Homework: ERC20

[Byron]

1. The benefits of setting a token standard to ERC20 is the token will be fungible (identical to other tokens on the network. Another benefit is wallets and exchanges will be able to use and convert these token easier.

2. totalsupply() equals the sum of all balances.
   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

[gamo7]

1. The benefits of setting a token standard like ERC20 is that tokens, dapps, wallets, and exchanges, can communicate without friction for an efficient economy.
2. TotalSupply gets the total supply of that token (eg., 17,000,000 MyToken); BalanceOf gets the balance of a token in a user’s wallet (eg., 100 MyToken). The Allowance function provides the number of tokens allowed to be transferred from a given address by another given address. And the Transfer function is used to send tokens from one user to another.

[silvrbitcoin]

1.) Token standards like ERC20 allow for interoperability across the network. Without standards like the ERC20 smart contracts would not be able to communicate with each other and be distributed holistically because contracts would not share standards with which they would be able to efficiently and effectively communicate and be distribute in large scale.
2.) Total supply is a function of the ERC20 token and give the total amount of tokens in supply. Balance of is another function which provides the balance of tokens in any given smart contract. Transfer function is for transfer tokens.

[J0N4]

1 - It give the possibility to deploy smart contracts that can communicate with each other using the same language(standard), it makes all tokens created using erc20, adaptable/usable by any exchanges and wallets.

2 - totalsupply = determine the total supply of the token

• balanceOf (address)= determine the balance of specified address

[Kemone_Moore]

1.efficiency n provides balances of multi tokens the standards are easily commuted
And also
Create means for am exchange to add more tokens
2.
BalanceOf is the the total number of tokens on a specific account
Total supply is the sum of all tokens in circulation

[cashlane911]

1. The benefits of the ERC token standard is uniformity throughout the Etherium network. It allows for different developers to build there own tokens on the network and also allows smart contracts to seamlessly communicate.

2. There are multiple functions of the ERC token including (balance, transfer, and allowance functions). Balance shows the number of tokens available in the selected account, transfer displays the number of tokens transferred between two addresses, and allowance token represents the number of tokens that can be sent from one address to another.

[alexandretamara]

1. What are the benefits of setting a token standard like ERC20? The benefits of setting a token standard is that if tokens all function in the same way and all exchanges / wallets will be able to support the tokens right away. Deploying and developing tokens all int he same way very beneficial for the entire space.
2. What functions are in the ERC20 Token Standard Interface and what do they do?

• Total supply, balance in an address and allowance.

[explorergeek]

1. The benefits of setting a token standard means the functions are universal and all the wallets or exchanges can be used from the beginning without having to change any code. It makes adding tokens easier because they all use the same ERC20 standard.

2. balanceOf(): gives the number of tokens the address passed into the function has.
   transfer(): transfers tokens from one address to another.
   doSomething():
   approve(): verifies that a token holder has given approval to transfer tokens known as an allowance.
   transferFrom(): transfers money from the ‘Doer’ to continue the program.
   Transfer(): shows the details of the movement of tokens from one address to another.
   Approval(): shows the details of the approval of tokens from one address to another.

[deficrypto]

1. What are the benefits of setting a token standard like ERC20?
   Providing a uniform way of coding each token, allows for interoperability between tokens. Not only should this provide a simple platform for tokens to interact with each other, but will also allow a single ERC20 wallet to interact with all ERC20 tokens in the same way.

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

‘totalSupply()’ gives maximum number of tokens that exist
‘balanceOf()’= number of tokens held by a given address.
‘transfer()’ = transfer tokens from sender to another address.
‘allowance()’ = numbers of tokens allowed to be transferred

[siratoure95]

1. What are the benefits of setting a token standard like ERC20?
   Having a standard allows exchanges and wallets toa instantly be able to support any token using ERC2.0.

   It allows the community to communicate better because all tokens are programmed in a standard.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   If you need help with the last question, you can read more about the functions here: https://medium.com/@jgm.orinoco/understanding-erc-20-token-contracts-a809a7310aa5

   • TotalSupply: Number of tokens
   • balanceOf() : The number of tokens held by a given address.
     transfer(): A number of tokens directly from the message sender to another address.

