Homework: ERC20

Ethereum 101
#1709

1. What are the benefits of setting a token standard like ERC20?
Having a standard such as ERC20 allows wallets and exchanges to be programmed to support all tokens implementing ERC20 interface.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
name - returns name of the token
sumbol - returns the symbol of the token
decimals - returns the number of decimals the token uses
totalSupply - returns token total supply
balanceOf - provides number of tokens held by a given address
transfer - transfers a number of tokens directly from the message sender to another address
transferFrom - transfers a number of tokens from one address to another address
approve - allows an address to withdraw from your account multiple times up to some specifed threshold.
allowance - provides the number of tokens that an address is still allowed to withdraw

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#1710
  1. Allows for wallets and exchanges to host all ERC20 tokens and allows for smooth interaction with other smart contracts and web servers
  2. total Supply- max number of tokens that exist,
    Balance- token balance of an account,
    Transfer- transfer tokens from the sender address to another address
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#1711

The benefits of setting a token standard is the interoperability between wallets, communication, functions etc.

Functions like totalSupply(), balanceOf(), transfer() exist within the ERC20 token standard allows easy public access to the supply of token, individual address balances and transfers

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#1712

  1. What are the benefits of setting a token standard like ERC20?
    The benefits are that all the tokens use the same naming conventions and they are all able to communicate with one another. This allows for interoperability and also the simplification of of creating new tools, apps, and layers to the Ethereum network.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    There are many functions in the ERC20 Token Standard, but some of the the most common ones are balanceOf() where it invokes the balance of a specific token in an ERC20 address, totalSupply() where it gives the maximum number of that token in circulation, and transfer() where it allows one address to another.

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#1713

  1. What are the benefits of setting a token standard like ERC20?
    It enables to exchange the Tokens issued from different smart contract.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply():
    balanceOf():
    transfer(address recipient, uint256 amount):
    approve(address spender, uint256 amount) :
    transferFrom(address sender, address recipient, uint256 amount):

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#1714
  1. What are the benefits of setting a token standard like ERC20?
  • the main benefit of a ERC 20 token is that it can be operable on any wallet that supports Ethereum and it can have wide adoption also an ERC20 standard is widely known and understood by the crypto eco system so people would intracact with your ERC20 token so its much better to have an erc20 token then having to build your own blockchain and your own coin.
  1. What functions are in the ERC20 Token Standard Interface and what do they do?
    -ERC20 token have functions like balanceOf() to check balance of a specific address, totalsupply() for checking the total supply , transfer() for transfer , mint() for minting new token , approve() for approving spending
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#1715

  1. What are the benefits of setting a token standard like ERC20?
    By having a token standard like ERC 20 means that when developers create Wallets, Exchanges, Dapps, and Smart Contracts they can recognise all Tokens on the Blockchain for that standard.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Functions are standard sets of code which can use variables so as to perform an action, such as:

  • 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
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#1716
  1. It have a many benefits including allowing wallets to provide token balances for the hundreds of different tokens and creating the mean of exchange
  2. The functions are allow the users to find out the ballance of account as well as for transfer one account to another under varying conditions.and they do alot as example approve() and transform() are two functions allow work using two setup processes.
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#1717
  1. They can be used by third party services from day one. Different tokens can also easily communicate between each other.
  2. totalSupply(), ballanceOf(address),…
#1718

1 the benefit is that all wallets and exchanges can talk to each other with no communication problems and make it easy to implement for everyone

2 totalSupply() gives the max token that can exist
balanceOf() give a public address balance
transfer() allow people to send each other the erc20 token

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#1719

1.) Setting a token standard like ERC-20 is beneficial because this allows for interoperability. This allows all platforms and exchanges that support the Ethereum network to interact in a meaningful way with the Token address and contract.

2.) totalsupply() : Provides total number of tokens in existence.
balanceOf(). : Provides number of tokens held by a given address.
transfer() : Allows transfer of tokens from message sender to a given address.
approve() : A 2 part process. Allows for doSomething(). Approves to transfer of a certain allowance() of tokens.
allowance() Provide the number of tokens allowed to be transferred from one given address by another given address.

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#1720

  1. This allows for the everyone utilizing this space to be able to communicate with each other as all parties are utilizing the same standard.

  2. Total supply - amount of tokens in existence
    BalanceOf - gives total amount owned by the address
    Allowance- Defines who is allowed to use the contract (sender/receiver)
    Transfer- Request for token amount to be sent from sender to recipient
    Approve- Approves the amount being sent from the balance and whether the tx was successful
    Transfer from- Executes the amount requested and approved to be sent to recipient.

