Homework: ERC20

Ethereum 101
#1668

  1. A benefit of token standards in ERC20 is that it allows wallets and exchanges to easily add tokens by querying the balance with the same function. Other benefits are simply that it increases efficiency as creates common ground between all ERC20 tokens.

  2. totalSupply() gives the maximum amount of tokens that exist
    transfer() allows tokens to be transferred between addresses (or sent to the burn address)
    approve authorizes another address to pull x amount of tokens from the given address.

1 Like
#1669

  1. Having a set of standards means that all tokens will behave in the same predictable manner and hence any wallet, exchange or application designed to work with ERC-20 tokens will immediately be able to interactive with ANY token using that standard even ones not in existence at the time of their development.

  2. The ERC-20 standard has 6 mandatory functions.

  • totalSupply - Returns the amount of tokens in existence

  • balanceOf - Returns the amount of tokens owned by account

  • transfer - Moves an amount of tokens from the caller’s account to a recipient

  • transferFrom - Moves an amount of tokens from sender to recipient using the allowance system. Amount is deducted from the caller’s allowance

  • approve - Sets amount as the allowance of spender over the caller’s tokens.

  • allowance - Returns the remaining number of tokens that spender will be allowed to spend on behalf of owner through the transferFrom function

1 Like
#1670
  1. all tokens can interact with each other
    2.total supply is the total amount of tokens. You can also check the balance of addresses.
#1671
  1. Being able to code and understand many different tokens allows consistency and hence efficiency in the ecosystem.
  2. Balanceof(…) checks the balance of the account, transfer(address recipient, …) is the function to send tokens from one user to another, totalSupply(…) checks the number of tokens in circulation.
1 Like
#1672
  1. Standards allow using any token without limitations on the ETH infrastructure and widely accepted and most commonly used.
  2. balanceOf(eth address of a wallet) returns the balance of a wallet address
#1673

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

Yes sir, that is one of the functions, but could you please describe what those functions do? (the rest of them)

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

Carlos Z.

#1674

1.The benefits of the token standard is that people can still have their own coin but it can be used across multiple wallets
2.The functions in erc20 token standard is, Total supply which shows you how many tokens you have.

#1675

1. What are the benefits of setting a token standard like ERC20?
It allows wallets and exchanges to efficiently accept tokens. Also smart contract applications communicate with each other efficiently.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
TotalSupply - the total amount of supply of a particular token
balanceOf - token balance of a ERC20 wallet
transfer - transfer a certain amount of tokens to address _to
transferFrom - transfer money from address _from to address _to
approve - grants another address permission to transfer an amount of fund from the given address.
allowance - the maximum amount of tokens that can be withdrawed by another address

1 Like
#1676
  1. What are the benefits of setting a token standard like ERC20?
    A. It allows easy communication between tokens on exchanges for smooth interoperability and an identical protocol of function
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    A. They are considered fungible which means that they are identical and can be measured the same standards as other tokens in the language and allows exchanges to easily carry new tokens that are using the same standards
#1677

  1. To ensure that all applications used on the network can communicate with each other.

  2. totalSupply() gives 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
#1678
  1. What are the benefits of setting a token standard like ERC20?

We can exchange tokens, use the same wallets, exchanges can deal with them and recognise them by the standard code names.

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

totalSupply(), transfer()

#1679

1.ERC20 standards can interacts with other wallets or currencies, it also makes assets interchangeable, it’s also provides secure and easy transactions.
2.Functions on the ERC20 token standard interface:
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.

doSomething() that requires instructions

transferFrom()transfer token from the owner to the receiver

approve()approval to transfer up to a certain number of tokens

allowance() function provides the number of tokens allowed to be transferred from a given address by another given address

1 Like
#1680

  1. The benefits of setting a token standard are that all the different tokens can easily communicate, and wallets, as well as exchanges can easily interact with all ERC20 tokens that follow the standard. Communication would be a lot harder if there was not standard and each smart contract and token worked with different functions.

  2. Some fo the functions in the ERC20 Token Standard are totalSupply- Give total supply of the token. balanceOf- Balance of specific address. transfer- Transfers tokens.

1 Like
#1681

Some benefits of a standard token language makes it easier for wallets and exchanges to communicate without confusion.

BalanceOf ( ) - shows your wallet balance
transfer ( ) - sends tokens from one user to another
allowance ( ) - provides the number of tokens allowed to be transferred from on address to another address

1 Like
#1682

1- Having standards allows the market to communicate easily an avoid friction, exchanges and wallet can add all ERC20 tokens because of their similar code
2- We have totalSupply() that give us the total token supply in the market, We also have balanceOf(account) that gives the token balance for an account.

2 Likes
#1683

1.By setting a standard we can reach efficiency. Integrate and interoperate with other smart contracts. Communicate with each other.
2.Some of the Funtions of ERC20 are: total Supply, balance, transfer, allow and others.

#1684
  1. The benefits of ERC20 are: functions are standardized, you can talk with other smart contracts with same standards.
contract ERC20Interface {
    function totalSupply() public constant returns (uint);
    function balanceOf(address tokenOwner) public constant returns (uint balance);
    function allowance(address tokenOwner, address spender) public constant returns (uint remaining);
    function transfer(address to, uint tokens) public returns (bool success);
    function approve(address spender, uint tokens) public returns (bool success);
    function transferFrom(address from, address to, uint tokens) public returns (bool success);

    event Transfer(address indexed from, address indexed to, uint tokens);
    event Approval(address indexed tokenOwner, address indexed spender, uint tokens);
}
1 Like
#1685

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

Yes sir(s), 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.

1 Like
#1686

  1. One of the benefits of implementing a token standard like ERC20 is that make all tokens fungible, meaning they are all the same. This way it makes it easier for exchanges and wallets to support them from day 1 because the way that the tokens are programmed and deployed is the same for all of them.

  2. totalSupply() which gives how many tokens are in circulation, balanceOf(address account) which gives the balance in the account, transfer(address recipient, uint256 amount) which transfer money to the specified recipient and the corresponding amount to transfer.

#1687
  1. What are the benefits of setting a token standard like ERC20? when you have a set standard the functions used are the same, meaning we can interoperate through such a standard, furthermore a smart contract on ERC20 can be supported from day 1 by exchanges and wallets.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
  • transfer() will allow transfer from ERC20 to another public address
  • balanceOf() will output the balance
  • totalSupply() will output the number of tokens in total