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One standard makes it easy to operate with the exchanges and wallets
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Balance (how much in in the address), transfer (send the tokens to a specific address), allowance (the amount you can sent to a specific address)
- Standards increase the efficient and functionality of ER20. Its allows wallets, exchanges to easily add all ERC 20 tokens and this will increase mass adoption faster.
- Gives balance of a specific account, total supply , total token created e.t.c
- standards like ERC20 reduce friction, allows integration, and allow wallets to talk to each other and other tokens and currencies to be built because the âlanguageâ is the same
- total supply, balance and transfer are examples of some of the functions. They are naming conventions in the code. Total supply tells you how many tokens are in circulation, balance lets you know what the balance in a wallet address, transfer lets you know from where and to what address a transaction is being transferred
A) A few of the primary benefits of setting a token standard, such as ERC20, are interoperability, efficiency, and shortened time to market adoption. Where interoperability = ability for tokens, currencies, etc., to operate across platforms/networks; efficiency = all programmers involved creating and communicating with the same broad standards and operational framework; shortened time to market = community being able to create, produce, and supply market demands much quicker than if everyone is working from non-standard playbooks.
B) From an article by Ethereum programmer Gilad Haimov, I found similar functions in ERC20 as what Ivan shared with us in the class, mainly:
function totalSupply() public view returns (uint256);
function balanceOf(address tokenOwner) public view returns (uint);
function allowance(address tokenOwner, address spender)
public view returns (uint);
function transfer(address to, uint tokens) public returns (bool);
function approve(address spender, uint tokens) public returns (bool);
function transferFrom(address from, address to, uint tokens) public returns (bool);
I think the specific outcomes each function accomplishes are fairly self explanatory based on the functionâs title. But, in general, according to Gilad the functions allow for âintegration with other contracts, wallets, or marketplacesâ (e.g. what I self-described as interoperability earlier).
- Implementation of token standard like ERC20 allow tokens interoperability, integration with wallets, exchanges without changing cods for each token, evens the token code to by more efficiently.
- totalsupply() return total supply of tokens
balanceOf() function, return number of tokens held by a given address
transfer() function, transfer tokens from one address to another
approve() function, is used to give approval, usually a smart contract address, to transfer tokens.
transferFrom() function, smart contract execute the transfer of token for a specific task
allowance() function, number of tokens allowed to be transferred
2. What functions are in the ERC20 Token Standard Interface and what do they do?
Yes sir(s), but could you please describe what those functions do?
If you have any doubt, please let us know so we can help you!
Carlos Z.
Excellent answer sir! really well documented! keep it like that please!
Carlos Z.
- What are the benefits of setting a token standard like ERC20?
Standards like ERC-20 ensures that when programming an Token/ App everyone followers a defined logic and naming convention which leads to higher compatibility and efficiency between the different tokes. Furthermore exchanges (and wallets) can easily add the tokens who follow the ERC-20 standard from day one directlty to their platform.
- What functions are in the ERC20 Token Standard Interface and what do they do?
- totalSupply() gives maximum number of tokens that get issued in circulation
- balanceOf(address account) gives a public addressesâ balance of ERC20 tokens
- transfer() transfers an amount of tokens directly from the sender to the recipient
- Sets universal use template decreasing friction among users/exchanges.
- Totalsupply, balanceOf, Transfer, are a. Few functions within the ERC20 Token standard interface.
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Without ERC20 , everyone will be building their own version of their tokens. Having a standard way to deploy tokens on the Ethereum smart contract platform has been beneficial for the entire space. They can build applications who can talk with each other.
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function totalSupply - it gives you how many tokens are in circulation.
function balanceOf - you will get how many tokens that balance has.
function transfer - for transfering tokens.
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What are the benefits of setting a token standard like ERC20?
having only one standard allow exchange and wallet to recognize and all the tokens of the same type which are more easily accepted and they can spread faster -
What functions are in the ERC20 Token Standard Interface and what do they do?
name: long name of the toke
symbol: short name of the toke
decimal: how many number after the comma
supply: number of tokens
balanceOf: ask for the balance of one address
transfer: move a certain amount from one address to another
approve: approves a smart contract to get some tokens
trasnferFrom: smart contract use this to get some tokens from an address which has given approval
allowance: defines how many tokens can be transferred from one address
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What are the benefits of setting a token standard like ERC20?
