Homework: ERC20

Ethereum 101
#947
  1. it creates a level playing field where every developer knows how token will behave. Eg token can be accepted my many exchanges that support the standard
  2. declare total coins in circulation, balanceof to get account balance etc
#948

  1. The benefit of having the erc20 standard is that all tokens of the same standard are compatable with exchanges and wallets more efficiently than all having individual standard.

  2. totalsupply function shows the amount of tokens in circulation, balance-of shows the balance of a particular address and transfer shows what has been transferred and where.

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#949

1. What are the benefits of setting a token standard like ERC20?
Ensure that all Tokens have the same standard to be able to communicate as is expected.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
The balanceOf, The transfer, Although transfer.

#950

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! :slight_smile:

Carlos Z.

#951

  1. It makes everything universal, such as the command functions which allows the tokens to communicate.

  2. totalSupply() Get the total token supply in circulation

balanceOf() Get the token balance of a 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.

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#952

1.) Same as with any standardization Metric, C++, Clothing Sizes, etc
, It makes the products more interchangeable and allows for better R&D into new venues by. start ups growing the overall market.

2.). 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);

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#953

  1. Standards like ERC20 help to improve efficiency, where different tokens will have same functions names. So that wallet/exchanges don’t have to optimize integration for each token specifically.

  • balanceOf() — balance of a specific address
  • transfer() — transfer tokens from one address to another
  • allowance() — how many tokens are available to transfer
  • doSomething() — instruction
  • approve() — authorization of transfer
#954

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

  • Some benefits are, ERC-20 enables tokens become Fungible to each other.

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

  • functions such as, “totalSupply ( )” , “balanceOf (address account)”. They allow wallets to show the balance and total supply of different tokes, as well as to list exchanges, for more tokens, by simply giving an address to the token contracts.
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#955

I
 (a)Wallets can store and give balances on hundreds of different tokens
(b)Users can have a portfolio of tokens in the one wallet.
© Tokens issuers have access to the most popular wallet.
(d) Under one protocol a token swap market can be created.
(e) Improves liquidity.
2. BalanceOf- Alows contract to store and return balance of specified address
TotalSupplyO- Total amount of tokens in circulation.
TransferO- Allows transfer of a given amount to an address.
transferFrom- Automate a transfer
approve contract owner
There are also option fields - Token name, symbol, (these are identifiers) and decimal places for how the token is calculated.

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#956

  1. Standards create efficiency and reduce friction by keeping the same set of rules and design across all coins also allows for ease of adoption.

  2. some functions include
    totalSupply - returns total number in circulation
    balanceOf - will return the balance of an account address
    transfer - transfer coins/tokens

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#957

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    All the developers will build the dapps using similar structures and using similar variables so getting dapps to interact with each other is much more streamlined.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Functions such as totalSupply which returns the total quantity of the token in circulation, and balanceOf which returns the balance of a specific address, and more .
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#958

1. What are the benefits of setting a token standard like ERC20?
The standard helps to allow efficiency and innovation, by streamlining the way new tokens are created. Rather than re-inventing the wheel, basic functions, naming conventions, etc., are the same across different tokens and platforms, so developers have an easier time communicating with and interacting with other apps, coins, wallets, and other tools. To compare this to the web, standardizing HTML and CSS code allows a user to use different browsers but still have their websites be displayed correctly (in most cases).
2. What functions are in the ERC20 Token Standard Interface and what do they do?
Some of the functions included in the ERC20 standard found in the article above, are as follows:

  • balanceOf() - to get a balance of an address (which are all publicly searchable in the blockchain).
  • transfer() - to send tokens from one user to another.
  • allowance() - this sets a token amount that is available to be sent for carrying out other actions on the network, for example, how “gas” is used.
  • transferFrom() - this is part of the 2 steps to set the address that the allowance can be sent from, and
  • approve() - gives permission for tokens to be transferred out from the allowance, for performing certain functions.
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#960

  1. the main benefit is that all these tokens can easely communicate with each other or with 3rd party applications such as exchanges. The standard gives them certain functions that all ERC20 tokens have. And this is good for integration because everybody knows that all ERC20 tokens have those functions.

  2. Functions give the token its characteristics.These functions are standard, that means all ERC20 tokens have them. They give different parameters to a token (e.g. total supply function or BalanceOf etc)

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#961

1.This allows wallets, exchanges etc to easily add all ERC20 tokens as they have common language and parameters in their code.
2. 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. But it doesn’t work well when tokens are being used to pay for a function in a smart contract.

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

transfer From(): take certain tokes from sender’s account and carry on its work.

do Something(): 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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#962

[quote=“filip, post:1, topic:8440”]

  1. What are the benefits of setting a token standard like ERC20?
  • rapid scaling
  • apps, wallets etc inter communication
  • rapid prototyping
  • ability to be open source
  • ability to hard code gas pricing
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • total supply ie total no of tokens
  • balanceOf ie retrieve balance
  • transfer ie send to address
    Among others
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#963
  1. Standards allow wallets and exchanges to be programmed for all the ERC20 tokens at the same time, meaning one wallet can hold all ERC20 tokens easily and they can be traded with each other.
  • 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. But it doesn’t work well when tokens are being used to pay for a function in a smart contract.
  • approve(): a token holder gives another address approval to transfer up to a certain number of tokens(allowance).
  • transferFrom(): take certain tokens from sender’s account and carry on its work.
  • 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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#964

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

If a token is programmed with the ERC20 standard, then all exchanges and wallets
will be able to support the tokens from day 1. You gain this advantage by deploying on the
Etherium platform. ERC20 is the fungible standard, meaning all tokens are programmed the same.

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

function totalsupply() - each erc20 token has this function standard. This lets
the whole space communicate with eachother. Gives you how many tokens are in circulation.

function balanceOf(address account)- all ERC20 tokens have this function. This function
gives you how many tokens that balance has. When wallets want to check how many tokens you
a particular address has, it will use this function.

function transfer(address recipient, unit256 amount)
this function allows transfer the same in ERC20 tokens

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#965

  1. It reduces friction by increasing interoperability as many different applications built on the Ethereum network can speak to each other. All exchanges and wallets can support these tokens.

  2. totalSupply: gives the total amount of tokens in circulation. balanceOf: used to retrieve address balances by wallets and exchanges. transferFrom: Specifies a from address, to address and the amount or value to transfer.

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#966

  1. Using the same naming conventions, parameters and standards, we can create an efficient standard way to communicate and transact with one another, and allowing wallets and exchanges to easily read and accept ERC-20 tokens.

  2. Some examples of the functions in the ERC-20 token:
    function totalsupply() - see how many tokens are in circulation
    function balanceOf() - check balance of account
    function transferFrom() - transferring specified amount of tokens from one address to another

:slight_smile:

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#967

[quote=“filip, post:1, topic:8440”]

  • What are the benefits of setting a token standard like ERC20?
    Some benefits are the wallets and exchanges can support the token from day 1.
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    Some examples
    function approve allows owner to message sender

function allowance(address owner,
address delegate) public view returns (uint) {
return allowed[owner][delegate];
} This function returns the current approved number of tokens by an owner to a specific delegate, as set in the approve function

function balanceOf(address tokenOwner) public view returns (uint) {
return balances[tokenOwner];
} balanceOf will return the current token balance of an account, identified by its owner’s address.

courtesy of https://www.toptal.com/ethereum/create-erc20-token-tutorial

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