Homework: ERC20

Ethereum 101
#1809
  1. Standards ensure all apps are interoperable and brings consistency to community by increasing efficiency.
  2. totalsupply() gives the total amount of the token
#1810

Yes sir, but could you please describe more functions?

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

Abel S.

#1811
  1. It is more efficient. Easier for wallets and exchanges to support such token that is built on ERC20, like many others.

balanceOf() - shows address’ balance
transfer() - transfers directly to another adress

approve() transferFrom()
doSomething()
allowance() - to allow the transfer

1 Like
#1812

1 Standards allows wallets to add new ERC 20 because they have the same code and language
2 BalanceOf() the balance of a specific address; totalSupply() gives the total supply of fungible tokens

#1813
  1. The benefits of setting a token standard like ERC20 are uniformity and fast transactions.
  2. The ERC20 functions:
  • totalSupply() - total amount of the token in circulation
  • balanceOf() - store and return the balance of the provided address
  • approve() - the owner of the contract approves the given address to withdraw the amount of token from owner’s address
  • transfer() - lets the owner of the contract send a given amount of the token to another address
  • transferFrom() - a smart contract automates the transfer process and send a given amount of the token on behalf of the owner
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#1814
  1. Token standards are very reliant, they make the whole space able to communicate with each other.
  2. The balanceOf() function provides the number of tokens held by a given address.
    The transfer() function transfers a number of tokens from the message sender to another address.
    approve() and transferFrom() are two functions that work in tandem to provide checks and operate smart contacts.
    The allowance() function provides the number of tokens allowed to be transferred from a given address by another address.
1 Like
#1815

Yes sir, but could you please describe more functions?

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

Abel S.

#1816

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

Indeed sir, but could you please describe the others?

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

Carlos Z.

1 Like
#1817

Q1. What are the benefits of setting a token standard like ERC20?

A1. Allows all Exchanges and Wallets to fully support all tokens.

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

A2. ERC20 (balance & transfer) Function list and description;

  • balanceOf(): provides the number of tokens held by a given address
  • transfer(): transfers a number of tokens directly from the message sender to another address
  • approve(): allows an owner - i.e. message sender - to approve a delegate account
  • transferFrom(): allows a delegate approved for withdrawal to transfer owner funds to a third-party account
  • allowance(): provides the number of tokens allowed to be transferred from a given address by another given address
  • totalSupply(): returns the number of all tokens allocated by this contract regardless of owner
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#1818
  1. The benefut if setting a token standard like ERC20 is its fungibility. Each token using ERC20 operate under the same standard and same set of rules, meaning they can communicate with each other.
  2. Total Supply, Total Balance, Total Transfer. They allow you to set a total supple of the token, wallets will be able to see the total balance and you will be able to transfer tokens with other tokens because the apply the same functionality.
1 Like
#1819
  1. What are the benefits of setting a token standard like ERC20? Helps create a universal (token) language that can be adopted by programmers, exchanges and other interested parties for fluency and easier adoption
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    Total Supply – Total Token Supply
    Balance - Get the account balance of another account
    Transfer – Transfers of tokens directly from one message sender to another
    Approve – Approve to transfer up to certain number of tokens
    Transfer From –Send value amount of tokens from address to address
    Allowance - Provisions for the number of tokens to be transferred from one address to another
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#1820

  1. Setting a token standard is essential to enable communication across the network. All tokens use the same code, structure and other features so they are identified as a particular type of token. This allows, for example, wallets to provide balances for different tokens.

  2. Some functions of the ERC20 Token Standard Interface include:
    balanceOf( ) - number of tokens held by wallet holder
    transfer( ) - transfers tokens directly to another address
    doSomething( ) - used to pay for functions in a smart contract (transfer( ) doesn’t work
    approve( ) - provides token holder approval of smart contract address to send a certain number of tokens (also called “allowance”) (step one of doSomething( ))
    transferFrom( ) - after doSomething( ) is run, then approve( ) enables funds to be transferred after approve( )
    allowance( ) - number of tokens allowed to be transferred.

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#1821

Exchanges can check wallets for balance
Standards are put in place for many use cases to avoid friction inthe economy [systems in place]
for example ERC20 Standard has the same naming conventions same parameter conventions so, without ERC20 standard, everyone would be able to build their own version of their token.

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#1822
  1. What are the benefits of setting a token standard like ERC20?

With ERC-20 the naming conventions are the same, and so, the code of different tokens is laid out in the same way (with the same functions). That increases the interoperability and the efficiency of the whole space and economy, as the wallets and the exchanges know how to communicate with these tokens.

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

Some of the functions of the ERC-20 Token Standard Interface are totalSupply, which will give you the total amount of tokens. Also balanceOf, with which the wallets can get the balance of an address. Another one is transfer.

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#1823
  1. What are the benefits of setting a token standard like ERC20?
    Benefits include allowing apps ,tokens, wallets, exchanges, nodes and miners ease of use because the language is consistent. Makes it easier for interoperability.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    The functions : all have total supply
    balanceOf () the balance of a given address
    transfer () allows send to another address
    approve () give permission to transfer
    allowance () provides # of tokens to be transfered
    transfer from () takes certain from sender to carry out Smart Contract
    do something () to operate instructions
1 Like
#1824

1. What are the benefits of setting a token standard like ERC20?
a. Allows different applications built using the standard to communicate with each other
i. Ease code readability by programmers from different projects
ii. Increases interoperability of the tokens since they share the same syntax
iii. Wallets and Exchanges able to operate with each other “seamlessly”

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

  • totalsupply - Provides the maximum number of tokens that exist
  • balanceOf - Provides the number of tokens held by a given address.
  • transfer - Allows someone to transfer their ERC20 tokens to another public address
  • transferFrom -Takes in 3 inputs — the address of the sender, the address of the receiver, and the number of tokens to be transferred. Gives an output of the success or failure of the transfer.
  • allowance - provides the number of tokens allowed to be transferred from a given address by another given address.
  • approve - a token holder gives another address approval to transfer up to a certain number of tokens(allowance).
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#1825

Having a standard allows for inter comunication

totalSupply() total tokens that exist
balanceOf(address account) gives public balance of erc 20 tokens
transfer() allows transfer their erc 20 tokens to other address

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#1826

What are the benefits of setting a token standard like ERC20?
It allows dapps, websites, exchanges, etc. to all interact with current and future tokens without having to know anything specific about them. They will all have a base set of functions that can be relied upon to be available and to know how they operate.

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

  • totalsupply(): returns the total available supply of the token
  • balanceOf(): returns the balance of the token for a specific address
  • mint(): creates new tokens
  • approve(): gives permission to a smart contract to send a certain amount tokens on behalf of someone else
  • transfer(): transfers tokens from one user to another
1 Like
#1827
  1. What are the benefits of setting a token standard like ERC20?
    Ease of communication and recognition.
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    All ERC-20s have TotalSupply and BalanceOf functions. TotalSupply shows the complete availability of the token and BalanceOf shows how much your wallet holds.
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#1828

  1. The benefits of setting a token standard like ERC20 is that more wallets can support the token or NFT. Another benefit of setting a token standard is that there is a common language in the community.

  2. a) Totalsupply (tells you the ammount of coins available)
    b) balanceOf (tells you the address of an account)

1 Like