- What are the benefits of setting a token standard like ERC20?
Introduces a certain uniformity into the contracts meaning that wallet understand them and find them easy to process. It’s adds efficiency and reduces friction in the system of crypto. There are thousands of tokens being produced, it would be chaos if they all denoted similar functions in a slightly different way.
- What functions are in the ERC20 Token Standard Interface and what do they do.
Balance functions which allow wallets to check balances. Functions which set the total amount of the token in existence.