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What are the benefits of setting a token standard like ERC20?
All developers use the same standard so that tokens are Fungible and reduce friction interacting with one another. Exchanges and wallets can easily use the tokens. -
What functions are in the ERC20 Token Standard Interface and what do they do?
“totalSupply” is a function that is used to to show the total supply of a particular coin or token. Also, “balanceOf” is a function that is used to check the coin / token balance of a wallet for example.
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2. What functions are in the ERC20 Token Standard Interface and what do they do?
Indeed sir, but what about the other functions? could you please describe them a little bit?
If you have any more questions, please let us know so we can help you! 
Carlos Z.
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- some of the benefits of a token such as ERC20 is the standard it sets for exchanges to implement the coin in their code, also allowing wallets to read and make transaction easier
2.The erc 20 is basically a smart contract that contains account transactions and balance of number tokens.
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Benefits are developers using the same code making the tokens use less friction and more fungible and usable on different exchanges and wallets.
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A couple functions are “totalSupply” which calculates the total supply of a requested coin or token. Also, “balanceOf” shows the balance of coins / tokens of a particular wallet as an example.
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What are the benefits of setting a token standard like ERC20?
It is fungible token standard. It is reliant and uses the space to talk to each other. That means standards helps programmers build faster, effecient, non arbitrary codes that could cause spams, errors or relevant difficulties in the network or individual computers. BEsides the infrastructure could evolve faster business ecosystem.
What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() returns the value how many tokens are in circulation. Another one is balanceOf(address account), returns balances of the account. However the other standards goes like name, symbol, decimals, transfer, transferFrom, approve… *
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The standardization brings efficiency. The token standard allows interoperability between all the parts in the system from tokens to exchanges, and increases the velocity of further developments.
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Functions.
- totalSupply(): returns the total number of tokens in circulation.
- balanceOf(): returns the balance of a given address.
- transfer(): given a number of tokens and an address, the function transfer that amount of tokens from the owner account to the given address.
- allowance(): Returns the amount of tokens approved by the owner that can be transferred to the spender’s account
- approve(): Allows a given address to withdraw from your account, multiple times, up to the given tokens amount.
- transferFrom(): Transfers tokens automatically from a given address (sender) to another (recipient).
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What are the benefits of setting a token standard like ERC20?
It makes programming more efficient, you can then communicate with other developers in collaborations, working goes smoother since you don’t have to reinvent the wheel. You can google yourself to the answers you need in a more simple and efficient way. Standards makes it possible for Dapps to communicate with each other. -
What functions are in the ERC20 Token Standard Interface and what do they do?
-total supply that the tokens in circulations
-balanceof that lets you check the balance of each wallets.
-transfering lets you transfer tokens between adresses
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1 What are the benefits of setting a token standard like ERC-20?
The benefits of setting a token standard like ERC-20 on top of the ETH platform is to provide an easy integration and interoperation system between tokens as they use the same hardcoding functions from the source code. By using the same naming and parameter conventions in this space, applications can communicate with each other efficiently and without any friction. Exchanges and wallets will support tokens right at the start.
2 What functions are in the ERC-20 Token Standard Interface and what do they do?
A function in the ERC-20 Token Standard Interface defines how tokens are programmed. Developers lay out their code in the same standard way when they deploy tokens on the ETH smart contract platform. Standardising coding allows for easy integration and interoperation between applications, exchanges and wallets.
ERC-20 Standards
totalSupply (): amount of tokens in circulation.
balanceOf (): number of tokens held by an address.
transfer (): transfers of tokens from one address to another.
doSomething (): function to do something for tokens to operate.
approval (): approvals of tokens from one address to another.
transferFrom (): the movement of tokens from one address to another.
allowance (): function provides the number of tokens allowed to be transferred from one address to another address.
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Q1- What are the benefits of setting a token standard like ERC20?
Defining a standard means all developers are able to program / create the tokens in the same way. It makes things interoperable and reduces friction in the environment - allowing the ecosystem to grow more quickly (makes life easier for exchanges, wallets etc)
Q2- What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply - Returns the number of tokens in existence.
balanceOf - Returns the number of tokens owned by account.
transfer - Moves a number of tokens from the caller’s account to recipient.
allowance - Returns the number of tokens approved by the owner that can be transferred to the spender’s account. Zero by default.
approve - Allows a given address to withdraw from your account, multiple times, up to the given tokens amount.
transferFrom - Moves a number of tokens from sender to recipient using the allowance mechanism. The number is then deducted from the caller’s allowance.
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- Toke standards allow for easy adoption and integration across platforms.
- a, balanceOf() gives balance in address.
b, transfer() allows sending of tokens between addresses.
