Homework: ERC20

Ethereum 101
#121

  1. What are the benefits of setting a token standard like ERC20?
    It is a benefit in that all ERC20 tokens have the same standards which allows them to communicate in a known and expected way with each other and other apps, like wallets or exchanges.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    *totalSupply() is the sum of all balances.
    *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.
    *approve(): a token holder gives another address approval to transfer up to a certain number of tokens, known as an allowance
    *allowance(): provides the number of tokens allowed to be transferred from a given address by another given address…
    ERC-20 defines two events that must be triggered when the contract takes the relevant action. The first event is Transfer() which emits details of the movement of tokens from one address to another. The second event is Approval() which emits details of approvals of tokens from one address to another. These can be used to keep track of balance and allowance changes for addresses without needing to poll the blockchain.

1 Like
#122
  1. Standards ensure interoperability which brings consistency and efficiency.
  2. totalSupply, balanceOf(account), transfer, approve are few functions which are part of erc 20. totalSupply gives number of tokens, balanceOf gives available token balance for an account, transfer is used to send to other account whereas approve allows user to approve the transfer to a function.
1 Like
#123
  1. What are the benefits of setting a token standard like ERC20?

Less friction in the industry. The moee we follow the standarts the easier for the industry to grow and foe the tokens to integrate and be usiable quickly. Because the wallets amd exchanges for example will know how to work with the token as they are released if they are by the same standards.

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

TotalSupply how many token in total
BalanceOf(adress) checking balance for address
Transfer move tokens to diffeeent address from allowance address
Approve approving a token transfer by owner
Allowance giving permissio to use tokens by other private key holders

I guess more or less…

#124
  1. What are the benefits of setting a token standard like ERC20?

As with all standards, it allows for efficient development of programms, e.g. wallets, operating with these kind of tokens. This is good for speed of adoption and acceptance.

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

balanceOf() : Number of token held by the given address
transfer(): Transfer token to adress (from sender, e.g. the SC)
allowance() : allow n tokens to be transfered from a given adress (e.g. Token holder) to some other adress (e.g. the SC)
transferFrom(): transfer pre-allowed token from one adress (e.g. Token holder) to some other (e.g. the SC).

#125
  1. All the contracts can be read and understood with one standard program. Wallets, exchanges, users, programmers can efficiently and effectively use them by understanding the standard.
  2. There are many functions “out of the box” …funtion totalSupply …function balanceOf (address account) …funtion mint etc. these are self explanatory.
#126
  1. Token standards like ERC20 allow wallets, exchanges persons and other projects to interact with the network and be compatible (talk to each other).
    • function total Supply (); number oftokens in existens ;
    • function balanceOf (address); gives the balance of the public
      address;
    • doSomthing (); operations instructions;
    • allowance(); number of tokens allowed to be transferred;
#127

  1. standards are good for any industry. They help cooperation and interaction as all agree on specifics within a standard.

  2. transfer(); for transfering tokens
    balanceOf(): tokens in a specific address

There are many mores but I will start soon with the coding courses and hopefully can learn more about the different functions :slight_smile:

1 Like
#128

  1. Setting a token standard like ERC2 benefits allows wallets and exchange to support any token while using that standard.

  2. BalanceOf,totalsupply,transfer,transferForm,approve and allowance.

1 Like
#129

  1. What are the benefits of setting a token standard like ERC20?
    It allows for everyone on the Ethereum blockchain to launch tokens (fungible tokens) that are constructed with the same standards. This allows for future inter token communication and wallets will know how to interact with ERC20 tokens.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalsupply : gives total supply of a token (sum of balances)
    balanceOf(): gives the balance of an adress
    transfer(): transfers from current user to specified adress
    approve(): sends details of approval for a transfer
    etc…

1 Like
#130

What are the benefits of setting a token standard like ERC20?
It simplifies communication with wallets and exchanges which won’t have to do separate coding for each token. It makes it easier for developers to read the code since it remains familiar and the network becomes more scalable and efficient.
What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() states the total amount of tokens in existence
balanceOf(address account) states the ERC20 token balance of a specific account
transfer() A function for transfering token to another public adress
approve() Approves another address to spend from your account
allowance() States how manu tokens is allowed to be transfered
doSomething() Operates instruction

