Homework: ERC20

Ethereum 101
#1508
  1. What are the benefits of setting a token standard like ERC20?
    That when a token is created following the standard, it can be handled in all wallets.
  2. What functions are in the ERC20 Token Standard Interface and what do they do? totalSupply, balanceOf, transfer, etc. and they do and return what they read they do, in a very intuitive way.
#1509

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.

#1510

  1. A standard like ERC-20 allows a better efficiency and more interoperablitiy between CEX’s, DEX’s, wallets etc. It reduces friction and allows the creation of a frictionless environment for the tokens in existence. It makes crypto adoption seamless as the same wallet can hold multiple crypto crurrencies, most cryptocurrencies can be bought using the same DEX, etc…

  2. ERC-20 functions are:

totalSupply() Number of tokens in existence
balanceOf() Number of tokens by address
transfer() sends tokens from one address to another
approve() another address is given the allowance to manage the tokens
transferFrom() moves tokens on behalf of the token owner

1 Like
#1511
  1. if everybody applies a standard diffrent wallets can communicate with each other. you have less frictions bc everxbody has the same structure etc.
  2. eg. balance of (…), shows balance of a specific address, transfer; transfers a amount to a specific address
#1512

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.

#1513
  1. Benefits of setting standard like ERC20 are that they can interoperate with other tokens on platforms like Ethereum ( through EVM) also with wallets, exchanges etc.
  2. The balanceOf() - function provides the number of tokens held by a given address.
    The totalSupply() - total supply of all existing tokens
    The transfer() - send value amount of tokens to address
    The transferFrom() - send value amount of tokens from address
    The approve() - allow spender to withdraw from your account, multiple times, up to the value amount
    The allowance() - provides the number of tokens allowed to be transferred from a given address by another given address
1 Like
#1514

  1. What are the benefits of setting a token standard like ERC20?
    Any tech built to support the standard will support all tokens that fit said standard. It reduces friction

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() gives the maximum number of tokens that exist
    balanceOf(address account) gives a public addresses’ balance of ERC20 tokens
    transfer() allows someone to transfer their ERC20 tokens to another public address

1 Like
#1515

  1. What are the benefits of setting a token standard like ERC20?
    A. A major benefit is the ability of all Tokens utilizing the ERC20 Standard is efficiency in
    communicating with each other and a removal of friction, because a programming
    standard has been set. Additionally all exchanges and wallets will be able to support
    them from day one.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    A. Balance of ( ), 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 ( ), gives another address holder the approval to transfer up to a 
 certain number of tokens, known as an allowance.

Transfer from ( ), specifies which account tokens are to be transferred from and to.

    Do something ( ), allows a smart contract to operate in a specific manner.

    Allowance ( ), provides the number of tokens allowed to be transferred from a
    given address by another given address.

1 Like
#1516

  1. It saves times as programmers only need to learn on set of standards to program on top of Ethereum.

  2. Required functions to meet the ERC20 standard:
    totalSupply() = total supply of the token
    balanceOf(address tokenOwner) = token balance of a given address
    allowance(address tokenOwner, address spender) = allows a certain amount of tokens to be transferred
    transfer(address to, uint tokens) = transfers a number of token to another address
    approve(address spender, uint tokens) = token holder gives approval to transfer a certain number of tokens
    transferFrom(address from, address to, uint tokens) = transfer certain number of units from one address to another address

2 Likes
#1517

  1. By setting a language standard we can make sure we have interoperability between different tokens under the same standard.

  2. The ERC20 defines some functions such as ‘balanceOf’ to get the balance of the account, ‘transfer’ function moves tokens from one account to another. These functions are defined under the Solidity language.

1 Like
#1518
  1. The benefits of having token standards allow the whole space to communicate better . ERC20 allows wallets and exchanges to support any token using this standard.
  2. balanceOf(): provides the number of tokens held by a given address
    approve(): a token holder gives another address approval to transfer up to a certain number of tokens(allowance)
    transfer(): allows transfer of their ERC20 tokens to another public address
    doSomething(): operates instructions.
2 Likes
#1519

ERC-20 has many benefits, including allowing wallets to provide token balances for hundreds of different tokens and creating a means for exchanges to list more tokens by providing nothing more than the address of the token’s contract.

