Homework: ERC20

[yash]

1. Some of the benefits that a token standard like ERC20 bring is that it is easier for exchanges to add them to their platform as the programs running are very similar and uniform to each other. Also this means that it is easier to learn how to do this making it easier to deploy and use.

2. Some functions include:
   totalSupply() which gives the total number of current tokens in existence
   balanceOf(address account) which gives the balance of an address’s tokens (is used by exchanges and wallets)
   transfer() which gives one the capability to transfer the token (ERC20) to another address

[KryptoS]

Q1. What are the benefits of setting a token standard like ERC20?
Setting a token standard like ERC20 for development on Ethereum blockchain ensures all Dapps, exchanges, wallets, smart contracts can communicate among each other in an efficient way, promotes interoperability and development of new tokens, smart contracts and Dapps.

Q2. What functions are in the ERC20 Token Standard Interface and what do they do?
Key functions in the ERC20 Token Standard Interface are:

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
totalSupply() allows an instance of the contract to calculate and return the total amount of the token that exists in circulation
approve() enables the owner of the contract to authorize the given address to withdraw instances of the token from the owner’s address
transfer() lets the owner of the contract send a given amount of the token to another address
transferFrom() allows a smart contract to automate the transfer process and send a given amount of the token on behalf of the owner
allowance() provides the number of tokens allowed to be transferred from a given address by another given address

[RagnarAces]

1. Mainly because these tokens created using the ERC-20 standard benefit from the existing Ethereum infrastructure instead of having to build a completely new blockchain for them, saving time and resources.
   On the other hand, the creation of new tokens strengthens the Ethereum ecosystem by driving the demand for Ether, which makes the entire network even more secure.
   And finally for its interoperability. If all the tokens created on the Ethereum network use the same standard, those tokens will be easily interchangeable and can easily work with other Ðapps from the same ecosystem.
2. totalSupply() -balanceOf- returns , transferFrom

[thecil]

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

@RagnarAces

totalSupply() -balanceOf- returns , transferFrom

Yes, those are some of the functions, 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.

[demdol]

• What are the benefits of setting a token standard like ERC20? Enables ethereum to be used as a platform for tokens to be built upon.
• What functions are in the ERC20 Token Standard Interface and what do they do? e.g. get your total balance, what is your total supply of tokens

[RagnarAces]

Balanceof: is a mapping of address to how many tokens that address owns.
totalSupply: Identifies the total number of ERC-20 tokens created.
transferFrom: this function lets the owner of the contract send a given amount of the token to another address

[raul782]

1. Higher interoperability, easier integration with exchanges for example, easier to audit given there is a known set of standard functions
2. Name, symbol, decimals,totalsupply, balanceof, transfer, transferFrom, approve, allowance. They help you interact with the token and the balance of token holders

[Raquel]

1.- Standard ERC-20 allows interoperability and efficiency interacting with the smart contract. So this permits the deployment of wallets and creation of new tokens because common and easy.

2.-

• balancesOf(): provides the number of tokens by a given address.
• doSomething(): to opérate instructions.
• allowance(): provides the number of tokens allowed to be transferred from a given address to another address.
• approve(): a token holder gives another address approval to transfer up to a certain number of tokens.
• transfer(): transfers a number of tokens directly from the message sender to another address.

[Marv]

1. Wallets, Exchanges and pretty uch the whole ecosystem are able to communicate with smart contracts in a standardized way, not i a different fashin for every single token

• balanceOf(): provides number of tokens held by given address
• transfere(): transfers a number of tokens directly from message sender to another adress
• approve(): gives another address( usually of a smartcontract) approval to transfer up to a certain number of tokens (i.e.allowance)
• tranferFrom(): recipients address can use this function to take up to the allowance to carry out its work

[thecil]

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

@demdol

e.g. get your total balance, what is your total supply of tokens

@raul782

Name, symbol, decimals,totalsupply, balanceof, transfer, transferFrom, approve, allowance. They help you interact with the token and the balance of token holders

Yes, those are some of the functions description, 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.

[spacejellyfish]

1. Allows Exhanges and wallets to support any Token using this standards. Allows interoperability between tokens.
   2.Totalsupply() gives total number of token that exists
   Balanceof(adress) Gives balance

[biokillos]

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

So instead of reinventing the wheel tokens can share similar methods based on the standard.

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

Examples are ‘totalSupply()’ and ‘balanceOf(address)’ that gives tokens total supply and how many tokens an address has respectively.

[Jari_Landman]

1. This way, all tokens will use the same standards instructions. This makes it easier for the network to understand what all smart contracts are supposed to do. This also enables wallets and exchanges to understands the smart contract from day 1.
2. The BalanceOf() function gives the balance of the wallet address that was the input.
   The transfer() function is used to send tokes from the sender to the receivers address. Transferring tokens can also be done by the approve() and transferFrom() functions, with these function an allowance must be set to determine how much tokens a certain input can use. This allowance is created by the allowance() function.

[Juan_G_Garcia]

1. The benefits are that all ERC 20 tokens can communicate effeciently with wallets and exchanges.
2. 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

[JeffR]

1. If it is ERC20 exchanges and wallets will accept it.

2. function totalSupply() - total amount of tokens there will be
   function balanceOf - give address of account you want to give tokens too.

[Orantes]

1. What are the benefits of setting a token standard like ERC20?
   The community can have a set standard to integrate and evolve the crypto space.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   The ERC20 token standard creates fungibility and compatibility, for better interoperability across the community.
   Some standard functions of ERC20 tokens are:
   totalSupply(): returns total token supply
   balanceOf(): returns account balance
   transfer(): takes address of receiver and amount to spend as input, returns boolean true or false (transferred or amount could not be transferred)
   approve(): takes address of sender and amount to spend as input, and outputs success or failure
   transferFrom(): takes sender’s and receiver’s address as well as the token amount as input, returns boolean true or false (transferred or amount could not be transferred)

[Cryptomaxi]

1.ERC20 standard allows for the Ethereum ecosystem Tokens and coins) and programmers a commom language and way of communicating.

2.totalSupply()…provides maximum number of tokens that exist
balanceOf(address account)… provides a public addresses’ balance of ERC20 tokens
transfer() …transfer ERC20 tokens to another public address

[Jiaying]

1.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. 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

[Crabheadjams]

1. The benefits of setting token standards like ERC20 are that all exchanges, wallets, nodes, etc. already know how to read the code and this makes the entire space more efficient.

2. Functions in the ERC20 token standard interface are totalSupply, balanceOf, and transfer.
   totalSupply is a function which gives you how many tokens are in circulation.
   balanceOf is a function which gives the supply to the account you want to get the balance.

[CryptoHulk]

@filip

• What are the benefits of setting a token standard like ERC20?
• What functions are in the ERC20 Token Standard Interface and what do they do?

1. All projects build with ERC20 tokens are having a better way to communicate and build as they have the same standards. It is like accents Scotts, English, American, Australians - they speak a bit different, but they have common standards and they have no bigger problems with communication

2. balanceOf(); shows balance of owner
   totalSupply(); shows max suply
   approve(); it gives the approval to transfer between users
   transfer(); it sends tokens from one address to another
   and more