Having a standard helps to create tokens in a similar way, which makes it easier for exchanges and wallets to recognize and support them. -
What functions are in the ERC20 Token Standard Interface and what do they do?
function totalSupply() gives you how many tokens are in circulation
function balanceOf(address account) gives you how many tokens the account holds
What are the benefits of setting a token standard like ERC20?
-Code is layed in the same way,so all exchanges and wallets are able too support the tokens.
What functions are in the ERC20 Token Standard Interface and what do they do?
BalanceOf()-function provides the number of tokens held by a given address.
Transfer()-function transfers a number of tokens directly from the message sender to another address.
Approve()-and transferFrom() are two functions that allow to work using a two-step process.
Allowance()-function provides the number of tokens allowed to be transferred from a given address by another given address.
- What are the benefits of setting a token standard like ERC20?
For exchanges and wallets it is way easier to handle standards for all tokens based on the ERC20 than all having its own standard - What functions are in the ERC20 Token Standard Interface and what do they do?
Totalsupply how much supply of the token is in circulation.
balanceOf(address account) gives you how many tokens are hold in the account
1. What are the benefits of setting a token standard like ERC20?
a. You have a boilerplate industry standard which
aa. empowers developers to easily understand and predict how new ERC20 tokens or related projects they might be assigned to will function
ab. defines a common list of rules that all Ethereum tokens must adhere to
2. What functions are in the ERC20 Token Standard Interface and what do they do?
a. balanceOf(): Function to return balance for address provided
b. allowance(): Function to allow the provided spender an allowance to spend from the token ownerâs account
c. transfer(): Function to transfer tokens
d. approve(): Function to allow for a token owner to approve a spender to transfer tokens from the token ownerâs account
e. transferFrom(): Function to transfer tokens between addresses
f. totalSupply(): Function that returns the total supply of tokens
benefit of this is everyone follows the basic parameters allow for more structured innovation and better communication between wallets and exchanges which is more efficient for the network as a whole.
totalSupply() shows all the tokens in circulation.
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An ERC-20 token contract is defined by the contractâs address and the total supply of tokens available to it but has a number of optional items that are usually provided as well to provide more detail to users. These are the tokenâs name, its symbol, and the number of decimals.
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An ERC-20 token contract is often defined by its name, symbol, and number of decimals. The long name of the token is the name by which the project should be known. There is no restrictions on length, though longer names may be truncated in some applications. The symbol is commonly three to four letters and used to identify the token, much like a ticker symbol. The decimal refers to how divisible the token can be, ranging from 0 (not at all divisible, representing an indivisible entity, such as a license), to 18 (endlessly divisible). The decimal defines how token contract balances should be displayed to users.
Some common ERC-20 functions include:
- balanceOf() : the number of tokens held by a given address
- transfer() : transfers a number of tokens directly from the message sender to another address
- approve() : gives another address approval to transfer a certain amount of funds from the given address
- totalSupply() : provides the total supply of the token
- allowance() : displays how many tokens are allowed to be transferred
- transferFrom() : allows a smart contract to automate the transfer process and send a given amount of the token on behalf of the owner
2. What functions are in the ERC20 Token Standard Interface and what do they do?
Yes sir, but could you please describe what those functions do?
If you have any doubt, please let us know so we can help you!
Carlos Z.
By following a standard it defines a common set of rules that all tokens must follow. ERC20 tokens is compatible.
balancsof() Provides the number of tokens held by a given address
transfer() Transfers a number of tokens from the sender to another address
approve() Approval to transfer a certain amount of Tokens from another address
transferfrom() take approved amount of tokens from an address
allowance() Provides the number of tokens allowed to be transferred.
1. What are the benefits of setting a token standard like ERC20?
Having standards makes it easier for tokens to communicate with each other, communicate with wallets, and communicate with the entire ecosystem.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
Some of the functions are:
totalsupply() - Tells you the total supply of that particular token.
balanceof(): provides the number of tokens held by the address.
transfer(): to transfer tokens.
approve(): a token holder gives another address approval to transfer up to a certain number of tokens.
allowance(): provides the number of tokens allowed to be transferred from address A to address B.