Homework: ERC20

Ethereum 101
#887
  1. What are the benefits of setting a token standard like ERC20?
    a. uniform and fast transaction;
    b. reduces the complexity of token interaction or interchange.
    c. reduces the risk of contract breaking
    d. interacts with other cryptocurrencies
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    a. totalSupply: Returns the total circulating amount of tokens.
    b. balanceOf: Returns how many tokens exist in an account.
    c. transfer: Transfer an amount of tokens from token owner’s account to another account.
    d. approve: A token owner can approve for spender to transferFrom tokens from the token owner’s account.
    e. allowance: Returns the amount of tokens approved by the owner that can transferred to the spender’s account.
    f. transferFrom: Allows a spender account to transfer an amount of tokens on behalf of the token owner to another account.
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#888
  1. Benefit is that all wallets and exchanges are reading the code in the same way. In that way friction is reduced which is great for the industry
  2. TotalSupply… total amount of fungible tokens. balanceOf… checks balance of an address.
#889
  1. Having code standards enable interoperability of different components like other smart contracts, wallets, exchanges etc
  2. transfer() allows to transfer erc20 tokens to another address
    totalSupply() gives the total number of this specific token
    balanceOf() shows balance of a specific erc20 token account/address
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#890

It can be deployed on exchanges.
You can communicate easier with smart contract because you will call the same functions in any smart contract to retrieve the balance of an account to trnasfer and receive tokens … etc.

balanceOf() to get the balance of the account

totalSupply() to get the total supply of a token.

transfer() to transfer ERC20 tokens between accounts.

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#891

  1. What are the benefits of setting a token standard like ERC20?
    Can interact with Wallets, Exchanges, Web Servers and other Contracts.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Basic token behaviors such as: Manage token ownership, Total Supply of tokens , the Balance Of (Issue/Burn), allows someone to transfer their ERC20 tokens to another public address

#892

  1. So that different smart contracts, wallets and exchanges can reliably communicate with each other and are thus interoperable.

  • TotalSupply: checks the total supply that is in circulation of a particular token
  • balanceOf: returns balance of a specific address
  • transfer: transfers tokens from one address to another
  • allowance: shows how many tokens are allowed to be transferred
  • doSomething: some instruction
  • approve: part of a 2step transfer: authorizes transfer of an amount of tokes to another
    address
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#893

What are the benefits of setting a token standard like ERC20?
The ERC20 standard standardise most important and often used functions used by external applications. By this for example Wallets and Exchanges can be ERC20 compatible handling hundreds of different tokens in same way.

What functions are in the ERC20 Token Standard Interface and what do they do?
They are the most important and often used functions like:
totalsupply - replying total supply of token
balanceOf () - replying the balance of a certain account
transfer () - for transaxtions

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#894

  1. Tokens with ERC20 standard will work reliably on existing exchanges, wallets and contracts

totalSupply() Amount of tokens in circulation
balanceOf() Balance in specified account
transfer() transfere tokens

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#895

  1. What are the benefits of setting a token standard like ERC20?
    Token standards like ERC20 reduce friction in the network by increasing communication & interoperability between users. It also has an added benefit of token fungibility; providing a trustless medium of exchange.

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

Some functions are:
1. balanceOf() - provides the account balance/number of tokens of a given address.
2. transfer() - directly transfers tokens from the message sender to another address.

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#896
  1. everybody can work together because of same standard
    2.total suply, balanceOf,transfer, transferfrom
    total suply: how much can exist
    balanceOf : check if you have tokens
    transfer: from smat contract to user
    transferfrom: user to user
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#897

1.Benefits of creating standards reducers friction between parts in the network. Wallets, exchanges, servers and other parts of the network can easily interact with tokens.
2. totalSupply(): Get total token supply
balanceOf() : get the balance from a specified address.
transfer() : Send specified number of tokens from the message sender to another address.
transferfrom() : If allowance is valid, allows a contract to transfer funds between addresses specified in the contract.
approve() : authorizes an address to withdraw tokens from the owner’s address.
allowance () : specifies the number of tokens that can be transferred between specified addresses.

