Homework: ERC20

Ethereum 101
#1248

1- the benefits are that all the tokens use the same programmable language and allows wallet and exchanges to add all the erc20 tokens .

2- Total supply and Balance Off , total supply is supply of a token balance is the number of token that are inside a public address .

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#1249
  1. They have the same naming convention so that we can all build applications that can talk to each other. They all have the same value.

2.Total supply - the number of total fungible tokens
BalanceOff - the remaining balance

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#1250

1 ERC-20 makes the token fungiable

2 transfer() function transfer tokens directly to another address and it is on the sender that recipient is
as intended

approve() and transferFrom() functions are tow functional proses to allow transfer of tokens

The allowance() function provides the number of tokens allowed to be transferred from a given
address by another given address

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#1251

  1. It enables existing applications to function with a new token as they have common function names

  2. totalSupply() gives the total number of fungible tokens, balanceOf() gives the balance of a specified account, transfer() is used to send tokens and approve() allows user to approve a transfer.

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#1252

1.What are the benefits of setting a token standard like ERC20?
It allows different wallets and exchanges and apps to communicate with each other, without a token standard everyone is building their own version of the token. Setting a token standard allows us as a community to be more efficient by encouraging integration and removing friction.

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

  • total supply() - gives you how many tokens are in circulation
  • balanceOf(address) - gives you the balance (how many tokens) of a given account address
  • transfer() - lets you send tokens from message sender to another address, or from sending tokens from total supply to user account. Not used when needing to use tokens to pay for operations
  • approve - givers another account - address spender - approval to transfer a certain number of tokens from your account/spend from your account, known as allowance. Checks against total supply so you can't make counterfeit tokens.
  • allowance() - provides # of tokens allowed to be transferred from a given address by another given address. will check the balance of the user's account so they can't transfer more than they actually have. anyone can query any user's allowance
  • transferFrom() - used to transfer specified allowance from the designated account - used when wanting to use tokens to pay for functions in a two step process, as you can't use transfer() in this case. 1st step approve(), 2nd step transferFrom()
3 Likes
#1253

  1. What are the benefits of setting a token standard like ERC20?
    Setting a token standard like the ERC20, allows for various tokens to communicate with each other, using the Ethereum network.

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

balanceOf() provides the number of tokens held by a given address
totalSupply() is the sum of all balances
transfer() tokens are transferred between addresses but cannot be used to pay for functions in a Smart Contract.
doSomething() is a function which allows a two step process.
approve() and transferFrom() are functions which can be used with function doSomthing() to operate several steps in one single transaction.
allowance() is a function which allows the number of tokens to be transferred to and from an address.

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#1254
  1. A token standard allows interoperability between apps, wallets, and exchanges and consistency within the communities.
  2. ERC20 functions:
  • total supply() - total number of tokens in circulation
  • balanceOf(address) - balance of tokens of a given account address
  • transfer() - send from one address to another
  • approve - approval for another account to transfer specified number of tokens
  • allowance() - number of tokens allowed to transfer from approve
  • transferFrom() - transfers without intervention
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#1255
  • What are the benefits of setting a token standard like ERC20?
    every wallet and exchange has a set of rules or standards to operate on. No need to be guessing.
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    check balance, transfer, do something if something happens, approve transfers, these are the basic functions that ERC20 tokens have, but there is no limit to what can be programmed into them
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#1256
  1. Standards across ERC20 ensure network strength speed and communication between tokens
    2.Total supply returns a unit
    balance 0f ; state address and account balance
    Transfer - specified amount from owner to be sent
    Transfer - from address from A-B and value attached
    Approve - contract sender can authenticate the address for token withdrawals on given balance
2 Likes
#1257

  • What are the benefits of setting a token standard like ERC20?
    standards and conventions are agreed upon within the crypto community allowing exchanges, wallets, programs etc… to talk and communicate with each other which allows functions to be executed across a vast network; this removes ‘friction’ in the network and Crypto community

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    there are many including: balanceOf(): quantifies the tokens held at an address

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#1258

1- The benefits of ERC20 is to create a standard, and though, aim for more efficiency and less friction.
2- Fonctions that all ERC20 must use, like “balanceOf”, or “totalSupply”

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#1259

  1. It allows for quick, wide adoption of a new token across various wallets and exchanges because they will be structured and operate in the same way as other previously adopted tokens. They will communicate with each other in a predictable and consistent fashion.

  • balanceOf( ) - Gives the total balance of a given account
  • transfer( ) - Basic transfer of tokens from owners account to another.
  • transferFrom( ) - Allows from the transfer of funds from one account to another.
  • approve( ) - Token holder gives permission for funds to be removed from their account up to the allowance limit.
  • allowance( ) - Sets the permission for how many tokens can be removed from the account by a smart contract.
1 Like
#1260

  1. What are the benefits of setting a token standard like ERC20?
    Using a standard token makes it easier to use and spread ethereum tokens, it unites the community and every project that works with ethereum fungible tokens knows that it should use the ERC20 standard.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    There are common functions like getting the total supply, totalSupply(); getting the balance of a chosen address, balanceOf(); or transfer between addresses, not usually used in smart contracts, transfer(); transfer funds from an address to another using a smart contract,transferFrom(); approving a smart contract to take a specified number of tokens from your address, approve(); and setting a limit of tokens that can be taken by a smart contract from the address, allowance().

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#1261

  1. Thanks to token standards we can reach efficiency. All the exchanges and wallets will be able to support the tokens from the first day. They make all the space communicate by easily integrate the tokens.

  2. function totalSupply () - how many tokens are in circulation
    function balanceOf (address account) - how many tokens that balance has
    function transfer (address recipient, uint256 amount) - allows transfers between accounts
    function allowance

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#1262
  1. Same standard = easier and faster adoption, more efficient communication
  2. balance, transfer, approve, allowance, total supply…
#1263
  1. Can talk to each other, can build on top of each other, less friction
  2. Balance, transfer and total supply
#1264

Homework on ERC20 token standard.

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

  2. Wallets and exchanges kan add the token easily. It also makes it easier for people to create and launch new tokens using the ERC20 standard when it’s widely used and accepted.

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

totalSupply() → gives maximum number of tokens that exist

balanceOf() → gives a public addresses balance of ERC 20 tokens

transfer () → allows someone to transfer their ERC20 tokens to another public address

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#1265

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

Yes sir/miss(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.

#1266

1 To describe the benefits of setting a token standard like ERC20… It is like the difference between electrical plugs and hoover bags. In UK every manufacturer of hoover (the sucking appliance, not the company!) has its own type of hoover bag, so if you if you decide to buy a hoover that is not a Dyson, you have to buy the bags that go with it. If you switch brand of hoover the bags won’t fit the new hoover, so you have to go out and buy new hoover bags.
Alternatively, any electrical equipment you buy comes with a standard 3 pin plug which will be guaranteed to fit your plug socket at home. The assurance comes because of standards (protocols) maintained in law (community) to set the minimum standards required (ERC20 standard).

2 Here are some functions in the ERC20 Token Standard Interface…
totalSupply() - maximum number of tokens in existence
balanceOf(address account) - balance of ERC20 tokens
transfer() - transfer ERC20 tokens to another address

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#1267

1). It makes it easier to interact with it and know what you are getting.
2). totalSupply gives the total supply of ERC20 tokens in existence. balanceOf gives the balance for the account.

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