everyone from using different coding language for the same commands.
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There are many functions in the ERC20 interface. Some of them are balanceOf(), totalsupply(), transfer()…
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- Creates less friction in the economy. Wallets have a standardised way of talking to each other for every token deployed according to the same ERC20 protocol.
- Functions like get the account value of a certain address, get the total amount of tokes in circulation, etc… They receive an input (and the type of that input) e.g. an address type address to retreive this wallet’s token balance.
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What are the benefits of setting a token standard like ERC20?
EVeryone obides by the same standards, which makes it easier for the overall ecosystem. Easier for wallet comparability and for developers to devlop on.
What functions are in the ERC20 Token Standard Interface and what do they do?
total supply, balanceof, approve, transfer, transferfrom, allowance
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A token standard makes programs predictable and understandable for all programmers with a common set of features and functions.
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Some of the functions in ERC20 are:
- transfer() which transfers tokens from one address to another
- balanOf() which gives the total tokens held by any address queried
- approve() is used by the token holder to set the number of tokens allowed to be used by a smart contract.
- transferFrom() used by the smart contract to transfer the allowance to pay for running a function.
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What are the benefits of setting a token standard like ERC20?
In this way all the common features of the tokens will have the same compatibility, and this will make easier to build and develop applications and tokens. The final result is pushing up their use.
What functions are in the ERC20 Token Standard Interface and what do they do?
For example are standardized the functions “totalsupply” and “balanceOf”. These are supposed to be common functions of all fungible tokens. Their standardization can allow to create compatible wallets among all the tokens based on the same blockchain.
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What are the benefits of setting a token standard like ERC20?
- It creates a consistent set of interfaces allowing wallets to provide token balances for different tokens and creating a means for exchange to list more tokens by providing nothing more than the address of the token’s contract. The benefits of creating a token using the ERC20 standard is that very few token contracts tokay are created in any other way.
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 a numer of tokesn between sender address and receiver address.
- approve() and transferFrom() = creates two-step process for transferring
- allowance() = provides the number of tokens allowed to be transferreed from a given address to another.
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If all tokens function the same way, they will have support from all exchanges and wallets from day one.
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Total Supply will show you how many tokens are circulating. BalanceOf will let you see how many tokens are held at a particular address.
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Standard ERC20 provide a common features and interfaces for token contracts in ethereum.
Allowing wallets to provide token balances for many different tokens. It is standard for fungible tokens. -
totalSupply() - number of tokens in circulation
balanceOF() - provides the number of tokens held by a given address
transfer() - transfer a tokens from one address to another
approve() - approval for transfer that token hodler gives for another address
allowance() - number of tokens allowed to be transferred from a given address to another
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1. What are the benefits of setting a token standard like ERC20?
Exchanges and wallets can easily support this new token.
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 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.
transferFrom() take certain tokes from sender’s account and carry on its work.
allowance() provides the number of tokens allowed to be transferred from an address by another given address
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- The benefit is that all ERC-20 tokens will be able to communicate in a known and expected way.
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- totalSupply(): This number is the total number of a token in circulation.
balanceOf(address): gives a public addresses’ balance of ERC20 tokens
transfer(): allows transfer of their ERC20 tokens to another public address
doSomething(): operates instructions.
allowance(): provides the number of tokens allowed to be transferred from a given address by another.
- totalSupply(): This number is the total number of a token in circulation.
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1:
All exchanges/wallets will support the new token from day 1
Standards is important. The same convention makes it possible for all exhanges/wallets to support/read the code.
2:
function totalSupply() public constant returns (uint);
function balanceOf(address tokenOwner) public constant returns (uint balance);
function allowance(address tokenOwner, address spender) public constant returns (uint remaining);
function transfer(address to, uint tokens) public returns (bool success);
function approve(address spender, uint tokens) public returns (bool success);
function transferFrom(address from, address to, uint tokens) public returns (bool success);
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2.What functions are in the ERC20 Token Standard Interface and what to they do?
Yes sir(s), those are some of the functions, but could you please describe a little bit what those functions do?
If you have any doubt, please let us know so we can help you! 
Carlos Z.
- Uniformity; non-confusion; easy adoption/inclusion of new tokens/currency.
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allowance()- amount of tokens approved by owner that can be
transferred to another account -
approve()- authorize an address to withdraw token instances from the owner address -
balanceOf()- provides the number of tokens held by a given account -
totalSupply()- calculate & return total amount of tokens in circulation -
transfer()- send tokens from owner to another account -
transferFrom()- automated version of transfer()
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- What are the benefits of setting a token standard like ERC20?
Setting a standard like ERC20 allows created tokens to be deployed and exchanged in the same way.
It also allows token creators to use the same function calls, improving clarity and readability.
- What functions are in the ERC20 Token Standard Interface and what do they do?
The ERC20 Token Standard Functions are:
- totalSupply: Returns the Total Token Supply
- balanceOf: Returns the balance of another account (address, owner)
- allowance: Returns the amount still allowed for spender to withdraw from owner
- transfer: Transfers amount of tokens to address
- approve: Allows spender to withdraw from account multiple times until certain amount.
- transferFrom: Transfers amount of tokens (from address, to address)
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- What are the benefits of setting a token standard like ERC20?
- All tokens using ERC20 standard will be supported by all wallets and exchanges.
- What functions are in the ERC20 Token Standard Interface and what do they do?
- totalsupply() = Sets the parameter for total tokens in your network.
- balanceof() = If you put an address in the parameter it will spit out your token balance.
- transfer() = Transfer tokens to another wallet address.
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Having a standard gives general rules and guidelines that make it easier for adoption. We know that if it is an ERC 20 token for example, it is always the same way to check the balance, to transfer tokens etc… So it is important for adoption. For example if a wallet or exchange learned how to use ERC 20 standard once, they can then add all ERC 20 tokens easily and don’t have to learn a new model each time.
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Example of functions are function totalSupply - to check the total number of tokens, function balanceOf - to check the balance of a particular account…
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- What are the benefits of setting a token standard like ERC20?
Standards allow for all exchanges and wallets to support any token which is using that standard.
2.What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf(account) gets the account balance, transfer transfers money to other accounts, totalsupply gives the total of tokens that exist.
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Well, it is pretty evident:
“totalsupply” is referred to the total quantity of the tokes available
“Balance” is referred to the balance of the single wallet, how many tokens are on hand of the user
“transfer” is referred to the function to transfer tokens to another user or to the system and so on
All these replies are referred to the lesson about ERC20 standard of the Ethereum Blockchain
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- Wallets and Exchange know how to work with smart contracts.
- totalSupplay(): gives the maximum number of token that exists. balanceOf() gives a public addresses balance, transfer() allows someone to transfer their ERC20 token to another public address
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