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#898

Homework on ERC20 token standard.

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

  • benefits are that every ERC20 token has build-in default functionality which operates identical
  • exchanges / wallets can directly interact with it which result in (interface) standarization.
  • promotes the use of programming best practices

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

  • The balanceOf() function ==> provides the number of tokens held by a given address
  • The transfer() function ==> transfers a number of tokens directly from the message sender to another address
  • The allowance() function ==> provides the number of tokens allowed to be transferred from a given address by another given address
  • totalsupply() function ==> equals the sum of all balances
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#899

  • What are the benefits of setting a token standard like ERC20?
    It allows different tokens and wallets to communicate with each other (speak the same languages), this create a more streamline network and will allow the industry as a whole to grow faster.

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

  • Total supply allows exchange platforms to easily check/get the total supply within the
    tokens network

  • transfer from () - Transfers tokens between addresses
  • balanceof(): provides the number of tokens held by a given address for
    wallets/exchanges etc
  • tokens Name - Naming convention
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#900

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

Yes sir(s)/miss(es), but could you please describe what those functions do?

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

Carlos Z.

#901

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

Hello sir, did you forgot to type your answer properly? , could you please describe what those functions do?

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

Carlos Z.

#902

Thank you @gabba , great insights, especially from the examples, makes a lot of sense and good to grasp! :clap:t4:

So if I get it correctly:

The transferFrom function can only work after the sending address has earlier used and signed the approval function (while at the same time the amount that the transferFrom function wants to move is equal or smaller than the mount that the sent approval function approved.)

This means that the sending address is sure to exist, because it could not have sent the approval function including it’s signature.

The recipient address specified in the transferFrom function could still be misspelled though, not exist and the sent funds disappear (I.e. transmit control over them to an address that doesn’t and can’t exist) ?

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#903

  1. The benefits of setting token standard is efficiency and ease of communication.

  2. totalSupply() is the max number of tokens
    balanceOf() gives the balance of an address/wallet
    tranfer() allows for transfers of tokens

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#904
  1. What are the benefits of setting a token standard like ERC20?
    Being that you can program Tokens in may ways theoretically, standards crate efficiency and must be maintained by all so that all wallets, exchanges, and applications will support all Tokens from day one.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    ERC-20 defines a common list of rules that an Ethereum token has to implement.
    2a. function totalSupply() public view returns (uint);-- gives how many Tokens are in circulation.
    2b. function balanceOf(address tokenOwner) public view returns (uint balance);-- This function returns the current approved number of tokens by an owner to a specific delegate, as set in the approve function.
    3b. function allowance(address tokenOwner, address spender) public view returns (uint remaining);-- Once the balance has been checked, the contract owner can give their approval to the user to collect the required number of tokens from the contract’s address. per SC instructions.
    4b. function transfer(address to, uint tokens) public returns (bool success);-- To release tokens to the address that have send ether. And returns of tokens.
    5b. function approve(address spender, uint tokens) public returns (bool success);–Transfer tokens from the from account to the to account and returns the amount of tokens approved by the owner that can be
    transferred to the spender’s account.
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#905

  1. The functions are the same which means it is easier for wallets and other developers to interact with ERC20 and Ethereum generally. The tokens are fungible.

  2. This is an unfair question as it was not directly addressed in the related video. The 2 functions I do remember were totalsupply which provides the total supply of that specific ERC20 token. And balanceOf which provides the balance or the amount of ERC20 token remaining in that specific wallet.

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#906

1: The standard allow all tokens that are programmed in the same standard to be able to be treated by exchanges and wallets, It also allies for scalability and compatibility

2:Balanceof() gives the balance of the tokens held the sender address
Totalsupply() gives the total number of tokens
3: Transfer() initiates transfer from sender to receiver

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