1 Like
#131
  1. Such standarts allow different wallets and exchanges to easily suport all the tokens with this standarts.
  2. totalSupply() - the amount of tokens that exist
    balanceOf(address account) - gives what balance of ERC20 tokens does the public address have
    transfer() - transfers the ERC20 tokens to another publick adderess
1 Like
#132
  • What are the benefits of setting a token standard like ERC20?
    The benefits of setting token standards is so that all smart contracts can interact with each other in the same way. This causes less friction in the space.
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    totalsupply gives the amount of tokens in total.
    balanceOf gives the balance of the tokens.
#133

all the tokens can then work with each other by using all the same language for the similar functions, keeps everybody on the same working page by having defined parameters of interaction between contracts, addresses, and the nodes

the functions are varied and numerous ; such as “approve” which approves a spender of the token, “mint” which can mint tokens, “withdraw” for eth withdrawl from contract, “transfer and safeTransfer” for transfer of tokens,

1 Like
#134

  1. An economic and efficient monetary system needs to function flawlessly and without friction as much as possible that can’t be achieved without common standard language between the comtracts (i.e programs).

  2. balanceOf() = number of tokens held by address
    transfer() = send token from user1 to user2.

In order to send tokens to a local function in a contract we use 2 stage procedure:

  1. approve() = send token to the holder’s another address

  2. transferFrom() = send from adress to function.

    allowance() = numbers of tokens allowed to be transferred

1 Like
#135

1 All exchanges and wallets will support it and the tokens are fungible.
2 totalsupply : gives total supply of a token (sum of balances)
balanceOf(): gives the balance of an adress
transfer(): transfers from current user to specified adress
approve(): sends details of approval for a transfer.

1 Like
#136
  1. Using the ERC20 standard allows for interoperability between tokens using the standard. Wallets, exchanges and other platforms can operate efficiently as well.

2.() functions include balanceOf(), totalSupply(), transferFrom() etc…

1 Like
#137

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

Standards are important in order to have a coordinated flow of information, with everybody connected having the same information/ standard. In the crypto space having standards ( ERC-20) across Wallets, exchanges etc makes it easier and more economical to interact with each other. ( Basically everyone is on the same page)

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

Some of the functions are:

totalSupply-all the tokens that exist on the protocol

transfer-the ability to transfer to another account

balanceOf-ability to check public address balance

allowance-number of tokens to be allowed to transfer from a given address

approve-approve someone to spend from ones own account

1 Like
#138
  1. By setting a token standard like ERC20, we insure that different participants on the network can easily interact despite differences tokens and dapps. It makes assets more easily interchangeable, and overall makes the network more cohesive/synergistic.
  2. The balanceOf() function tells us how many tokens a given address may hold; transfer(), transfers tokens between addresses; approve() and transferFrom() allows us to transfer between accounts in a two step process, ensuring funds are available through a given allowance; and allowance() returns the allowed tokens a particular address can draw from another address.
1 Like
#139

  1. Is that it’s a universal standard that allow wallets, exchanges developers to build and use ERC 20 tokens the same way, it’s easily identifiable.

  2. They are:

  • BalanceOf() returns the balance of specific address
  • TotalSupply returns maximum number of tokens that exist
  • Transfer() transfers tokens from sender to receiver address
  • allowance() shows the amount of tokens allowed to be transferred
1 Like
#140
  1. What are the benefits of setting a token standard like ERC20?

Token standardization simplifies communication between accounts and Ethereum network in order to recognize and enable usage of all tokens under same standard like ERC20. For example, if wallet or exchange implements ERC20 standard it can automatically access all ERC20 tokens associated with specific Ethereum address.

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

totalSupply() – gets the total supply of the token

balanceOf() gets the balance of a specific address

transfer() transfers tokens to a given address

transferFrom() transfers tokens from one address to another address

function approve() authorizes a given address to remove tokens from the owner’s address

allowance() states how many tokens are allowed to be transferred by another address

1 Like