[thecil]

@javier_ortiz_mir

who should process this function??

Those functions are processed by the nodes, when any contract or dapp request a for example balanceOf() of a contract/account, that request goes through a node, he will look into the contract/account address and check if the blockchain has any balance status storage on it.

@javier_ortiz_mir

I dont know if each ETH node has the information of the total circulating supply at any given time

The totalSupply() of any contract is available at any moment because is storage on the blockchain, nodes will just search into the blockchain and request the totalSupply() of a contract, if the contract have any, it will return a value.

@javier_ortiz_mir

I know they are computers, but can I have one in my laptop?

In theory you can have a node in any computer, as long you fulfill the hardware requisites.

Here you can read more about it:

• Running an Ethereum Node
• How to setup an ethereum node
• How To: Run an Ethereum Node on AWS

@javier_ortiz_mir

what happens if I disconnect the Etherent cable and plug it in back a day after?.. it will update from which node???

your node will be out of sync, when you plug it back to a internet connection, a blockchain sync will be processed in order to be up-to-date with the last block generated.

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

Carlos Z.

[javier_ortiz_mir]

Thanks for the support during my learning!!! I appreciate it

[thecil]

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

@alexandretamara

Total supply, balance in an address and allowance.

Yes miss, but could you please describe what those functions do?

If you have any more questions, please let us know so we can help you!

Carlos Z.

[thecil]

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

@gamo7

TotalSupply gets the total token supply, and BalanceOf gets the balance of any ERC20 token for balance checks, Transfer, and Allowance.

@ozzy

total supply
balance of
transfer
do something
allowance

@Ben_Swenson

In this interface it has functions for sending tokens to other addresses. how to check the balance of a given address, and functions for how to account for the total supply.

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!

Carlos Z.

[Laszlo_Leonardo]

that everybody has to use the same language for his coding and the smart contracts…this is the only way that the applications can talk to each other
the total suppley…tell you how many tokens like XY are out there and all the addresses where they are stored

[katarzynagr1]

1. same standard (ERC20) used by developers allows wallets and exchanged to support those tokens and make them easier to operate and exchange by community.

2. Some of the ERC20 standard functions are:
   totalSupply() - gives total number of tokens
   balanceOf(address account) - show a balance of tokens on the given address
   transfer() - enable transfer tokens from one address to another

[True.ism]

1. Having the standard allows wallets and exchanges to be able to support any token using it making easier than having multiples codes.
2. totalSupply() gives max number of tokens existing. balanceOf(account) gives a balance of tokens. transfer() allows someone to transfer their tokens to other public addresses. allowance() gives number of tokens allowed to be transferred from one address to another

[thecil]

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

@Laszlo_Leonardo

the total suppley…tell you how many tokens like XY are out there and all the addresses where they are stored

Yes sir, but could you please describe the other functions?

If you have any more questions, please let us know so we can help you!

Carlos Z.

[matty.t]

1. ERC20 defines how we program tokens and is a standard way to deploy tokens so they can be read and appear on exchanges/wallets.
2. balanceOf() function provides the number of tokens held by a given address. Anyone can query any address balance as this data is available on the public blockchain
   transfer() function allows one user to send another token to another address
   totalSupply() shows the maximum number of tokens that exist

[SUMMER_SPY]

1. What are the benefits of setting a token standard like ERC20?
Fungibility , also all the tokens are compatible with all wallets etc since they use the same standards and functions.
2. What functions are in the ERC20 Token Standard Interface and what do they do?

**function totalSupply() public view returns (uint256);**
Specifies the total supply of tokens
**function balanceOf(address tokenOwner) public view returns (uint);**
Obtains the balance at a given address
**function allowance(address tokenOwner, address spender)**
This function returns the current approved number of tokens by an owner to a specific delegate, as set in the approve function.
**public view returns (uint);**

**function transfer(address to, uint tokens) public returns (bool);**
Transfer to an address
**function approve(address spender, uint tokens)  public returns (bool);**
What approve does is to allow an owner i.e. msg.sender to approve a delegate account — possibly the marketplace itself — to withdraw tokens from his account and to transfer them to other accounts.
**function transferFrom(address from, address to, uint tokens) public returns (bool);**
**```**
Speaks for itself really