Homework: ERC20

Ethereum 101
#1188

  1. What are the benefits of setting a token standard like ERC20? The benefits of having standards like ERC20 allows exchanges and wallets to be interoperable and increase efficiency. These standards also makes deployment of tokens extremely beneficial.

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

totalSupply(): the total number of tokens in circulation

balanceOf(address account): gives an address of the account the balance of the ERC Tokens

transfer() will transfer a specified number of tokens from one address to another

approve() gives another address approval to transfer a certain amount of funds from the given address. This is usually how smart contracts are give permission to take the necessary funds needed to perform requested operations .

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#1189

1.- They all share the same naming convention, making easing sharing information month them.

2.- They are the instructions programmed in the contract and they may possible to achieve some actions, such as show balances, transfer token from one address o another, etc.

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#1190

  1. the benefits of setting a standard like ERC20 is so that there is consistency. It will make it easily recognizable and make it more efficient when programming or deploying.

  2. balance of, total supply, transfer, transfer from, approval, allowance

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#1191

QNS 1. What are the benefits of setting a token standard like ERC20?
The benefit of setting a token standard like ERC 20 will ensure there will be minimum conflicts for different tokens to communicate with each other. It will be more efficient in sharing information to one another.

QNS 2. What functions are in the ERC20 Token Standard Interface and what do they do?
The functions are total supply, balance, transfer and approve which specify the amount of transactions in the smart contract.

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#1192

1. What are the benefits of setting a token standard like ERC20?
the ECR20 fungible token standard propelled the industry because many tokens could build upon that in a same way and communicate in a same language. ie. also wallets and exchanges could easily add the new tokens build on ECR20.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
ie balance or total supply

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#1193
  1. So everyone is on the same playing field allowing applications to interact more seamlessly.
  2. totalSupply() - How many tokens available for circulation.
    balanceOf() - Get the balance of any ERC20 token address.
    transfer() - Send funds.
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#1194

Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    When you have a standard like ERC20, all tokens running on the standard function in the same way. So when the token is being used, the interaction with dApps, wallets, websites or programs is running smoothly. There is no need to invent the wheel again, so to speak.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    The token standard interface of ERC20 includes all the functions that every compliant token must support.

  • The totalSupply() equals the sum of all balances.

  • 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. If someone would like to transfer funds to a smart contract he would need to use approve() and transferFrom() in two steps so that the smart contract could know from where the funds came.

As far as I understand, minting and burning is also functions in the Token Standard Interface of ERC20. If I’m not wrong the minting is just a transfer() from the 0 adress (how it works or where the minted tokens comes from, i do not know.) The burning, in opposite, is usually just a transfer() to the 0 adress.

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#1195
  1. Having standards allows everyone to add all ERC 20 tokens as they have common naming in their code.
  2. balanceOf() Gives balance of a specific account.
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#1196

1.ERC 20 defines how we program these tokens. If all tokens look the same, function and their code is laid out the same, all exchanges and wallets will be able to support them. By using the ERC20 standard apps can easily integrate and interoperate, thus the whole system will be efficient.
2.totalSupply() -allows an instance of the contract to calculate and return the total amount of the token that exists in circulation
balanceOf()-allows a smart contract to restore and return the balance of the provided address
approve()-the owner of the contract authorizes or approves the given address to withdraw instances of the token from the owner’s address
transfer()-lets the owner of the address to send tokens to a different address
transferFrom()-allows a smart contract to automate the transfer process and send a given amount pf the token on the behalf of the owner

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#1197
  1. A standard insures that all applications communicate in the same way to increase interoperability.
  2. balanceOf: returns the balance of an address,
    totalSupply: calculates and returns the total amount of tokens in circulation,
    transfer: send an amount of tokens to another address, transferFrom: automated version of transfer used by smartcontracts,
    approve: authorizes a given address to withdraw instances of the token from the owners address,
    allowance: specifies the number of tokens allowed to be transferred.
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#1198
  1. So that everyone can understand the code similarly without too much effort.
  2. TotalSupply () BalanceOf () And many others I will surely get to know in the future.
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#1199

Before token standards like ERC20, exchanges and wallet providers had to write custom code for each token contract. Creating a set of standards or criteria solved this problem and made tokens (and the overall system) more interoperable.

ERC20 sets 6 required functions and 3 optional functions.
Required functions:

  • totalSupply()–determines the total supply of tokens in circulation. The supply can be fixed or unfixed.

