Homework: ERC20

Ethereum 101
#1228
  1. What are the benefits of setting a token standard like ERC20?

Using the ERC20 standard allows wallets and exchanges to be programmed in a way to support any token using that standard. This makes scalability easier in the space.

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

Monitor total supply.
Function balance of address account.
Allows transfer ERC20 tokens to public addresses.

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#1229
  1. What are the benefits of setting a token standard like ERC20?

Setting a programming standard ensures that all exchanges and wallets can support the tokens.

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

total supply() - total number of tokens available or in circulation
balanceOf(address account) - gives the balance of tokens in an existing wallet address
transfer() - sending tokens from one user to another
allowance() - provides the number of tokens allowed to be transferred from a given address by another given address

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#1230

#1ERC standard sets compatible functions makes every other ERC compatible set rules

#2) #1).totalsupply(provide information about the total token supply)
#2} BalanceOf(provide account balance of the owners account)
#3) transfer(execute transfer of a specified number of tokens to a specified address)
#4)transferFrom(execute transfer of a specified number of tokens from a specified address)
#5)approve (allow a spender to withdraw a set number of tokens from a specified account}
#6)allowance(return a set number of tokens from a spender to the owner )

functions trigger 2 events )( transferred) (approval)

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#1231
  1. The benefits of a token standard is ease of integration for wallets and exchanges since they treat all erc-20 tokens the same.
  2. some functions in the ERC 20 standard are totalSupply() and balanceOf()
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#1232

many token can use the same protocol or standard thus making it easy for wallet providers to accept ERC20 token based on this ERC20 token standard.

Two of the standards in the ERC20 standard is function balanceOf() and function address.
allowance() number of token allowed to be transferred from a given address by another given address.
approve()function You an approve someone to spend from you account.

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#1233
  1. What are the benefits of setting a token standard like ERC20?
  • Benefits of a token standard is frictionless interoperability. Wallets, exchanges and other contracts can interact according to the standard. No standard would require a separate set of instructions for each token.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?

balanceOf(): provides the balance of tokens held by given address

transfer(): function for transferring, it includes the receiver address and number of tokens to be transferred.

approve(): approve another address to transfer a given amount of tokens (allowance)

allowance(): maximum amount allowed to be transferred by another address.

totalSupply(): will output total supply of given token.

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#1234
  1. Setting a token standard like ERC20 allows new fungible tokens to be created and this allows new models and new economies to be created which is very beneficial for the ecosystem…
  2. The functions of the ERC20 Token Standard interface are 1) total supply - how many tokens in circulations 2) Balance Of - gives the balance of a specific address and wallets can check the balance…this allows everyone to be on the same standard and convention and had allowed the industry to grow fast, by having standards that everyone works on and for together…
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#1235

Ans.1)
The benefits of setting an ERC20 token standard is that it creates a convention that is able to cross-communicate with many different infrastructures within the space. For instance, an ERC20 token can communicate and interact with many different token wallet types, because they all are required to adopt this convention for there wallet creations. And in actual fact, it’s in their best interest to do so. This enables efficiency and integration with all the various services created to support the ERC20 tokens.
Ans.2)
The ERC20 token functions are a naming convention that is standard across all ERC20 token creations. These functions have many different applications or commands that instruct the computer what task it must execute. For instance, to name a few, the “totalSupply”…function gives…the maximum # of tokens existent. “balanceOf”…function gives the balance of ERC20 tokens at an address placed in parenthesis and…“transfer”…executes the command for tokens to be sent from one ethereum address to another nominated public ethereum address.

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#1236

  1. The benefits of a token standard are the token’s ability to integrate and interoperate with each other.

  2. Functions to get the balance of tokens at a particular address and to transfer tokens from one account to another.

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#1237

  1. What are the benefits of setting a token standard like ERC20?
    Token standards like ERC20 have common standards, naming & parameter conventions that provide a common set of features and interfaces for token contracts. Token developers can thus build applications that talk to each other reducing friction and benefiting the entire space. For example, exchanges and wallets can easily compute balances in a standard way. ERC20 tokens are fungible.

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

  • The balanceOf() function computes the number of tokens in an address. Since all data on the blockchain is public, anyone can query the balance at any address.

  • The transfer() function transfers a specified number of tokens directly from the message sender to another address.

-In order to pay for a function in a smart contract, a two-step process is used. In the first step, the token holder gives another address (usually that of a smart contract) approval to transfer up to a certain number of tokens, known as an allowance. The function approve() is used for this. Once an allowance has been created, the smart contract can take up to the allowed number of tokens from a user’s allowance as part of the contract’s operation using transferFrom().

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#1238

  • What are the benefits of setting a token standard like ERC20?
    Token standard leads to interoperability and accessibility to wallet and exchange from the D one.

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    Totalsupply : numbers of fongibles tokens
    BalanceOf : give the account balance

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#1239

  1. Ensures that emerging tokens are compatible with existing wallets and exchanges.

  2. Two functions are:
    totalSupply () - gives the total number of fungible tokens.
    balanceOf - shows balance of a given address.

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#1240
  1. Same conversions on the network this enables all to talk to tokens ERC20

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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#1241

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

To get a standard that all user can adopt to, so it’s fast and easy to deploy a new coin on exchanges as all uses the same functions.

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

it’s standard functions that everybody can use to handle the token, ‘totalSupply’ returns the amount of circulation token, ‘balance of’ returns the amount of token on a account, functions to transfer and approve transactions.

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#1242
  1. Setting a standard makes for everyone easy to launch a new token. It also helps the token to mingle in the ecosystem.
  2. The functions are totalSupply (returns how many tokens are in circulation), balanceOf (returns the balance of tokens of the address we pass as argument), transfer.
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#1243

  1. the benefit of a standard for ERC20 allows all wallets previously supporting ERC20 standards to interact and use new coins supporting this standard. it allows for each token to interact with each other and helps propel the community further so there is less confusion between the way different devs write code for their new products and services.

  2. Some functions we learned about are totalSupply(), balanceOf(Account), and transfer(from account, to account). These allow a token to declare what the total supply of the tokens are in circulation, get an account balance or transfer money between accounts.

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#1244
  1. So that a standardardized language can be implemented to execute smart contracts that keep track of debits and credits of tokens paid or charged for contract specified functions.
  2. Functions of the ERC20 Token Standard: Balance of (), transfer (), do Something (), approve () and transfer from ()
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#1245
  1. all tokens under ERC20 standard has the same architecture and can be interact with each other from day one
  2. ERC20 has few different functions by executing them you can get an account balance or transfer funds between accounts
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#1246
  1. The benefits are that each token built on the standard is easily compatible and interchangeable. Also because each ERC20 token has the same coding it can be easily programmable for wallets and exchanges.
  2. Total supply: gives max number of tokens in existence.
    Balance of: Gives a public addresses balance of ERC20 tokens.
    Transfer: Allows someone to transfer their ERC20 tokens to another public address
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#1247

  1. If you have a standard then all developers can follow that standard and all exchanges or Dapps and smart contracts that are using that token standard don’t have to adapt to multiple standards to use the different tokens.

  2. transfer(): transfers a number of tokens directly from the message sender to another address.
    balanceOf(): provides the number of tokens held by a given address.
    approve(): a token holder gives another address
    allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.

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