-
ERC20 standards allow for the whole token space to be able to communicate with each other.
-
BalanceOf () function - provides the number of tokens held by a given address
Transfer () function - transfers a number of tokens from the sender address to another
Allowance () function - provides the number of tokens allowed to be transferred from a given address by another given address
1 Like
Examples of benefits of a token standard such as ERC20 would be simplicity and scalability. Having the same language improves communication in all forms and allows for easier creation.
- balanceOf() - shows number (balance) of tokens
- transfer() - sends (transfers) tokens from one address to another
- approve() - gives permission to allow transfer of tokens
- doSomething() - coded instructions
- allowance() - sets the limit for transferred tokens
- transferFrom() - a command for use of address to address token payment in a contract
1 Like
Homework on ERC20 token standard.
- What are the benefits of setting a token standard like ERC20?
with having such a standard other applications such as wallets or exchanges can support any token with this standard. - What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() - the total supply of the token
balanceOf() - the balance of a particular address
transfer() - the number of tokens given to an other address
allowance() - the number of tokens allowed to be transferred.
1 Like
- The benefits are that all developers use the same programming language that everyone agrees upon so the âbuilding blocksâ are unanimous and easily relate to eachother.
- There are various functions including balanceOf (provides balance of tokens held by a userâs address), transferOf() which transfers tokens from the sender address to another address.
1 Like
1- What are the benefits of setting a token standard like ERC20?
The benefits are the ability to be quickly listed in exchanges without complication since they are using standard functions codes.
2- What functions are in the ERC20 Token Standard Interface and what do they do?
- The balanceOf() function Allow to check the balance of a given address
The transfer() function Transfer token from one address to another given address. - doSomething() Is a function that is used to call another function to proceed something, for example to use the function transferFrom() to take defined amount of tokens from another account.
- approve() It does give approval to another address to transfer token.
- transferFrom() in compination with other functions allow transfer from a given address to another address.
- The allowance() Provide the number of tokens allowed to be transferred from a given address by another given address.
1 Like
- All ERC tokens share the same standards, easy to store different coins in the same wallet, check balances, easier to exchange for another coinâŚ
- Balance; provide the sum of the tokens held by an address, allowance; provide the number of tokens to be transferred from one address to another, total supply; the sum of all balancesâŚ
1 Like
- What are the benefits of setting a token standard like ERC20?
All tokens will be programmed in the same way so that exchanges and wallets will be able to interact with them. This provides consistency and ensures that conflicts are removes. Where the ERC20 standard is not followed the token would not be recognised generally - What functions are in the ERC20 Token Standard Interface and what do they do?
Functions such as totalSupply, balanceOf. These provide the total number of the token in supply and the balance in a particular wallet. The functions will have arguments that allow the programme to provide inputs for reporting/executing against
1 Like
- The benefit is that each token rests on the same standard and is secure.
- The functions of ERC20 include transferring amounts of token from one address to another and controlling that amount and also to check the balance of each address.
- Setting a standard allows everyone to know what the convention is when writing code, so that when programs are engaging with these types of code, they know how to treat them across the line. As a result, this increases efficiency within the space.
- totalSupply () - gives us the total supply of tokens circulating and balanceOf() - gives us the total amount of tokens in the wallet of the bitcoin address
1 Like
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 more questions, please let us know so we can help you! 
Carlos Z.
Thank you Sir for your feedback! Iâll correct my answers soon.
1.- The main benefits itâs gives the token interoperability, and could be adopt by any exchange or wallet without any problem, in a fast and secure way
2.- balanceOf() - allow to check the balance of an address
totalSupply() - total supply of the token
allowance() - Number of token allowed to be transferred from one address to another
Transfer() - transfer a number of token from an address to another
1 Like
1.) ERC20 token standard allows for efficent and seamless operations between different wallets and platforms. No need for programmers to have to learn each token from scratch.
2.) Total Supply: Sum of all tokens or max number.
Balance of: Gets one account balance with another account address.
Approve: Allows another address the right to transfer a set amount of tokens.
Transfer: Tokens from one sender transferred to another address.
Allowance: Provides number of tokens able to be sent/transferred from one address to another address.
1 Like
-
The benefit of setting a token standard like ERC20 are interchangeability of others token with the same standard and less friction.
-
balanceOff function will bring the address and the balance of this token
totalSupply function will show the the total supply of this token
1 Like
- What are the benefits of setting a token standard like ERC20?
Standards helps to improve how wallets and exchanges read ERC20 tokens with help with development and growth of ecosystem. New tokens added with ERC20 standard make all process highly efficient.
- What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() Get the total token supply in circulation
balanceOf() Get the token balance of an specific address
transfer() Send specific amount of tokens to another address
approve() Give another address permission to spend a certain allowance of tokens
allowance() Check the allowance for third party that one address has for another
transferFrom() Allows to send a given amount of the token on the owners behalf.
1 Like
- Itâs standardized code making adoption easier for existing wallets and exchanges
- totalSupply(), balanceOf(address account), transfer()
Token standards create uniformity of coding conventions which enable 3rd parties such as exchanges, wallet dapps, or anyone using the ethereum network to communicate smart contract code with each other.
balanceOf() tells you the balance of a token in an ethereum address, totalSupply() tells you the total number of fungible tokens, etc.
1 Like
- The ERC20 standard make it more convenient to adapt for wallets and transactions.
- BalanceOf () amount of tokens in the adress
Transfer () amount of tokens transferred directly from one adress to the other
Approve () Gives another adress approval to transfer a certain number of tokens
1 Like
1.What are the benefits of setting a token standard like ERC20?
Standards brings interoperability between tokens which increases consistency and efficiency.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply(): gives maximum number of tokens that exist
balanceOf(address): gives a public addressesâ 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.
1 Like
Homework on ERC20 token standard.
What are the benefits of setting a token standard like ERC20?
That makes it easier to support a newly programmed token on different exchanges, wallets etc., because they already know the language.
What functions are in the ERC20 Token Standard Interface and what do they do?
- totalsupply: is the sum of all balances
- balanceOf () (balance account): shows the sum of all tokens in a specific address
- transfer (): send tokens directly to another address
- doSomething (): execute instructions
- approve (): gives approval to another address to transfer out a certain amount of tokens from âallowanceâ
- transferFrom (): executes the instructions when approve function works, so takes out tokens from senders allowance account
- allowance (): provides number of tokens allowed to be transferred (number canât be higher than balanceOf
1 Like