Homework: ERC20

Ethereum 101
#1388

My Answers:

  1. Communication and Compatibility with most exchanges and wallets
  2. Balance of = Gives the number of Tokens held by someone
    Transfer = Moves funds from one address to another
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#1389

  1. What are the benefits of setting a token standard like ERC20?
    Wallet manufactures can more easily offer support for more tokens with clear, consistent standards. Security vulnerabilities are reduced when using a standard format. It is much easier to create a token using a standard.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() total number of tokens that exist.
    balance0f() is the total number of tokens held by the address.
    transfer() transfers tokens from one address to another.
    approve() and transferFrom() is a two-step process. 1. A token holder gives another address (smart contract) approval to transfer up to a certain amount of tokens. 2. The token holder then uses approve() to provide this information.

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#1390

Standards enable interoperability between tokens, and allows for tokens to be easily published in exchanges.

Some of the functions in the ERC20 TSI are:
TotalSupply - Listing the supply of ERC20 token
BalanceOf - Listing the balance of an input ERC20 address
Transfer - Transferring an input amount to an input ERC20 recipient address from the callers address

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#1391

What are the benefits of setting a token standard like ERC20?
Benefits of ERC 20 are the Increase in efficiency-wallets, exchanges, platforms can add the token easily. It is easy to read/ program, so when programming a token with a standard you only have to change lines in the code.

What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf(): provides the number of tokens held in a given address.
transfer(): transfers a number of tokens directly from the sender to another address.
transferFrom(): take certain tokens from sender’s account and carry on its work.
doSomething(): to operate instructions.
allowance(): provides a number of tokens allowed to be transferred from a set address to another set address.

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#1392
  1. allow users to find out the balances of accounts as well as to transfer them from one account to another under varying conditions.

approve - approval for another account to transfer specified number of tokens
transferFrom() - transfers from a specific tokens account.
allowance() - number of tokens allowed to transfer from approve
balanceOf(address) - balance of tokens of a given account address
transfer() - Transfers a certain amount from one address to another
total supply() - total number of tokens in circulation

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#1393

1.) one of the benefits of having a standard for tokens, such as ERC20, is fungiblity. It makes all tokens the same and understandable under the guise of sharing the same rules. Interoperability.
2.) The functions in the ERC20 interface are balanceof() which allows for balance verification of an address, transfer() which allows for things to be sent and received. transferFrom()which moves allowances are transferred as long as the parameters are met/ the other account has the tokens required, approve() is used to approve of another address to send allowances , and allowance() which determines how many tokens will be moved.

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#1394

1- It allows everyone to build their platforms/apps to a standard set of parameters (eg wallets). Using ERC-20, all tokens use the same functions so that interacting with the is simpler and standardized
2 - There are lots of functions. Some examples are total supply, balance, transfer, approve, etc.

#1395

!.) one primary problem that standards solve is that of wallets. No need to keep building new wallets for new tokens.
2.) it allows anyone to check supply

#1396

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

Yes sir(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.

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#1397

  1. The benefits of setting a token standard like ERC-320 are that it enables fungibility. With this, everyone knows that the ERC-320 tokens will all be the same and be able to work in all situations and programs.

  2. Functions that are in the ERC20 token standard interface are: A) allowing wallets to provide token balances for hundreds of different tokens
    B) Creating a means for exchanges to list more tokens by providing nothing more than the address of the token’s contract.
    C) Most all tokens are created using the ERC-320 standard as a result of these standards.

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#1398

  1. Setting a token standard like ERC20 makes it possible for everyone to work within the same parameters when making and deploying new crypto currencies and ensures that wallets and exchanges will be compatible with new currencies from the day they launch.

  2. Functions in the ERC20 Token Standard are used to retrieve data and give it to the user or the program. For example it can transfer, show balances of users, show the total supply of tokens, etc.

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#1399
  1. What are the benefits of setting a token standard like ERC20?
    Standards are important to add efficiency of this industry through reduce friction.
    Its also better to operate between different tokens. To build complex ecosystems in this industry.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    For example Balance ( how much a account can spend ) and total supply ( Maximal Tokens that exist)
    And a lot more… transfer / doSomthing / allowance…
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#1400

  1. What are the benefits of setting a token standard like ERC20?
    It allows all wallets, exchanges etc to easily interact with all ERC20 tokens as they all have the same naming conventions in their code. This allows applications to easily interface with one another.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    The totalSupply() function returns the total supply of the token.
    The balanceOf() function provides the number of tokens held by a given address.
    The transfer() function transfers a number of tokens directly from the message sender to another address.
    The allowance() function takes the address of the tokenOwner and the spender and gives as output, the amount of tokens allowed to be transfered from addr to addr.
    The approve() function allows you to approve someone to spend from your account.
    The transferFrom() function gives an output whether the transaction was successful or not.

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#1401

  1. Standards make systems consistent and interoperable, which benefit the efficiency of the space.

  2. Some of them are totalSupply() used to return the total amount of tokens in circulation. Another function is balanceOf(address) used to check the ERC20 token balance on a certain address.

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#1402

  1. By have a standard which is followed it allows for exchanges and wallets to be able to support tokens much quicker than if they were written in different languages.

  2. totalsupply() gives the maximum amount of tokens in existence
    balanceOf(address account) gives the balance amount of a ERC 20 account
    transfer() allows to transfer ERC 20 token to another address

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#1403

  1. To standardized the token operations. This makes it easier for wallets and exchanges to manipulate these tokens and it reduces friction in the ecosystem.

  2. ERC20 defines the functions balanceOf , totalSupply , transfer , transferFrom , approve , and allowance. They define the standard operations on ERC20 tokens.

#1404

  1. What are the benefits of setting a token standard like ERC20?
    ERC20 helps define the stander of token creation on EVM reducing friction and increasing processing speed.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    The ERC20 token standard are:
    totalSupply- Returns the total circulating amount of tokens.
    balanceOf- Returns how many tokens exist in an account.
    transfer: Transfer an amount of tokens from the owner’s account to another account.

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#1405
  1. It’s a standard so everyone does it the same way, its easier to understand for others than just contract creator and less probability for bugs
  2. balanceOf, totalSupply and so on, they are used for common functions that every erc20 token contract has
#1406

  1. It allows other exchanges and wallets to use any ERC20 token because they function the same way. New software, networks, and infrastructure doesn’t have to be developed for each new token.

  2. totalSupply() displays the total number of tokens, balanceof() gives the amount of tokens in a specific address, transfer() allows an address to send ERC20 tokens to other addresses

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#1407

  1. Benefits of ERC20
    Enables exchanges to easily interact/understand them in the same way as another other ERC20 token. Enables And defines standard functions which are consistent for all tokens, hence allowing wider adoption of tokens.

  2. functions In ERC20 define a standard way which we can interact with the smart contract.
    totalSupply(), balanceof() and transfer() are examples of functions. To query total supply, balance of tokens and transfer of token.