Homework: ERC20

Ethereum 101
#1168

  1. What are the benefits of setting a token standard like ERC20?
    It allows for wide range compatibility among all sorts of servers, exchanges, and wallets. It also promotes proper programming standards across the space.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    *. allowance() - Provides the number of tokens allowed to be transferred from a given address by another given address.
    *. approve() - Allows withdrawal from the given account up to a specified amount of tokens.
    *. balanceOf() - Provides the number of tokens.
    *. transfer() - Sends tokens from one user to another.
    *. transferFrom() - Gives access to the address holding tokens up to its specified amount.

1 Like
#1169

  1. What are the benefits of setting a token standard like ERC20?
    A standard protocol enables smart contracts (inc Exchanges, wallets interact with each other easily

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf() - provides the balance of tokens by a given address
    transfer() - Transfers a number of tokens from the sender address to another address
    approve() - approve the transfer of the tokens
    doSomething() - instructions
    allowance() - tells which address is given what amount of tokens to spend
    transferFrom() - automated transfer by the smart contract on behalf of the owner
    totalSupply()- returns the total amount of tokens in circulation

1 Like
#1170
  1. What are the benefits of setting a token standard like ERC20?
    The benefits of setting a token standard like ERC20 are that any exchange, wallet, etc. can support all ERC20 tokens. This is much better than every token having its own code.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    The function balanceOf(address acount) gives out the balance of ERC20 tokens.
    The function totalSupply() gives out the total amount of tokens that can exist.
    The function transfer() is the function that allows you to move your ERC20 tokens to a public address.
1 Like
#1171
  1. all applications following said standard will “speak the same language” allowing them to work together.
  2. Total Supply- the number of tokens in circulation.
    Balance Of- use address of acct to get balance.
    Transfer- pretty obvious. and is coded the same in all ERC-20 tokens.
1 Like
#1172

Homework on ERC20 token standard. – Thank you guys for all your hard work!

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

Uniform transactions
ERC consistently handles incoming token transactions in Smart Contracts. Thus, it empowers many developers to make better and more innovative protocols for more uniform and quicker transactions.

Efficient processes
ERC tokens are accepted by many exchanges instantly. Thus, any user can make transactions with the use of tokens seamlessly. Because they don’t have to learn anything new, acquisition, storage, and sale of tokens will be quite easy.

Reduced risk
Since users and developers already know how the token will behave during transactions, they don’t have to worry much. The standard reduces the risk of contract breaking.

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

1) totalSupply: Returns the total circulating amount of tokens.

2)balanceOf: Returns how many tokens exist in an account.

3)transfer: Transfer # tokens from one token owner account to another account.

4)approve: A token owner can approve for the spender to transferFrom tokens from the token owner’s account.

5)allowance: Returns the amount of tokens approved by the owner that can be transferred to the spender’s account.

6)transferFrom: Allows a spender account to transfer a number of tokens on behalf of the token owner to another account.

1 Like
#1173

Having a token standard makes the token more easily accepted by the network as a whole

totalSupply() - Checks the total circulating supply
balanceOf() - Checks for the balance of a given address
approve() - Lets the owner of the contract appove or authorize a given address to withdraw from the owners address
transfer() - Allows you to send a given amount of the token to another address like similar to bitcoin transfers
transferForm() - Allows smart contract to automate the process o transferring tokens on behalf of the owner

1 Like
#1174
  1. What are the benefits of setting a token standard like ERC20?
    Standardization allows developers to form a framework and know how and what one and everybody else in the network can do.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Many functions allow one to transfer, view balance, approve, verify transactions etc.
1 Like
#1175

1/ Setting a token standard ensures interoperability between wallets and exchanges. This means a new token can integrated very easily into the established system. There is also a benefit for programmers who can read or study the code for development or, by following the standard, can introduce their own token more easily.
2/
i) TotalSupply() … refers to the toal supply or sum of all the balances.
ii) balanceOf() … the balance of tokens per address
iii) transfer() … allows tokens to be send to an address from the total supply
iv) approve() … gives another address approval to transfer funds from owner´s funds
v) allowance() … provided the number of tokens that are allowed to be transfers from one address to another

1 Like
#1176
  1. ERC20 envisages the use of common functions to operate, enabling efficiency of the system and providing for unhindered development of smart contracts based on the established ERC20 standards
  2. There are standard functions that are used in the programming of ERC-20 tokens such as identifying the total supply and transfers of tokens
1 Like
#1177

  1. What are the benefits of setting a token standard like ERC20?
    When having standards it is easier for exchanges and wallets to add all the erc20 tokens.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    balanceOf() = number of tokens held by address
    transfer()= sending token from one address to another address
    totalSupply()= gives maximum number of tokens existing

2 Likes
#1178

The benefits of a token standards are that it makes it adoptable by all wallets and exchanges without friction. It makes these tokens fungible.

The functions could be “total supply” - gives total supply of particular tokens
“Balance of” - checks the balance of particular wallet
“Transfer” - allows to transfer

1 Like
#1179

What are the benefits of setting a token standard like ERC20?
New tokens can easily be added to existing wallets and exchanges.

What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply, balanceOf, transfer, approve, tranferFrom, allowance

#1180
  1. Same programming allows tokens to easily be supported by different platforms.
  2. totalsupply, allowance, balanceof, transfer…
#1181

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 more questions, please let us know so we can help you! :slight_smile:

Carlos Z.

#1182
  1. The ERC20 interface allows wallets to interact with different coins that run on top of the Ethereum protocol.
  2. Functions are behaviors that make digital money programmable. Some of the methods included are transfer(), balanceOf(), and transferFrom().
#1183
  1. The main benefit is Ease of Communication/Compatibility. When there are common ways of communicating and knowing what to look for or knowing how to send a message to another is crucial for rapid growth.
  2. ERC20 functions are:
    BalanceOf(), transfer() and approve()
#1184

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 more questions, please let us know so we can help you! :slight_smile:

Carlos Z.

1 Like
#1185

1. What are the benefits of setting a token standard like ERC20?
It will make communicating easy with other tokens because they have the same standards and way of interacting with each other. The stand of erc20 contains the mapping and can store all the tokens in the wallet that are based on ERC20

2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() gives maximum number of tokens
balanceOf() shows the current balance from an address
transferFrom() is used to transfer tokens from the adress
approve() im not sure about this one. It confuses me please help
doSomething() is used to get a certain thing done in the smart contract
allowance() is this not the same as approval? please help
@filip

1 Like
#1186

These functions provide a common interface for all ERC-20 tokens.

#1187

1: The main benefit of having an ERC20 standard is that it requires a universal code to be used which enables cross functionality and allows tokens to be integrated into wallets and exchanges easily.

2:

balanceOf() = number of tokens at address

transfer()= to send tokens from one address to another

totalSupply()= the number of tokens existing

1 Like