Homework: ERC20

Ethereum 101
#706

Thank you @thecil , very interesting that sometimes we don’t have the solidity code but only bytecode

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#707

  1. What are the benefits of setting a token standard like ERC20?
    a) Means there is a universal protocol that makes a way for creating new tokens that everyone can understand and apply.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply - tells you the total number of tokens that exist
    balanceOf - which provides the number of tokens held by a given address.
    transfer - transfers a number of tokens directly from 1 address to another address.
    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.

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#708

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

All tokens using this standard use the same naming conventions and functions, so less programming conventions needed to learn how each token works. Tokens can interact together and be stored using the same (/very similar) software, making it easier for exchanges and wallets to list and store a large variety of tokens.

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

TotalSupply - the sum of all account balances
balanceOf - number of tokens held by a specified address
transfer - transfers tokens from the user address to a specified address
approve - a user give permission to a smart contract address to transfer up to a certain number of tokens
transferFrom - a smart contract can take the required token cost to execute the contract from a user account
allowance - the number of tokens allowed to be transferred from a given address by a smart contract address

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#709

*The benefits are that users are creating tokens from a solid platform with solid rules which deters spam. All users work on the same rule set which reduces issues. There is further the benefit of being able to interact with other exchanges, wallets, web servers and other contracts.

*Functions within the ERC20 include ‘balanceOf’ which gives the balance of the token whether that be physical currency, health and fitness goals or other. ‘Transfer()’ is where funds can be transferred from one address to another and ‘Approval()’ checks and confirms the transfer of the funds.

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#710

Homework on ERC20 token standard.

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

  • all wallets, exchanges, platforms can add the token very easily. Also it is easy to read.
  • programmers don´t have to learn/program every token from scratch, with a standard you just have to change a few lines.

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

  • balanceOf() gives back the balance of a specific address
  • transfer() transfer tokens from sender address to another address
  • allowance() shows number of tokens are allowed to be transfered
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#711

Faster implementation (wallets ,excanges .etc)and innovation.

allowance ()provide number of token that can be spend
totalSupply()total number of tokens
balanceOf()total number of tokens on one address
doSomething() is output tx from sender to SC and transferFrom)() conformation from SC to execute .

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#712

  1. All wallets talk the same language with coding for ERC20 tokens.

  2. Total supply () is the total tokens,
    balanceOf () gives balance of the account
    approve () authorizes transfer
    transfer () transfers tokens to another address

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#713

ERC20 is a token standard on the Ethereum network that enables the creation of new tokens by developers to operate on many platforms seemlessly.

I am not a developer so I can’t answer this question. Wallet balance I think in one function

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#714

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

Hi Carlos,

Sorry for the generalization. The functions of the ERC-20 are:

• the balance0f( ) function is how many tokens the address holds

• the transfer( ) function allows one to send token from one address to another–its not useful for paying a function in a smart contract therefore you the doSomething ( ) function

• the doSomething ( ) function requires a “doer” to “do” something for x amount of tokens

• the approve ( ) and transferFrom ( ) function facilitates the process of the doSomething ( ) function…first the approve ( ) function lets the token holder say how many tokens are allowed to transfer to another address. One the receiver completes the doSomething ( ) function then transferFrom ( ) function can be completed

• the allowance ( ) function lets you know how many tokens are allowed to transfer from one address to another

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#715
  1. A benefit is that all different application using the same token could communicate with each other
  2. One of the functions in the ERC20 token is “totalSupply” gives you the amount of tokens in total circulation. Another one is “balanceOf” you are able to view balance of address that you input.
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#716

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.
  • transferFrom() : transfers a number of tokens directly from an account to another address. Used with approve() function.
  • approve() : approval to transfer up to a certain number of tokens, known as an allowance.
  • allowance() : provides the number of tokens allowed to be transferred from a given address by another given address.

Hope this gives you a clear view of the subject, keep learning! :slight_smile:

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

Carlos Z.

#717

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

     It helps the new tokens interoperate with networks like wallets and exchanges.

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

    totalSupply() is a function that shows the total supply of the token
balanceOf() shows the balance of tokens of an address.
transfer() transfers tokens from one address to another
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#718

clear as mud Carlos but assume it will get less murky when advancing to the programming section. Thankx!

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#719
  1. If all token applications on the Ethereum blockchain use the same functions and the same syntax, then all these applications can easily communicate with each other, and the whole token-economy on the Ethereum blockchain becomes properly efficient. Moreover, developers can easily read all the relevant application program codes and the creative power of these developers can be synenergistically amplified.
    • 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() and transferFrom(): these functions are used to approve transfers of funds and to specify their origin.
    • allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.
    • totalSupply(): specifies the total token supply.
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#720

— My answers —

  1. A standard ensures that all the tokens are built in the same way and allows easier and more functional implementations.

  2. totalSupply() - returns the total supply of a token
    balanceOf() - returns the balance of a specific address
    transfer() - transfers tokens from contract owner’s address to a specified address
    transferFrom() - transfers tokens from source address to destination address
    doSomething() - executes instructions
    approve() - transfers tokens from the contract owner’s address to the destination address

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#721
  1. the tokens are accepted by most exchanges and wallets from day 1
  2. there are functions like totalSupply() - shows the supply of existing tokens, balanceOf() - shows the balance for an account, token ownership management function, …
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#722
  1. it is fungible, i.e. it can be working already and supported by all Wallet as soon as released. On top standardization of funcionalities
  2. TotalSupply() - gives how many token in circulation; balanceof() - how much token that account has
    transfer() - to transfer tokens
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#723
  1. Token can be added by any wallet and it makes the exchanges easily
  2. totalSupply() : Number of tokens that exist
    balanceOf() : Number of tokens held by address
    transfer() : Transfer of tokens to another public address
    allowance() : Amount of tokens allowed to be transferred
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#724
  1. What are the benefits of setting a token standard like ERC20?
    all tokens can speak to and understand each other; increased efficiency
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply(): how many tokens in circulation
    balanceOf(): the balance in specified address
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#725

Creation of new tokens based on the same standard allows to wallets, exchanges and tokens itself to easily communicate between each other.

totalSupply() - set max total supply of tokens
balanceOf(address) - gives the number of tokens held by a public address
transfer() - allows public address to transfer ERC20 tokens to another public address

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