Homework: ERC20

Ethereum 101
#1628

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

The benefit of a token standard is to enable a standard way of “writing the code” it ensures that a new ERC-20 token can be deployed easy by a exchange for example. “So that all erc-20 tokens code have to same name for functions etc” this makes then more interoperable.

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

  • Each ERC-20 token has a function for “TotalSupply” it decides how many coins are in circulation.
  • Each ERC-20 token has a function for “Balance of” it can check the balance of all wallets that hold the token.
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#1629

  1. Stetting standards for tokens like those with ERC20 increase the efficiency of the intercommunication between the different parties, exchanges, platforms where we find same kind of structures and types of contracts, same language of programme. This smoothy intercommunication reigning boosts the advance of this economy, faster and higher.

  2. Functions in ERC20 token standard interface are

  • balanceOf(address account) gives balance of token in an account
  • totalSupply() numbers the whole quantity of tokens in circulation
2 Likes
#1630

Yes, much better! great work!

Carlos Z.

#1631

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.

#1632

standard mean all tokens are interoperable

balanceOf gives blance of specific accou t
totalsupply gives total amount of minted tokens

1 Like
#1633

balanceOf(): Permits the querying of token holder balances

transfer(): Enables the transfer of the tokens to a user from whoever calls the transfer function

approve(): Approve other users to spend your tokens

transferFrom(): enables the transfer of the tokens to a user from whoever calls the transfer function

allowance(): Send value amount of tokens to address to

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#1634

ERC20 Standardization creates an environment where all participants in the system will be able to speak the same language. Furthermore it for example leads to efficiency and predictability and greater adoption within the industry.

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

Those 6 functions are in the ERC20 Token Standard Interface and have this mechanism.

totalSupply() → Returns the total amount of tokens in existence.

BalanceOf() → Balance of tokens in that account.

transfer() → Transfer a given amount of tokens from one address to another.

allowance() → Checks that an address has enough balance to send to another address

approve() → Checks that a smart contract can distribute tokens based on the remaining supply.

TransferFrom() → Transfers tokens from one person to another.

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#1635

1- Having a standard like ERC20 makes so that all wallets and exchanges know how to talk with token that use this standard
2- the functions provide access to total supply and balance. they can also do transfers.

#1636
  1. the benefits of standard in ERC20 are interoperability and efficiency of smart contracts
  2. 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.
    and more…
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#1637
  1. Setting a standard makes all tokens interoperable.All wallets and exchanges will support them
    2.balanceOf - gives the balance of a specific account.total supply - gives total supply of token
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#1638
  1. What are the benefits of setting a token standard like ERC20?

it allows coins to work together seamlessly and efficiently, and smart contracts in the ecosystem to handle them without requiring customization for each coin

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

totalSupply - gets the total amount of coins
balanceOf - give the amount a specific account holds of a particular coin

1 Like
#1639

Having a standard like ERC20 allows wallets and exchanges to be programmed to support any token using that standard. This is much simpler and scalable than each token having its own personalized code.

The functions 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 token owner’s account to another account

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#1640

  1. The ERC-20 token standard allows wallets and exchanges to support any token using the ERC-20 standard. Without the standard it would be much more difficult and less scalable to list every token as they would each have their own code.

  2. There are certain functions that each ERC-20 token must employ to meet the ERC-20 token standard. An example would be the balanceOf(), this command gives the balance of tokens in the users account. Another example would transfer(), which would allow the user to transfer tokens.

1 Like
#1641

1. What are the benefits of setting a token standard like ERC20?
Having a standard like ERC20 allows wallets and exchanges to be programmed to support any token using that standard. This is much simpler and scalable than each token having its own personalized code.

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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#1642
  1. Having a standard ERC20 allows wallets and exchanges to be able to integrate support for any token using that standard easily.
  2. totalSupply() gives total supply of tokens that exist,
    balanceOf(address account) gives balance of ERC20 tokens from address,
    transfer() allows transfer of ERC20 tokens from one address to another,
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#1643
  1. With a standard like ERC-20 we can assure that every wallet can handle the token which are created with this standard.
  • balanceOf() defines how many tokens are held by the address (if I got it right, could be also querying the amount of tokens an address holds?)
  • transfer() sends tokens to any recipient

I didn’t really get this second question. While many people in here wrote that totalsupply is a function too, in the linked article it doesn’t list it as a function. Am a bit confused tbh.

1 Like
#1644
  1. What are the benefits of setting a token standard like ERC20?

Wallets and exchanges can be programmed to support tokens of the same standard. It simplifies things and can be built on, without the hassle it would be if every token had its own standard/code.

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

totalSupply() shows the total amount in existance of a token
balanceOf(address account) shows the balance of a ERC20 token address
transfer() makes transfer of a ERC20 token to an address possible

1 Like
#1645
  1. No exra friction means all have a Standard where we can all communicate easily together and don’ split unnecessary.
  2. totalSupply() for example gives the total of fungible tokens.
    They allow the easy connection through different exchanges and Wallets.
#1646
  1. What functions are in the ERC20 Token Standard Interface and what do they do?

Yes, but could you please explain a little bit more about the other functions and what do they do?

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

Carlos Z.

#1647

Those functions are used when programming a smart contract, all ERC20 standards that will have a token on their contract, should use those functions to manage the token.

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

Carlos Z.