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#1721

  1. It provides a set of rules, ensuring that all smart contracts build on it have the same base functions and therefore 3rd parties have a generic way of using them. In programming we refer to this as Polymorphism - wallets/exchanges/etc. as users can call the same methods for every ERC20 contract and expect them to work properly.

  2. totalSupply() calculates and returns the total amount of existing tokens (in circulation)
    balanceOf() stores and returns the balance of particular address
    transferFrom() allows a smart contract to automatically send a given amount on behalf of the owner

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#1722
  1. The benefit is all tokens are easy to program regading their use cases and address remaining same so all users, exchanges can organise easily with same standard.

2 i. balanceOf() function provides the number of tokens held by a given address,
ii. transfer() function transfers a number of tokens directly from the message sender to another address.
iii. allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.
iv. transferFrom(): take certain tokes from sender’s account and carry on its work.
v. doSomething(): to operate instructions.
vi. approve() : autherise transaction to transfer token from your one address to another.

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#1723
  1. It creates a standard of which to build all tokens off of instead of everyone creating their own instructions that are not able to be interpreted between each other on the same platform.
  2. BalanceOf() provides the number of tokens held by a given address.
    transfer() function sends a specific number of tokens to another address
    approve() gives authorization from one address to another to allow a transfer
    allowance() provides the number of tokens that are allowed to be transferred to another address
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#1724
  1. Creates interoperability between tokens on Ethereum. For example there are hard coded functions such has the total supply, etc.
  2. TotalSupply and balanceOf are a couple. Shows total supply and existing balance in a wallet.
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#1725

  • What are the benefits of setting a token standard like ERC20?
    That theoretically anyone can go and program their own token and name variables and use their preferred syntax, but by having a convention or standard, the Wallets and Exchanges can go and interact with tokens in the same way making it more efficient and allowing for the development and adoption of more tokens faster and build applications that can talk with each other.

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply() provides the total amount of tokens in circulation.
    balanceOf(address account) provides de balance of an account
    transfer(address recipient, uint256 ammount) amount of tokens to transfer

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#1726
  1. What are the benefits of setting a token standard like ERC20?

The benefits of the ERC20 standard include interoperability, efficiency, and legibility. Platforms are made that can easily implement and use many tokens as they are built with the same framework. It is easy to read code as it is essentially the same for all ERC20 tokens.

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

Below is the list of basic ERC20 functions, these set token allocations and allow for a users address balance to be identified, and for funds to be transferred with proper allowance.

function totalSupply() public view returns (uint256); (total number of ERC-20 tokens created.)

function balanceOf(address tokenOwner) public view returns (uint); (returns the number of tokens a given address has in its account.)

function allowance(address tokenOwner, address spender) public view returns (uint); (checks the balance of specific account will cancel the transaction if there are insufficient tokens.)

function transfer(address to, uint tokens) public returns (bool); (allows issuance of token transfers from the total supply to a specific account.)

function approve(address spender, uint tokens) public returns (bool); (pings address approval for transaction.)

function transferFrom(address from, address to, uint tokens) public returns (bool); (Allows a user to transfer tokens to another user.)

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#1727
  1. The benefits of setting a token standard like ERC20 is that it allows us to develop as a community and play by the same set of rules. If each of us was operating on a different set of conditions it would be similar everyone driving according to the rule signs of their country and not the country they were actually driving in. Additionally, it allows wallets and exchanges to be programmed the same and operate in the same set of conditiions/rules. Anything else would be inappropriate for a large community being able to evolve.
  2. The total supply function which maintain that all ERC20’s have a fixed amount of tokens and is easily verifiable to the certain exchanges, market cap pricing sites or anyone who wants to know how inflated or underinflated the token in questiion is (this is currently unlike info our national fiat currencies provide us easily or truthfully. ) Another is the (accountbalance) function which allows us, exchanges or anyone we are doing business with to confirm the balance of that account confirmed\ allowing the truth the be validated quickly…
#1728
  1. What are the benefits of setting a token standard like ERC20?

Having a token standard allows parties to easily transact with, store, or create new tokens that can be deployed with increased efficiency.

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

balanceOf: Function outputs the number of tokens owned by a given address
totalSupply: Function outputs the total number of the token supply
transfer: Function facilitates the transferring the ownership of tokens from the transferFrom address to this address
transferFrom: Function facilitates the transferring of tokens from this address to the transfer address
approve: Function facilitates the approval of the transfer by the smart contract as a third party address
allowance: Function outputs the maximum allowed transfer the approve function can facilitate for the given address

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