#1520

  1. Everyone will programm the tokens the same way, they will be identical with the same value

  2. totalSupply() - gives how many tokens are in circulation
    balanceOf() - gives address to account which’s balance you want to check
    transfer() - for transferring from one account to another
    doSomething() - does action which is written in smart contract
    approval() - emits details of approvals of tokens from one address to another.
    allowance() - function provides the number of tokens allowed to be transferred from a given address by another given address

1 Like
#1521
  1. it makes it easy for different etherium based applications to interact with and communicate with each other.
  2. transfer() - send tokens from the message sender to another address
    balanceOf() - gets the balance of an address
    approve() - gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens
1 Like
#1522

2. What functions are in the ERC20 Token Standard Interface and what do they do?
Did you forget to answer this question ??

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

Carlos Z.

#1523
  1. Easier to build tokens on the ethereum blokchain with the same standards, easier to communicate, interoperability
  2. total supply () gives maximum number of tokens that exist, blanceOf() public addresse, transfer() allows to transfer ERC20 tokens.
1 Like
#1524

  1. The benefits of token standards (ERC20) is to have all submissions following a uniform format in layout, presenting and representing the token. In so doing they will follow one convention, and can be implemented into many other categories (Wallets, exchanges etc).

  2. ERC20 token standard interface functions–:
    balanceOf() Number of tokens held by a certain address.
    transfer() This facilitates movement from one address to the other.
    transferFrom() Transferring from an address to do something. It follows the doSomething().
    approve() Giving the right away to perform an action (doSomething)
    doSomething() Deploy and operation to be able run successfully.
    allowance() Provides the number of tokens to be transferred to an address.

1 Like
#1525

  1. What are the benefits of setting a token standard like ERC20
    Having a standard means that every wallet that supports a ERC20 token will implement the same set of functions. so theoretically if you support one ERC20 token you support them all.

  2. What functions are in the ERC20 Token Standard Interface and what do they do
    there are several functions but these are the basic ones:
    balanceOf() will return the number of tokens in a given address.
    transfer() will move tokens from one address to anther
    totalSupply() - returns the total amount of tokens in circulation.
    transferFrom() - automate sending contracts tokens to another address.
    approve() - the owner of the contract authorizes the transaction

not exactly sure the difference between transfer() and transferFrom is?

1 Like
#1526

  1. All wallets can talk to all tokens adopting this standard in the same way. This massively decreases the development effort needed for the players in the ecosystem to communicate with each other, compared to everybody having their own different “standards”.

  2. The methods of the ERC20 standard are:

  • required:

    • totalSupply: Output: total amount of tokens
    • balanceOf: Inputs: address, owner | Output: account balance
    • transfer: Inputs: recipient’s address, transaction value | Output: transaction success/failure status. The method transfers funds.
    • transferFrom: Inputs: to+from addresses, transaction amount | Output: success/failure status. Used for withdrawals, such that a smart contract can move funds on your behalf.
    • approve: Inputs: spender’s address, value | Output: success/failure status. Allows the spender to withdraw from your account multiple times up to the value (input).
    • allowance: Inputs: owner address, spender address | Output: how much the spender is still allowed to withdraw from owner.

  • Optional:

    • name: returns the name of the token
    • symbol: returns the token’s symbol
    • decimals: returns how many decimals are used by the token
1 Like
#1527
  • What are the benefits of setting a token standard like ERC20?
    It makes it possible for an industry to rally around a standard and build on it, for example, wallets.
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    they define the following characteristics of a token:
    Totalsupply which is the total amount of tokens that exist
    balabceOf which shows the ballance of a specific account
    transfer allows tokens to be sent to a wallet
    transferFrom allows wallets to exchange tokens with one another
    approve allows for wallet B to extract a certain amount from walletsA where the command is executed
1 Like