Homework: ERC20

Ethereum 101
#1368

  1. What are the benefits of setting a token standard like ERC20? - Creates a language that is used by all tokens on the native platform allowing ease of programming and for interoperability for exchanges.

  2. What functions are in the ERC20 Token Standard Interface and what do they do? - totalsupply is for how many tokens are in circulation. balanceOf() checks the account balances. transfer sends specific token quantity to address(s).

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#1369
  1. The benefits of having standards applications in tokens like ERC20 is that each of them, which are a lot, could communicate with each other in the same ecosystem. That make it more efficient and robust. ERC20 are smart contracts executed by the EVM. Simple and easy to deploy.
  2. Functions in the ERC20 tokens:
    Total supply: A function that all ERC20 have. It is a standard that tells how many tokens are in circulation.
    Function OF: Gives the address of the account you want to get balance
    will get back the token balance of an account, identified by its owner’s address.
    Function Transfer: Move an amount of tokens from the Owner’s balance to another user’s account (receiver).
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#1370

1- Allows for use case straight away with exchanges and wallets. If there is a set standard/protocol code everyone has to follow it is easier than if there are different standards. This allows for applications to talk to each other when there is a set token standard for ERC20.

2- It is fungible whereby the tokens are identical and not unique such as non-fungible tokens.

#1371
  1. STANDARDS allow to handle interoperabilty between the tokens and smart contracts . Wallets can integrate the tokens easy. It is easy to create new tokens.

2.There a functions to give out the complete token number (total supply), for transfers (transfer), to give out the balance on a wallet (balance) and so on.

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#1372
  1. The benefit of setting a token standard like ERC20 is that any kind of exchanges or wallet can easily implement it in their services.

approve(), and transferfrom()

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#1373
  1. What are the benefits of setting a token standard like ERC20?

Having a standard helps anyone and everyone know exactly how to interact and use tokes. We know the code as a community and that propels everyone forward instead of having everyone confused with many different things happening.

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

TotalSupply: shows current amount in circulation
balanceOf: wallets and exchanges use this to check your balance of that specific token

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#1374

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

Yes sir, 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.

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#1375

1.- Standardization promotes growth of the Ethereum network and consistency among tokens.
2.- transfer, balance and totalsupply are functions that allow to provide simple and standard instructions to transfer money, consult balance of account and consult total supply.

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#1376

Oh damn looks like I misunderstood the question…

The standard interface have functions for the total supply of the ERC20 tokens, the balance of the wallet and how the transfer of the tokens are set out.

If this is wrong please let me know. Always looking to learn :smile:

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#1377

1 All wallets and all exchanges can accept them immediately
2 Total supply gives number of existing tokens
Balance gives balance of erc20 tokens

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#1378

  1. A standardization is helping to every developer be on the same page and thus in this case all wallets /exchanges can handle a token easily (because all ERC20 tokens are using the same core definitions and functions required by the guideline).

totalSupply(): Tells the total supply of the specified token.
balanceOf(): Tells the balance of a given address.
transferFrom(): Transfers a defined amount of tokens from one address to another.
approve(): Send an approval request for the smart contract to be able to transfer a defined amount of tokens from one address to another. An allowance should be paid (smart contract fee) before any transfer can be completed. The approve function is used to pay this fee, thus smart contract from now can do its function.
allowance(): Gives the number of tokens can be spend by the owner. This can be a higher number than the actual balance of the particular address.

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#1379

  1. Mass adoptability by the community and the public at large. It gives reassurance of the security and consistency of the projects created on top of the eth blockchain. Interoperability is also a big plus allowing the different projects to be able to work with eachother.

  2. Total supply, balance of transfer. Basically you can check verify and send different tokens and projects using the exact same code functions.

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#1380

1- This means that all erc 20 tokens can be read by the same wallets. This makes it easy for exchanges to read all the coins. It also makes it easy for everyone to make smart contracts. According to IVan, ’ we want less friction, that is achieved by everyone being on the same standard."

2- totalSupply : Returns the total circulating amount of tokens . balanceOf : Returns how many tokens exist in an account. transfer: Transfer an amount of tokens from token owner’s account to another account.

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#1381

hello,
1) The benefits of setting standards like ERC20 are exchanges and wallets are able to support any new token using that standard from day one.
2) The functions that are in ERC20 Token Standard Interface are:
A) totalSupply() give the total amount of tokens in circulation
B) balanceOf(address account) gives the balance of ERC20 tokens of that address.
C) transfer() allows the transfer of ERC20 tokens to another public address

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#1382

  1. What are the benefits of setting a token standard like ERC20?
    Using standards like ERC allows wallets and exchange to be programmed to run any token which follows that standard. Speaking the same language, makes everything more efficient.

  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.
    transfer(): transfers a number of tokens directly from the message sender to another address. But it doesn’t work well when tokens are being used to pay for a function in a smart contract.
    approve(): a token holder gives another address approval to transfer up to a certain number of tokens(allowance).
    transferFrom(): take certain tokes from sender’s account and carry on its work.
    doSomething(): to operate instructions.
    allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.

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#1383
  1. What are the benefits of setting a token standard like ERC20?
    It increases interoperability between ECR 20 tokens. Wallets could easily created to recognize several tokens. It makes a space with different tokens more efficient in terms of communication and development. If the tokens have the same conventions than they can ‘talk’ with each other in the same language.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?

  • function totalSupply() = gives how many tokens are in circulation.

  • function balanceOf(address account) = gives how much tokens that balance has.

  • function transfer(address recipient, uint256 amount) = the standard for transferring tokens

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#1384

  1. The benefits are that using a standard, there is a way to interoperate different tokens to the smartcontracts plantform, in a way that is much much simpler, by using the same addresses for wallets and, using same names for the functions and so on

  2. there are many functions on the ERC20 standard, we looked at 3 or four during the video, I remember one for getting balance and another one to get the total supply ,but I imagine there’s so many more

#1385

Indeed sir, balanceOf() and totalSupply() are functions for ERC20 tokens.

Here you can read more about them in detail: The Anatomy of ERC20

OPTIONAL: After you finish to read the articule, could you please describe a little bit about each function?

Hope you find this useful.
If you have any more questions, please let us know so we can help you! :slight_smile:

Carlos Z.

#1386

A token standard like ERC20 enables tokens to interact with other wallets, exchanges and contracts and makes life a lot easier for programmers.

totalSupply - returns total token supply.
balanceOf - provides account balance of an account.
transfer- simply transfers a number of tokens directly from the message sender to another account.
approve - allows spenders to withdraw from your account multiple times.
transferFrom - transfers value amount of tokens from approved account to spenders account.
allowance - returns the amount which spender is still allowed to withdraw from.

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#1387

All tokens using ERC20 interface or ERC20 compliant follow same sets of functions which allows tokens to work with each other, also same wallet can track multiple types of token.

Following list contains Function commands:
balanceOf()------Pulls balance in a address
transfer()---------Sends token from one address to other
doSomething()-Carries out or takes action when all set conditions are met
approve()--------Carries the authorization to approve a transfer.
transferFrom()- Pull tokens from another address to its own.
allowance()----- Sets a limit on number of tokens that can be transferred to a particular address.

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