Homework: ERC20

Ethereum 101
#1588
  • What are the benefits of setting a token standard like ERC20?
    the same reason for all standards you can comunicate with wallets or exchanges not only in the same language and rules but with the same functions and variables. If everyone has unique rules it would be imposible for ethereum to step ahead
  • What functions are in the ERC20 Token Standard Interface and what do they do?
    function(Totalsupply) : total supply tokkens and function (balanceOf): avaliavle tokens for an account
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#1589

#1.- Allow wallets to provide token balances for hundreds of tokens.
create means for Exchanges to list more tokens by providing nothing more than address of tokens contract.
#2.- Transfer Function - allows tokens sent from message sender directly to another address.
In smart contracts that have a " DO SOMETHING" must also have “TRANSFER” function and a “APPROVAL” function built into the contract to
protect parties involved.
Balance of ( ) function provides number of tokens held by a given address

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#1590
  1. It allows wallets and applications to use the same conventions for all ERC20 tokens. For example, the function for total supply is the same of all ERC20 tokens.
  2. ERC20 functions:
  • balanceOf - returns balance for a specific wallet address.
  • totalSupply - total amount of tokens in circulation.
  • transfer - lets the owner of the contract send an amount of the token to another address.
  • transferFrom - this allows the smart contract to send an amount of token on behalf of the owner.
  • approve - this states that the owner of the contract approves the given address to withdraw tokens from the owner’s address.
  • allowance - gives permission to transfer up to a certain amount of your token.
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#1591

Yes, but what about the others? could you please describe them a little bit?

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

Carlos Z.

#1592

Thanks Carlos , I am not the best at answering the chat stuff…as I have always tried to keep a low profile when using the internet ,but thanks for your input
Clff

1 Like
#1593
  • What are the benefits of setting a token standard like ERC20?

Setting a token standard allows the token on the ETH network delivers speed and effeciency, optimizing the usage of accounts, making transactions more convenient.

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

Total Supply (Provides information about the total token supply)
BalanceOf (Provides account balance of owners account)
Transfer (Execute transfer of a specified number of tokens to an address)
TransferOf (Execute transfer of a specified number of tokens from an address)
Approve (Allow a spender to withdraw a set number of tokens from an account)
Allowance (Return set number of tokens from spender to owner)

1 Like
#1594

  1. The network can easily and effectively communicate and be read.

  2. Standards every token supports.

A. Read total supply
B. Show balances
C. Issue/Burn

#1595

Always glad to help sir.

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

Carlos Z.

#1596

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

Indeed sir, but could you please describe a little bit about the functions and what they do?

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

Carlos Z.

#1597

  1. It reduces friction in the community by creating a standard communication between tokens. Makes it easier to deploy your own token. Makes interoperability easier.

  2. balanceOf()- checks the balance of a wallet
    Totalsupply()- total supply of the tokens

#1598
  1. What are the benefits of setting a token standard like ERC20?

The benefits of having a token standard in place, like ERC20, is that it makes any development and deployment of a new token be set to a foundation of code that will make the token immediately get support by all exchanges, wallets, and other platforms from day one. Having a token standard in place will allow the space to grow, innovate, and communicate more quickly and efficiently.

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

allowance() is a function that provides the number of tokens allowed to be transferred from an address to another address.
totalsupply() is a function that will get the total token supply
balanceOf() is a function that provides the number of tokens being held by an address.

transfer() is a function that will transfer X number of tokens directly from the sender to a recipient’s address.
approval() is a function that emits the details of approvals of tokens from one address to another address.

The last 2 functions work together in the use case of the token being used as a form of payment from an instruction in the smart contract.

#1599

Hello,

  1. It makes it easier to create new tokens or exchange with other tokens

  2. Each ERC-20 token code has some constant functions like “balance of”, “total supply” etc so that different wallets, exchanges etc can interact with the smart contract in a standard manner.

#1600

  1. Few of the many benefits in setting a token standard like ERC20 is “making it easier and faster for everyone to get involved”. For example, with ERC20 token standard it makes it easier and faster for wallets and exchanges to support a new token from day one of its creation.

  2. One of the many functions of ERC20 Token Standard are the following:
    2.1 balanceOf () function - allows any user to inquire balances of any account
    address.

       2.2 transfer () function  - allows any user to transfer token/s to any account 
        address
#1601

Homework on ERC20 token standard.

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

The standard allows all wallets to communicate with the Ethereum protocol in the same way. It creates unity in the community and facilitates development for dapps and exchanges in the Ethereum ecosystem.

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

balanceOf function displays the balance of an ETH wallet
totalSupply function displays the total balance of the Token

There are many others.

#1602
  1. What are the benefits of setting a token standard like ERC20?
    Benefits include flexibility to program smart contracts and tokens in many ways you want to build it, and considering it is standardised it is easier for exchanges or services to interact with the smart contracts / token.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Some examples of the functions in ERC20 standard include totalSupply() to check a token’s total diluted supply, balanceOf(address) to query the amount of the token held by this particular address, transferFrom(addres from, address to, uint tokens) to transfer the number of tokens from one address to another.
1 Like
#1603

1- To standardize, to be treated like other similar tokens, and everything is more simple and scalable.
2-
function totalSupply() = Get the total token supply
function balanceOf() = Get the account balance of another account with address owner
function allowance() = Send value amount of tokens to address to
function transfer() = Send value amount of tokens from address from to address to
function approve() = Allow spender to withdraw from your account, multiple times, up to the value amount. If this function is called again it overwrites the current allowance with value
function transferFrom() = Returns the amount which spender is still allowed to withdraw from owner

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#1604
  1. all exchanges and wallets know how to interact with a newly made token on day 1.
  2. a total supply function to get total circulating supply, a transfer funcion to transfer, balanceOf functiob to get a users balance etc.
1 Like
#1605
  1. What are the benefits of setting a token standard like ERC20?
    As with any standardisation, ERC20 provides a structure to developers to ensure that their token will be widely accepted by wallets, exchanges, etc, with ease and free of errors.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?

Some functions include:

  • balanceOf(“address”) : shows the amount of that token in an specific wallet
  • transfer() : transfers funds from an address to another address
  • approve(): enables the smart contract to withdraw funds from an address
  • transferFrom() : allows the smart contract to withdraw funds once allowance is defined
  • allowance(): provides the number of tokens allowed to be transferred from an address to another address
1 Like
#1606

  1. Token standards like those in ERC-20 allows all the tokens on that standard/platform to immediately be supported by the same parties as all the preexisting ERC-20 tokens. In other words, scalability: exchanges, wallets, users/coders, APIs can run with the program (token) at the onset (same environment and language).

• totalSupply() - output number is the total supply of the token

• balanceOf() - input is address of an owner; output is balance of said owner

• allowance() - input token owner and spender; output the number of tokens allowed to be transferred from the given address to the other given address

• transfer() - receiver and the funds which are to be sent to the account

• approve() - approve someone to spend from the account

• transferFrom() - 3 inputs: address of sender, address of receiver, number of tokens to be transferred. Output: success or failure of the transfer.

1 Like
#1607

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

Yes, those are 2 of them, but could you please explain a little bit the others?

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

Carlos Z.