Homework: ERC20

Ethereum 101
#604

  1. It’s fungible, the standards are all the same, common set of features and properties. The code is the same for all developers in the network.

  2. Functions allow Ethereum network users to determine the balances of accounts, transfers from oner user to another under varying conditions. Some examples of functions are “totalSupply”, “balanceOf”, “trasferFrom”.

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#605

  1. Increases efficiency and allows tokens to operate on platforms and wallets

  2. function totalSupply() = total token
    function balanceOf() = account balance
    function transfer() = amount of tokens from address to address

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#606

It makes it so that the programmers can easily interact with each other and makes the whole industry more tangible.
2.
balanceOf Shows account balance.
totalsupply is the number of total fungible tokens there will be.
transfer Sending tokens from one user to another.

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#607
  1. It allows all the developers and third-parties in the ecosystem to align and build compatible services.
  2. totalSupply(), indicate the total supply of token
    balanceOf(), output address balance
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#608

Yes sir, 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! :slight_smile:

Carlos Z.

#609

Thank you for your response Carlos!
The sentence prior to the examples summarizes what functions do, but for individual examples, I can sure explain:
“totalSupply” - enables all users to see the sum of all account balances in the network.
“balanceOf” - shows the number of tokens held by a particular account or any account in the public blockchain.
“transferFrom” - allows the ‘doer’ function to successfully run after the “approve” function verifies the information.

Please feel free to add anything else and thanks again!

Lucky.

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#610

  1. What are the benefits of setting a token standard like ERC20? It allow wallets and exchanges to support the token code as well as creates consistency among programmers.

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

  • balanceOf() - total balance of tokens in an address
  • transfer() - total number of tokens from one address to another
  • approve() - number of tokens that can be used in the smart contract
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#611
  1. the benefit is that all exchanges and wallets are able to support the token!
  2. totalSupply- how many tokens are in circilation in the network.
    lalanceOf( adress of the account) - how much tokens this account has
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#612

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

Setting a token standard is a benefit because it allows all the different tokens and programs to interact with each other. Without standards everyone would have to learn new naming conventions for every token, which would be completely inefficient.

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

function totalSupply - The total supply of all balances within a smart contract.

function balanceOf (address account) - This function is used to check how much a balance is of a particular address.

transfer () - Transfers a number of tokens directly from the sender to another address.

allowance () - Provides the number of tokens allowed to be transferred from one address by another address.

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#613

1.What are the benefits of setting a token standard like ERC20?
— ERC20 standard allow other developers and companies to interact with any ERC20 token with a common set of features and functions.

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

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

totalSupply - allows an instance of the contract to calculate and return the total amount of the token that exists in circulation.

Transfer - lets the owner of the contract send a given amount of the token to another address just like a conventional cryptocurrency transaction.

transferFrom - allows a smart contract to automate the transfer process and send a given amount of the token on behalf of the owner.

Approve - the owner of the contract authorizes, or approves the given address to withdraw instances of the token from the owner’s address.

Allowance - smart contract will only ever be able to transfer the amount of token you approve

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#614

1.The benefits of setting a token standard like ERC20 are; a) because there are a common list of rules that a token has to implement, developers, exchanges, wallets and smart contracts can easily communicate with different tokens without having to write custom code, b) new tokens will be more easily accepted and adopted without the need to change code because they are identical to those existing, c) new tokens can be instantly listed and traded on exchanges and wallets, and d) it enhances interoperability (the ability to exchange and use information).

2.The functions the ERC20 Token Standard Interface has are; 1) balanceOf( ) - provides the number of tokens held by a given address, 2) transfer( ) - transfers a number of tokens directly from the sender to another address, 3) allowance( ) - allows for two addresses to make repeated transactions between each other, 4) approve( ) - calls for the wallet owner to “approve” a transaction that is about to be made, 5) totalSupply( ) - states the current number of available tokens in the contract, and 6) transferFrom( ) - allows for a smart contract to execute a transfer when certain conditions are met.

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#615

  1. the benefits of token standards are reliance and the ability to easily communicate with others in the same way on a given network.

    1. balanceof() function provides the number of tokens held by a given address.
    2. transfer() function transfers a number of tokens directly from the message sender to another address.
    3. doSomething() function requires do tokens to operate.
      4&5. approve() and transferFrom() functions are two functions that allow the doSomething() function to work using a two step process.
    4. allowance() function provides the number of tokens allowed to be transferred from a given address by another given address
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#616
  1. What are the benefits of setting a token standard like ERC20?
    Token standards allows it to operate across the platform which includes with other tokens and Eth.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() which gives a number as an output. This number is the total supply of the token
    balanceOf() which takes the address of an owner as the input and gives the balance of the users as output
    allowance() function takes in the address of the tokenOwner and the spender and gives as output, the number of tokens allowed to be transferred from a given address by another given address.
    transfer() function simply takes in the address of the receiver and the funds which are to be sent to the account
    approve() function. You can approve someone to spend from your account.
    transferFrom() function. It takes in three inputs — the address of the sender, the address of the receiver, as well as the number of tokens to be transferred. And gives an output of the success or failure of the transfer.
#617

What are the benefits of setting a token standard like ERC20?
Tokens using the standard will be automatically supported by exchanges and wallets and allow the Etherium platform to execute them in a standard way

What functions are in the ERC20 Token Standard Interface and what do they do?
a few of the functions are:
totalSupply() - define the total supply of a token
balanceOf(address account) - determines the balance of an account
transferFrom(address from, address to, uint tokens) - transfers tokens between accounts

#618

Hello and thank you for your suggestion!
totalSupply() indicates the total supply of a ERC20 token
balanceOf() indicates the balance in a ERC20 token of a specific ethereum address
transfer() indicates the quantity of a ERC20 token to be sent from a wallet to another

#619

  1. Having a standard makes everything reliant allowing the whole community to be on the same page and able to communicate. The same naming conventions, parameter conventions, and standards means that the community can collectively build applications that can interact with each other. A common structure reduces friction and allows the industry to grow faster in the right direction.

