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?
A1. A token standard makes it easier for everyone within the space to communicate together. Having standards makes it possible for applications to interact and communicate with other wallets and exchanges. This makes the whole ecosystem operate much more efficiently. Without these standards wallets would have to communicate with ERC20 tokens in different ways, which could make life difficult.
A2. function totalSupply () - the total amount of ERC tokens in circulation
function balanceOf() - returns the balance of given token, exchanges and wallets will use this function to check balances.
function transfer() - sends token(s) from one address to another.