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What are the benefits of setting a token standard like ERC20?
The ERC20 standard enables seamless communication between crypto projects, exchanges, and wallets. -
What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() Returns the total number of tokens
balanceOf(address account) returns the account balance
transfer() allows one party to transfer their ERC20 tokens to another public address
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- What are the benefits of setting a token standard like ERC20?
The stardart provides an interface for interoperability applications like wallets and exchanges. Benefits are faster development for the programmer and efficient market. - What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() gives the overall supply of a token
balanceOf() a balance of an adress
transfer()/transferFrom transfer a tocken to or from a destination address
allowance() query information about the permissions of a token
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2. What functions are in the ERC20 Token Standard Interface and what do they do?
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balanceOf() : provides the number of tokens held by a given address.
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transfer() : transfers a number of tokens directly from the message sender to another address.
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transferFrom() : transfers a number of tokens directly from an account to another address. Used with approve() function.
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approve() : approval to transfer up to a certain number of tokens, known as an allowance.
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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! 
If you have any doubt, please let us know so we can help you!
Carlos Z.
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What are the benefits of setting a token standard like ERC20?
Allows all devs/progs to build tokens that can talk to each other therefore making it a more robust ecosystem.
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What functions are in the ERC20 Token Standard Interface and what do they do?
totalsupply allows anyone to view circulating supply of ERC20 tokens at anytime. balanceof allows exchanges or wallets to check counterparty balances to make sure they have necessary funds.
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- The benefits of a standardized set of commands permits exchanges and wallets communicate with the range of tokens they manage. This includes interaction rules between different tokens, as well as token purchase rules.
a) The balanceOf () gives the total umber of token held by a given address
b) transfer() is to send tokens from one user to another
c) doSomething () instruction
d) approve() token holder gives another address( usually a smart contract) approval
d) transferFrom() is used in when ones has to pay a function in a smart contract
e) allowance () provides the number of tokens allowed to be trnsferred from a given address by another given address
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The benefits of setting standards for tokens like ERC20 are the whole system becomes inter-operable, allowing the tokens to operate seamlessly with wallets and platforms.
there are many standard functions within the ERC20 interface. for example function total supply () will show the total number of tokens available and function balance Of () will show the number of tokens held within a given address.
- Standards like the ERC20 protocol provides a basic framework or language for the tokens and smart contracts to communicate. This allows any token or smart contract to create their own tokenomics that can be easily understood with no friction on the network.
- Functions such as total supply, balance, and transferring are some examples used in the ERC 20 token standards. These commands are used to communicate the specific function.
The benefits of setting a standard like ERC20 results in higher efficiency all around. Having standards to base work on leads to more time to innovate and improve. Also allows for better communication. It is how tokens are able to be created and able to talk to one another.
Some functions in ERC20 Token Standard Interface are:
totalSupply() - which returns the total circulating supply of a token.
balanceOf(address of account) - returns the current token balance in the account address given.
transfer() - transfers a number of tokens from the sender to a given recipient.
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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.
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- What are the benefits of setting a token standard like ERC20?
Standard settings brings about:
A frictionless economy
Repetitive function
Interoperability
Integration
And therefore makes adoption easy across the network so that it can be easy for us to store and make use of the security just because we are using 1 standard fits all. - What functions are in the ERC20 Token Standard Interface and what do they do?
We have various function like
a.)totalSupply:This specifies the total amount of tokens available
b.)balance0f:This specifies the amount of token remain in a particular wallet address
c.)transfer: equal perform the function of sending tokens across the network
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- What are the benefits of setting a token standard like ERC20?
Standards allow for higher efficiency, easier building of programs, and allows for more innovation because the underlying code is already done. its like a template. - What functions are in the ERC20 Token Standard Interface and what do they do?
a)balanceOf() the number of tokens held by a given address.
b)transfer() is to send tokens from one user to another
c)approve() token holder gives another address(usually a smart contract) approval
d) transferFrom() transfers a number of tokens directly from an account to another address. It is used with approve() function.
e) allowance () provides the number of tokens allowed to be transferred from a given address by another given address
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- gives everyone the same language to speak
2.total supply=total number of fungible tokens, transfer= allows someone to send tokens to another address are some of the functions
What are the benefits of setting a token standard like ERC20?
Different blockchain kring the same token Standard makes it possible for the chains to communicate with each other.
What functions are in the ERC20 Token Standard Interface and what do they do?
functions are
balanceOf() This function will provide the total of tokens held by the address.
totalSupply() This function will give the total supply of the tokens on the chain
transfer() This function will transfer a nummer of token from the zending address to the reciving adress.
approve() is a function that approves to transfer up to a certain number of tokens, known as an allowance
allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.
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The ERC20 token standard is a common protocol for smart contracts on the Ethereum block chain, to promote a frictionless smart contract environment. The standard ensures all tokens will perform uniformly in the network.
There are 6 mandatory methods that must be incorporated. The methods include a function to return the total supply of a token (totalSupply), a method for obtaining the balance of a particular address (balanceOf) and a token transfer method (transfer).
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- Everybody builds smart contracts in the same way,which makes the network more efficient!
- -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.
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- having a standards allows exchanges, wallets and other provider to easy add all erc 20 tokens as they have common naming their code.
- totalSupply() gives maximum number of tokens that exist
balanceOf(address account) gives a public addressesâ balance of ERC20 tokens
transfer() allows someone to transfer their ERC20 tokens to another public address
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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.
1 Like
What are the benefits of setting a token standard like ERC20?
The benefits of creating a token as ERC-20 compliant is such that very few token contracts today are created any other way.
it makes exchanges and wallets, talk with the same language always.
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
doSomething () instruction for depployment of contract
approve () and transferFrom () allows the above to deploy in a 2-step process
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What are the benefits of setting a token standard like ERC20?
It makes all ERC20 tokens compatible with solutions that are being developed to handle any one of them. -
What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf() - returns account balance of given address
totalSupply() - returns total number of those ERC20 tokens mined
transfer() - transfers an amount to an address
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- all tokens written on the same standard can use the same base infrastructure (wallets, network, exchanges, other ERC20 smart contractsâŚ) as set of instructions is standardized and different readers/compilers are not needed
- they do basic mathematic functions, complex mathematic functions, different lookups to check running balance, do transfers between addresses⌠the ERC standard interface defines the following:
function totalSupply() - fetches total supply of erc20 token in question
function balanceOf() - fetches balance of erc20 token in a specific address
function allowance() - difference between addresses, outputs how much can be sent from one address to another and is approved for the approve() function
function transfer() - starts the transfer of tokens from one address to other on the sender side
function approve() - another type of transfer, sender authorizes the transfer between 2 addresses by allowing the taker of coins to get tokens in the allowance later
function transferFrom() - the function the receiver can initiate once approved
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