  2. ERC20 Token Standard Interface functions and what they do:

MANDATORY FUNCTIONS
a) totalSupply() how many tokens are in circulation
b) balanceOf(address account) gives you the token balance of a specific account
c) transfer() function for transferring a number of tokens directly from the message sender to another address. This is fine for sending tokens from one user to another but doesn’t work as well when tokens are being used to pay for a function in a smart contract.
d) transferFrom() used to transfer tokens between any two users primarily (according to the Medium article) during a transaction where tokens are being used to pay for a function in a smart contract.
e) approve() a token holder would use this function to provide more address information (usually of a smart contract) approval to transfer up to a certain number of tokens, known as an allowance.
f) allowance() provides the number of tokens allowed to be transferred from a given address by another given address.

OPTIONAL FUNCTIONS
h) name - the name of the token
i) symbol - token abbreviation similar t a stock ticker symbol
J) decimals - how dividable the token is specified by how many decimals it should support.

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#620

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

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

1)The ERC-20 commands vital importance, because it defines a common list of rules that all Ethereum tokens must adhere to. Consequently, this particular token empowers developers of all types to accurately predict how new tokens will function within the larger Ethereum system. This simplifies and eases developers’ tasks, because they can proceed with their work, knowing that each and every new project won’t need to be redone every time a new token is released, as long as the token follows the rules.

2)The balanceOf() function provides the number of tokens held by a given address.

There are two ways to send tokens from one address to another. The transfer() function transfers a number of tokens directly from the message sender to another address.

doSomething(), approve(),transferFrom() are some others

The allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.

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#621

  1. What are the benefits of setting a token standard like ERC20?
    each new token is from day 1 compatible with and can be supported by all exchanges and wallets who already support other tokens of the same standard.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    The core functions outlined by the article in the ERC20 Token Standard Interface are balanceOf(), transfer(), approve(), transferFrom(), and allowance().

  • The function balanceOf() will return the number of tokens in a given address.
  • The function transfer() will transfer a specified number of tokens from one address to another.
  • The function approve() gives another address approval to transfer a certain amount of funds from the given address. This is usually how smart contracts are give permission to take the necessary funds needed to perform requested operations .
  • The function allowance() is the maximum amount that’s allowed to be transferred by another address via the approve() function.
  • And transferFrom() is the function that is actually invoked to perform the transferring of funds by another address.
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#623

Homework on ERC20 token standard.

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

If you need help with the last question, you can read more about the functions here: https://medium.com/@jgm.orinoco/understanding-erc-20-token-contracts-a809a7310aa5

1- The ERC20 standard make tokens interoperable and fungible, creating a common language (syntax) between programmers.

2- The main functions in ERC20 token standard are the following:
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. At the time the smart contract runs it has no access to details of which addresses transferred funds where and so cannot assert that the user calling the contract has paid the required amount of funds to operate the contract.

i) transferFrom(): Take certain tokes from an address to another, needs approval.

ii) approve(): A token holder gives another address approval to transfer up to a certain number of tokens(allowance).

doSomething(): To operate instructions.

allowance(): Provides the number of tokens allowed to be transferred from a given address by another given address.

Español

Tarea sobre ERC20 token estándar.

  1. ¿Cuales son los beneficios de establecer un token estándar como ERC20?
  2. ¿Qué funciones están en la interface estándar ERC20 y qué es lo que hace?

Si necesitas ayuda con la última pregunta, puedes leer mas al respecto aquí (inglés): https://medium.com/@jgm.orinoco/understanding-erc-20-token-contracts-a809a7310aa5

1- El estándar ERC20 hace a los tokens interpretables y fungibles, creando un mismo lenguaje (sintaxis) entre programadores.

2- Las principales funciones en el estándar ERC20 son las siguientes:

balanceOf(): Provee el número de tokens que mantiene una dirrección.

transfer(): Transfiere un número de tokens directamente desde el mensajero a otra dirección. Al momento en el que se ejecuta el contrato, este no tiene acceso a los detalles sobre cual dirección transfiere fondos a cualquier otra así que no puede afirmar que el usuario que ha hecho el contrato ha pagado la cantidad requerida para operarlo.

i) transferFrom(): Toma cierta cantidad de tokens desde una dirección a otra cual necesita aprobación de dicha dirección.

ii) approve(): El titular del token aprueba la transferencia de cierto número de tokens.

doSomething(): Para operar instrucciones.

allowance(): Provee el número de tokens permitidos para ser transferidos por una dirección dada desde otra dirección dada.

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#624
  1. The benefits are that Erc20 tokens are all programmed the same so that they can be shared, exchanged for other tokens, or transferred to a crypto-wallet.
  2. A) totalSupply - total amount of the token that exists in circulation
    B) balanceOf() function provides the number of tokens held by a given address.
    C) transfer() function transfers a number of tokens directly from the message sender to another address.
    D) approve() approval to transfer up to a certain number of tokens, known as an allowance.
    E) transferFrom() transferred from a given address to another given address.
    F) allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.
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