Homework: ERC20

[Staywell]

1. Benefits of setting a standard allows creation of S.C.s to integrate and interoperate with each other that is efficient, reducing friction when all operate by the same set of “functions.”

2. f: Balance Of- provides balance of an address
   f: Total supply - calculates total tokens in circulation
   f: transfer - allows owner to transfer given amount to another address
   f: approve - Allows owner of S.C to authorize transfer of given amount to an address
   f: transfer from - allows S.C. to automate transfer and send given amount from the owner, similar to auto debit from a bank to pay bills.

[cleggyuk]

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

• Creates a friction-less environment by using standards that allows all wallets & exchanges to communicate efficiently due to the nature of the common coding practices.

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

• function totalSupply() - The total supply of Tokens in existence
• function allowance(address owner, address spender) - Gives allowance to another adress to take tokens from it - Returns the remaining number of Tokens allowed to be spent on behalf of the owner
• balanceOf(address account) - This functions gives a public addresses’ balance of ERC20 tokens

[TheKord71]

1. benefits of setting a token standard like ERC20 is that all tokens on the platform are following the same set or rules so it makes it easy to check certain aspects of a token like total supply out there since you know the same command is used by all of them. Also, makes it easy for exchanges or wallets to add the tokens since they all follow the same standards

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

[R.C]

1 - so that it can be compatible with other currencies that also use the same standard model

2- the balance of a specific account and the total of fungible tokens

[Nat]

1. So exchanges and wallets can function universally.
2. Total supply, balanceOf, and they communicate clearly with each other.

[thecil]

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

@radovanheldak

totalSupply(), ballanceOf(address),…

@R.C

2- the balance of a specific account and the total of fungible tokens

@Nat

Total supply, balanceOf, and they communicate clearly with each other.

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!

Carlos Z.

[thecil]

@CanadaWhite

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…

You mean the BalanceOf function and Transfer function, you might want to redesign your question

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

Carlos Z.

[Lucas_Botello]

@filip

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

It makes easier to communications between wallets, exchanges, and dapp which need to interact with them.

@filip

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

totalSupply() - return the total supply of the token
balanceOf() - return the balance of the account between ()
tranfer( , ) - Transfer to the account the certain number of tokens that are defined in the two arguments.

[CryptoKade]

Standards are important because it allows all who create to understand and use the same rules for implementing new tech. If every token had its own standard then wallets and Capps would have a hard time integrating different tokens as they all run different standards.

• totalSupply() which gives a number as an output. This number is the total supply of the token
• balanceOf() which takes the address of an owner as the input and gives the balance of the users as output
• allowance() function takes in the address of the tokenOwner and the spender and gives as output, the number of tokens allowed to be transferred from a given address by another given address.
• transfer() function simply takes in the address of the receiver and the funds which are to be sent to the account
• approve() function. You can approve another to spend from your account.
• transferFrom() function. It takes in three inputs — the address of the sender, the address of the receiver, as well as the number of tokens to be transferred. And gives an output of the success or failure of the transfer.

[Bossman]

Homework on ERC20 token standard.

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

• We have the same function and naming conventions across all ERC20 tokens.
• This is very powerful as we can be very efficient, offers fast learning curve across multiple tokens, and allows for interoperability between ERC20 tokens.

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

• totalSupply : Returns the total circulating amount of tokens.
• balanceOf : Returns how many tokens exist in an account.
• transfer : Transfer an amount of tokens from tokens owner’s account to another account.

[Hinkelm9n]

1. Setting a token standard is simplifying rule sets for infrastructure when other projects build on Ethereum. The benefit of this is the synergetic ecosystem.
   2.balanceOf(): emits the number of tokens held by a given address. Transfer() which emits details of the movement of tokens from one address to another. Approval() which emits details of approvals of tokens from one address to another.

[Rodbstarr]

1. The benefit of setting a standard like ERC20 is that the system can be scalable and all the token will be able to communicate with each other.

2. Here are some functions in the ERC20 standard:
   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.

[Nat]

2. a) total supply: tell you how many tokens are in circulation.
   b) balances: exchanges or wallets can check balances of specific tokens.

[Binh]

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

The benefits are that everything build on the Ethereum blockchain can communicate with wallets and exchanges as they are already ERC20 compatible.

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

totalsupply => will show a total balance of all the tokens together

balance0f( ) => shows the number of tokens held by a given address

transfer ( ) => transfers tokens directly from messenger to another address

[Chefrusty]

1. Less friction, all wallets can communicate with each other, base code is the same
   2.total supply… Is just that… Balance of… Balance of said wallet, transfer from= send

[Lombard.crypto]

• What are the benefits of setting a token standard like ERC20?
  To have no friction and all codes are the same for wallets and exchanges to read and understand tokens.
• What functions are in the ERC20 Token Standard Interface and what do they do?
  totalSupply() gives maximum number of tokens that exist in total
  balanceOf(address account) gives a public addresses’ balance of ERC20 tokens
  transfer() allows someone to transfer their ERC20 tokens to another public address

[Zakzub]

[quote=“filip, post:1, topic:8440, full:true”]
Homework on ERC20 token standard.

1. What are the benefits of setting a token standard like ERC20?
   The following are benefits of setting a token standard like ERC20:
   a. It provides a standard or a uniformed way in which all tokens are programmed.
   b. Exchanges are able to communicate with each other from day one because they all speak the same language.
   c. Many developers are able to to easily come up with their own cryptocurrencies.
   d. It has propelled the industry very much.
   e. It creates integration and interoperability in the industry.
   f. It avoids friction (problems) and leads to efficiency in the space.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   Some functions in the ERC20 Token standard Interface are:
   a. The totalSupply function-the sum of all balances.
   b. The balanceOf() function-the number of tokens held by a given address.
   c. The transfer() function-transfers a number of tokens directly from the message sender to another address.
   d. The allowance() function-provides the number of tokens allowed to be transferred from one address to another.

[Cdot]

1. Setting a Standard like ERC20 helps people who want build on top of the Ethereum blockchain because you have the same convention about how you write and read smart-contract.
   it improves interoperability, efficiency, scalability.

2. totalsupply; equals the sums of all balances.
   balanceOf() provides the numbers of tokens held by given address

[Dominik_Szopa]

1. What are the benefits of setting a token standard like ERC20?
   All wallets will be able to support this token from day one.
   ERC20 standard defines what methods need to be implemented by developers, so everyone that develop smart contracts need use the same name of methods.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   balanceOf - returns number of tokens
   transfer - transfers number of tokens from sender to recipient address
   approve() and transferFrom() the same as transfer but uses approve method to approve the transfer first
   allowance - number of tokens allowed to be transfered.

[Johnknee]

1. It makes it easier for exchanges, smart contracts, and other software to interact with a Token because all tokens follow these specific standards.

a. totalsupply - sets the total supply of the ERC-20 Token.
b. balanceOf - This function allows contracts, exchanges, etc to view the token balance of an address.