  • balanceOf()–provides the number of tokens owned by an address. The balance of an address is public.

  • The two methods of transfer: transfer() and transferFrom(). The difference between the two is where the tokens are taken from. The transfer() method takes tokens from the total supply and sends them to an account. The transferFrom() method takes tokens from one account and sends them to another.

  • approve()–authorizes the withdraw of tokens from an account.

  • allowance()–checks to see if an account has enough tokens to send a certain amount to someone else.

Optional functions:

  • The name of the token

  • The symbol of the token

  • The number of decimals (for the token’s divisibility)

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#1200

What are the benefits of setting a token standard like ERC20?
Devising a standard like ERC20 creates the base of of the Ethereum ecosystem. Where all applications interact with each other seamlessly.

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

function totalSupply()  
Returns the total token supply in the network.

function balanceOf(address _owner)
Returns the account balance of another account with address _owner.

function balanceOf(address _owner)
Returns the account balance of another account with address _owner.
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#1201

Homework on ERC-20 token standard - Questions, July 22 2020

  1. What are the benefits of setting a token standard like ERC-20?

ERC-20 standard allow the user to obtain a standard widely accepted on many platforms.
This standard makes the asset fungible.

  1. What functions are in the ERC-20 token standard interface and what do they do?

The 3 functions that were discussed are,
totalSupply(), This function gives you information on the amount of coin in circulation.
balanceOf(address account), This function will give you balance of funds on the address entered in parenthesis.
transfer( address recipient, unin256 amount), This function is used for transactions to tranfer funds.

-Hector A. Martinez

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#1202
  1. It allows a standard programming language to be used to construct smart contracts. It also allows wallets to perform to a standard and facilitates the exchange of tokens because everyone is working to the same standard.
  2. totalsupply() returns total supply of tokens. balanceOf() returns the balance of ERC20 tokens for the specified address. transfer() performs the transfer of tokens to another public address
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#1203
  1. What are the benefits of setting a token standard like ERC20?
    1. To have a naming convention standard this way all tokens can work using the same name for different functions, by having a naming convention it creates an efficiency in the economy, also existing wallets and exchanges can work with ERC-20 coins
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    2.- balanceOf() function that provides the number of tokens
    3.-Totalsupply function to define the total number of fungible tokens
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#1204

  1. The benefit of ERC20 and other token standards is that it allows a simple set of functions that a token code needs to have without additional work for them to be implemented on a smart contracts platform.

  2. ERC20 functions make it possible to list the balances of accounts and record transactions between accounts following a certain set of conditions. These functions are:
    totalSupply() - total amount of tokens available;
    balanceOf() - the number of tokens held by an address;
    transfer() - transfers a number of tokens from one address to another;
    approve() - allows “spender” to withdraw from a “sender” account;
    allowance() - allows the number of tokens to be transferred from one address to another;
    transferFrom() - allows for a smart contract to withdraw tokens from address “from” to address “to” based on the allowance received via approve() and allowance().

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#1205

  1. The benefits of having a standard is that all the different token or project can interact to each other. It offers a great variety of posibilities because in esence you could combine differents token to a same SmartContract.

  2. The standard funcstion are used to interact with the balance and contracts and allow us to:

  • Check Balance of an address
  • Transfer Token to addresses
  • Do something when something happens
  • Approve transaction when that something occurs
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#1206

  1. What are the benefits of setting a token standard like ERC20?
    Using the same standsards provides compatibility for all tokens to
    be listed on all exchanges and work simultaneously in wallets.
    This also allows for easy swaps off currencies and tokens. Therefore,
    using standards are CRITICAL to the entire exosystem.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    t"otal supply" - informs users how many tokens are in circulation.
    “balance of” - notifies users of the balance of their tokens in their account.
    “transfer” - allows someone to transfer a specified amount to another address.

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#1207

Homework on ERC20 token standard.

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

The benefit of setting standards like the ERC20 token include allowing wallets and exchanges to talk to one another because the tokens use the same naming conventions standards. If everyone were to build their own version of the token, wallets and exchanges would have to talk differently to each other. By adopting the standards the industry has be propelled and developed faster.

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

A couple of examples of functions used as the ERC20 Token Standard include:

Function totalsupply - Tells you how many tokens are in circulation
Function balanceof - Gives you the balance of a specific account

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