Homework: ERC20

[Ajab]

1. The benefits of the ERC20 token standard enable developers to call the same functions in the code which ensure consistent behavior of such functions when called.

2. TotalSupply(), Balance() are 2 of the common functions in the ERC20 standard.

[Bull75rm]

1. Having a standard like ERC20 allows the exchanges and the wallet to support all the tokens from day one because they have all written following the same standard.
2. totalSupply() gives you how many tokens are in circulation
   balanceOf allows exchange or wallet to know the balance of a particular address
   transfer allows someone to transfer their tokens to another address

[ElyRamos]

• What are the benefits of setting a token standard like ERC20?
  Token will base in the standar ERC20 using the same language so the exchange and the wallet can easily add them

• What functions are in the ERC20 Token Standard Interface and what do they do?
  ERC20 basically all have the standard fungible tokens,it has function like give the banace of an account (total supply) (balance of) in another hand we have NFT like :
  ERC 721 are Non fungible tokes means each token is unique

[mepler]

1. The ERC20 standard allows tokens to have the same standard programming language, making the tokens accessible across different exchanges and wallets. Also with projects and tokens being written with the same standards, there will be less friction and more efficiency.

2. There are a number of functions within the ERC20 standard that allow users to view account balances and transfer tokens between accounts when conditions are met. The balanceOf() function allows users to view the number of tokens a certain address holds. There are also two different ways to send tokens from one address to another. Transfer() function allows tokens to be sent from one address to another. The approve() and transferFrom() functions allow users to pay for a function within a smart contract. Within this action, the allowance() function provides how many tokens can be sent in this kind of transfer function.

[acf]

1. It helps wallets query token functions in the same structure; in a common smart contract programming standard. This helps user wallets or exchanges support any token using the common standard.

2. totalSupply() - returns number of tokens in circulation
   balanceOf() - returns value of balance of an address of a wallet
   transfer() – transfer amount from user wallet address to recipient wallet address

[Sergio_Garay]

1. What are the benefits of setting a token standard like ERC20?
   You can build applications that can communicate with each other. All the wallets know how to communicate with ERC20 tokens.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   balanceOf() provides the number of tokens held by a given address.
   transfer() transfers a number of tokens from the message sender to another address.
   approve() approval to transfer up to a certain number of tokens.
   transferFrom() take a number of tokens from an account to do something
   allowance() provides the number of tokens allowed to be transferred from a given address to another given address.

[Alcalo]

@filip

Homework on ERC20 token standard.

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

1. Because it facilitates a lot the creation of projects with its own cryptocurrency and also allows industry-standards for exchanges and communication between applications.
2. I guess they are a ton of them but in the course they mentioned the one for total supply, for checking balance of an specific address and for transferring assets.

[CryptoJedi]

1. What are the benefits of setting a token standard like ERC20?
   Efficiency and reduced friction within Ethereum, since the entire network utilizes the method for all commands in the code.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
   There is the “totalSupply” function, which provides the total supply of the token. Also, “balanceOf” function, which provides the balance of a particular account. Many others as well.

[Anoushka]

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

If all tokens are programmed in the same way (using the same standard) it means wallets and exchanges will accept them and support them from the day they get launched. Other developers will also understand them because they all use same standard. All together very efficiant.

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

• tokenSupply() - it represents how many tokens are in circulation
• balanceOf(address account) - it represents a token balance of an account
• others that I can’t wait to learn about

[Leighton]

1. Having a base set of standards promotes communication and allows interoperability between tokens possible.

2. totalsupply(): Which gives maximum number of tokens that exist
   balanceOf(): Number of tokens held at wallet address
   transfer() : Allows someone to transfer their tokens to another address

[TONY79]

1. Token standard help reach an organized,compatible,efficiently swappable in the space.

2. The balance of each address with the balances the total supply and the transactions of the particular token.

[dani88]

@filip

Homework on ERC20 token standard.

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

What are the benefits of setting a token standard like ERC20?
Wallet compatibility, in a public system where everything is visible, standards make communication easier.

What functions are in the ERC20 Token Standard Interface and what do they do?
Total supply:
balance of - balance of an address
function transfer – allows user to transfer tokens

Question:
Based on the definition given for NFT, is bitcoin an NFT?

[John_Fong]

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

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

function balanceOf()

[jernejb]

1. One wallet can operate different applications. All contracts are structured in a standard way. Applications communicate more efficiently with one another.
2. totalSupply() returns the total amount of tokens that exist in circulation
   balanceOf() store and return the balance of provided address
   approve() authorize or approve for the address to withdraw tokens from owner’s address
   transfer () send token to another address
   transferFrom () automate the transfer of tokens on behalf of the owner

[waka]

1. All exchanges or wallets will be able to support ERC20 from day one, makes the token more fungible.
2. balanceOf(): query the number of tokens in any address’ balance
   transfer(): function transfers a number of tokens directly from the message sender to another addres
   approve(): a token holder gives another address (usually of a smart contract) approval to transfer up to a certain number of tokens, known as an allowance.
   transferFrom(): take tokens from an account
   allowance(): provides the number of tokens allowed to be transferred from a given address by another given address

[DazzaMac19]

1- all tokens can interact as concept has been standardized, this allows wallets and exchanges to work together interoperable.
2- Standardized functions allows for that exist total supply of token, how many sent gives balanceOf address, gives public address able to transfer of tokens to another ERC20, instructs, approves
transferfrom

[Joe1]

All wallets can interact with the ERC20 tokens the same way

ERC20 has two standard tokens totalBalance() and balanceOf(Address address). totalBalance is the totalBalance of the smart contract and balanceOf is the balance of a particular address.

[thecil]

@dani88

Based on the definition given for NFT, is bitcoin an NFT?

Not at all, BTC is fungible, NFT = Non Fungible Token, 1 unit can’t be divided into may (like 0.1 btc ).

Carlos Z

[thecil]

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

@John_Fong

1. function totalSupply()
   function balanceOf()

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.

[JCast182]

1. What are the benefits of setting a token standard like ERC20?
   A: The main benefit is that it creates efficiency amongst the space. It helps to propel the industry forward. This standard allows exchanges and wallets to be able to speak the same language in regard to these fungible tokens, since this standard exists. From the attached article:
   “ERC-20 has many benefits, including allowing wallets to provide token balances for hundreds of different tokens and creating a means for exchanges to list more tokens by providing nothing more than the address of the token’s contract.”

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

• “The balanceOf() function provides the number of tokens held by a given address.”
• “The transfer() function transfers a number of tokens directly from the message sender to another address.”
• “doSomething()” "approve() and transferFrom() are two functions that allow" the doSomething() function to work.
• " The allowance() function provides the number of tokens allowed to be transferred from a given address by another given address."