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- Using a standard such as ERC20 allows tokens to exchanged more easily as they are exist on the same framework. This reduces friction between projects.
- totalSupply is a function that denotes how many of a specific token are in circulation.
balanceOf is a function that allows wallets and exchanges to confirm the available funds for a specific address.
transfer(x.y) is the function for transfering funds to another address.
allowance() shows the amount of tokens available for transfer to another address.
approve() approves someone or some app such as uniswap to access and spend your tokens
doSomething() executes a set of instructions
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When setting a standard like ERC20 you are avoiding friction. When someone wants to create a new token on the Ethereum network, you must follow a set of guidelines, a standard.
balanceOf() function is the umber of tokens held by a given address.
transfer() function transfers a number of tokens directly from the message sender to another address.
approve() function provides information in order to carry out the transfer for the allowance() function, which provides the number of tokens allowed to be transferred from a given address by another given address.
Once allowance is set the transferFrom() function provides the information to carry out the operation of the smart contract.
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Setting token standards allows for all wallets, exchanges etc on the network to easily interact with ERC 20 tokens. This allows for a smooth platform and ease of scalability
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balanceOf()function provides the number of tokens held by a given address.
transfer()function transfers a number of tokens directly from the message sender to another address.
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- What are the benefits of setting a token standard like ERC20?
- Every programmer adheres to the same standards thus all exchanges and wallets can be able to adopt and support these tokens.
- What functions are in the ERC20 Token Standard Interface and what do they do?
- totalSupply() gives maximum number of tokens
- transfer() allows someone to transfer their ERC20 tokens to another public address
- balanceOf() gives the address of the account you want to get the balance of
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What are the benefits of setting a token standard like ERC20?
Standards are good, all exchanges and wallets are able to immediately accept and support the tokens. -
What functions are in the ERC20 Token Standard Interface and what do they do?
Quite a few standard ones that can’t be renamed, e.g. totalSupply() gives the total amount of tokens or balanceOf(address account) returns the balance of an account.
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The benefit of a token standard like ERC20, or of any standard for that matter, is that it creates a consensus around how things are communicated or expressed; specifically, it means that wallets and exchanges can interact smoothly as the code running them follows the same conventions.
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There are six functions in the ERC20 Token Standard Interface:
a) TotalSuppply() - shows the total issued supply of a specific token
b) BalanceOf() - shows the account balance in a specific address
c) transfer() - after initial token is created, this sends tokens to a specific address (wallet)
d) transferFrom() -send tokens from one address to another (wallets)
e) approve() - approves other accounts (wallets) to withdraw a certain amount of token from a specified account
f) allowance() - upon running approve(), this function allows the viewing of the amount of token withdrawn from the account (wallet)
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- The ERC-20 standard defines how we program tokens in solidity, which allows unity and consistency within the ethereum smart contract platform. All tokens can be deployed and stored in wallets since they are coded with the same standard.
- TotalSupply() which sets the total amount of the tokens issued
BalanceOf() allows users to check their wallet balances
Transfer() allows users to store wallets in address
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1- Having standards increase the effectiveness of our communications. Having token standards will increase the efficacy of token atmospheres it can grow and be as efficient as possible
2- the interface total supply indicates the maximum number of tokens that will exist
Balance of indicates the balance of a specified address.
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- The ERC20 standard allows for wallets and exchanges to support a given token written to ERC20 standards.
- ERC20 provides a framework for the way to write the code for a token. This enables for greater interoperability and maintainability of the tokens code.
- function totalSupply - it tells us how many of a given token is in circulation.
- function balanceOf - it tells us the token balance associated with a given address, that is passed to it as an argument
- function transfer - it allows the owner of a smart contract to send a specific amount of a token to another address
- function approve - it allows for the owner of a contract to approve a given address to withdraw tokens from the owners address
- function transferFrom - allows for the smart contract to automate the transfer of tokens to a given address on the smart contracts owners behalf
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Setting a token standard like ERC20 allows any wallets and exchanges that support ERC20 tokens to support any new tokens from day one. Standards help to streamline and simplify a system and a high adoption rate of the standard results in ease of use for everyone.
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- totalSupply gives the total number of tokens in circulation
- balanceOf ( ) gives the number of tokens held by a given address
- transfer ( ) sends a specified number of tokens from one address to another address
The next three functions, if I understood correctly, have to do with how to pay the fees for a smart contract… - approve ( ) gives another address, usually a smart contract address, approval to transfer up to a certain number of tokens (this is known as an allowance)
- transferFrom ( ) the smart contract can then use this function to take tokens from the token holders account so it can carry out its work
- allowance ( ) provides the number of tokens allowed to be taken from the token holders address by the approved given address (again, usually a smart contract address)
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