Homework: ERC20

Ethereum 101
#141
  1. What are the benefits of setting a token standard like ERC20?

The ERC-20 standard makes it efficient to create new tokens: wallets can support new tokens without the need to update.
New tokens can represent new economies and behave differently than the original Ethereum.

  1. What functions are in the ERC20 Token Standard Interface and what do they do?
  • balannceOf: checks he balance of a particular address
  • transfer: transfers tokens from the sender (to a specified receiving address
  • approve: (only the token holder can call this function) give approval to another address to transfer up to a specific amount of tokens (allowance)
  • transferFrom: transfer an amount of tokens from an address to another address
  • allowance: get the amount ot tokens allowed to be transferred from a given address by another given address
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#142
  1. What are the benefits of setting a token standard like ERC20?

A standard ERC20 token on the network means that all other nodes in the network can read the smart contracts executed, allowing all wallets and exchanges to be able to communicate effectively.

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

The ‘total supply’ (totalsupply) is a standard function in the ERC20 interface which states how many tokens there are in circulation. ‘Balance of’ (balanceOf) is a common feature that enables one wallet to get the balance of another wallet. The ‘transfer’ (transferfunction is a function enabling the transfer of funds from one wallet to another.

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#143
  1. to enable programmers to communicate more efficiently
  2. balanceOf(#) gives balance of account, totalsupply shows total tokens in circulation
#144

1- Its a standard so the implementation to other services is easier.
2- totalSupply - returns total supply of ERC20 tokken
balanceOf - takes address and returns balance of address
transferFrom, approve, transfer, allowance

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#145

[quote=“filip, post:1, topic:8440”]
Homework on ERC20 token standard.

  1. What are the benefits of setting a token standard like ERC20?
    same standard functions set defined on github. Used by for example wallets, exchanges etc.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() gives 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
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#146
    1. Convenience
    2. As ERC20 serves as a blueprint for developers to follow, it is easy to come up with tokens rather than starting from scratch

  2. 1 totalSupply
    [totalSupply] identifies the total number of ERC-20 tokens created.
    2 balanceOf
    The balanceOf function returns the number of tokens that a particular address, in this case, the contract owner, has in their account.
    3 approve()
    Once the balance has been checked, the contract owner can give their approval to the user to collect the required number of tokens from the contract’s address.
    4 transfer()
    the contract owner can send them tokens using the transfer() function.
    5 transferFrom()
    t helps you automate payment transfers to a specific account.
    6 allowance()

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#147
  1. What are the benefits of setting a token standard like ERC20?

it makes it easier to add them to wallets or exchanges because it provides a common framework for all of the different tokens to interact with each other and with any dapp

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

  • totalSupply
    it determines the total amount of tokens in the system

  • balanceOf
    it returns the number of tokens of a particular address

  • transfer
    it allows the owner of the contract to send tokens to a certain address

  • transferFrom
    it allows to send tokens from one address to another

  • approve
    the owner of the contract allows the user to withdraw some tokens from the contract address and it also checks the total supply preventing counterfeiting

  • allowance
    returns the balance of the user

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#148

  1. What are the benefits of setting a token standard like ERC20?
    All wallets, exchanges, aplications etc can talk in the same way to all erc-20 tokens.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply- the total amount of tokens that are in circulation.
    balanceOf-gives you the adress of the accout you want to get the adresss and you get how much balance this walltet has.
    transfer for transfering

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#149

1. What are the benefits of setting a token standard like ERC20?
This ensures interoperability and enables wallets to be able to support new tokens.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
“function totalSupply( )” shows how many tokens there are in circulation, “function balanceOf(address account)” shows how many tokens a particular address holds and “function transfer(address account)” is used to transfer tokens.

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#150

Exchanges and wallets can feasibly support the token
Total Supply for the number of total fungible tokens and balance of shows balance of an account

#151

What are the benefits of setting a token standard like ERC20?
When having a standard it is easy for everyone to efficiently make their tokens, and it allows wallets, exchanges etc. to easily add all tokens of the same standard.
What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf(), gives the balance of a specific account.
totalSupply(), gives the maximum number of tokens that exist
transfer(), allows you to transfer your erc20 tokens

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#152
  1. For compatibility in the Ethereum Ecosystem, allowing same programming language
  2. balanceOf - a function that gets the balance of the number of tokens on an address.
    totalSupply - a function that notes the total supply of the tokens.
    transfer - a function to transfer tokens from one address to another.
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#153
  1. Standards ensure all apps are interoperable and brings consistency to community by increasing 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.
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#154

  • What are the benefits of setting a token standard like ERC20?
    If anyone wants to build a token on Ethereum the standard code will allow exchanges and wallets to work with tokens.

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    total supply will show the market cap of Ethereum. Transfer functions ensures the possibility of sending tokens from one address to another. Approve and transfer from functions allow the contract to run an operation where a certain programmed action can occur only when there is enough money in the account of the sender to execute the operation.

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#155
  1. Automatic interoperability with industry tools like wallets and exchanges.

totalSupply(): retuns the total number of tokens in circulation.
balanceOf(): returns the balance of the specified address.
transfer(): moves a specified number of coins to a specified address from the contract owner.
transferFrom(): moves a specified number of coins to a specified address from the specified sending address.
approve(): contract owner approves a withdraw request of hte specified coins to the specified recipeint address.
allowance(): get permission to execute;

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#156

The Erc-20 specific Kinda cool functions I think are in HEX, and Compound, and Wrapped really some of the newest functions just in erc20 is quite amazing!

Erc721 and the other Erc standards keep growing with Functions and new Tokens: SFT yeah baby thats a nice one! And SEC also great.

#157

Homework on ERC20 token standard.

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

Because the standard ERC20 all the exchanges and wallets will support the token from day one.

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

totalSupply - tells you how many tokens are in circulation.

balanceOf - Gives the address of the account you want the ballance from.

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#158
  1. Everyone is speaking the same computer language. So wallets and exchanges can work with all different kinds of ERC20 tokens.
  2. Some functions are “name” (which identifies the token), “symbol” (which identifies it symbol on the exchange), “decimals” (how many times the token can be divided), “totalsupply” (the total number of tokens), “balanceOf()” (the balance of a particular account), “transfer()” (which is the number of tokens to transfer from one account to another), “doSomething” (requires the program to execute some command), “approve()” and “transferFrom()” (allows a two-step process), “allowance()” (the total number of tokens allowed to transfer from one account to another, “Transfer()” (which emits the details of the movement of tokens) and “Approval()” (which emits the details of approvals of tokens from one address to another).
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#159

1.when you have a standard of ex erc20 token it becomes mutch more easy to interact whit eatch other and whit other tokens
2.totalsupply() balanceOf (addres account) transfer()

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#160
  1. It makes the coins fungible, therefore all the coins are the same and can with minimal effort be Incorporated into wallets and exchanges as there is a standard in the code.
  2. balanceOf() the number of tokens in any given address
    transfer() transfer a given amount of tokens from one address to another.
    approve() gives an address permission to transfer a given amount of tokens from the given address.
    allowance() the amount that is allowed to be transferred from a given address to another given
    address.
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