Homework: ERC20

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

  • By setting a standard like ERC20 it allows interoperability between everyone on the network. Everyone knows (or can learn😉) the function names and code needed to issue a token on the network and it be excepted. As well as exchanges and wallets being able to except it.

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

  • balanceOf() returns balance of given address
    transfer() sends a given amount from one address to another
    approve() and transferFrom() are used in smart contacts scenarios
    allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.
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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.

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

Yes sir(s), but could you please describe what those functions do?

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

Carlos Z.

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  1. What are the benefits of setting a token standard like ERC20?
    A. A standard makes it more efficient in programming and reading the code.

  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    A. transfer(), approve(), balanceOf(), transferFrom(), allowance().

1.- As it is a standard, most exchanges, wallets and dapps can list their tokens easily without any extra development to make it compatible with their system.

2.- balance(); It can show the amount of tokens held by smart contracts and wallets.

transfer(); Transfers a number of tokens from sender address to receiver address.

doSomething(). Will do the instructions by the smart contract once it’s running. Examples of this kind of functions can be approve() and transferFrom();

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  1. What are the benefits of setting a token standard like ERC20?
    ERC-20 creats one standard compatibility and it provides easy communication and interacation between users.

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

  • balance0f() - This function shows the total amount of tokens in the address

  • transer() - This function is sending number of tokens to anther address

  • approve() - The token holder can provide the information needed for transferring tokens

  • allowance() - The number of token that is allowed to be transferred

  • transferFrom() - It is taking tokens from a given address

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ERC20 is the standard with which programmers interface on the Ethereum Network. Having a set standard has propelled the cryptocurrency industry forward by allowing smart contracts the option to be fungible; its own currency, and is accepted by all exchanges and wallets.
The functions of ERC20 are: to be a map of account addresses and their balances, transfer tokens from one user to another, show the allowance by providing the number of tokens allowed to be transferred from one address to another, and emit the details of approvals of tokens from one address to another.

  1. All wallets can easily use ERC20 tokens. because they all follow the same standard. It is very useful because there is so many tokens that exist.

  2. Totalsupply is a function that shows how many coins are in circulation. The balanceOf gives you the balance of the address. and many more functions that make it much easier to interact with tokens.

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Also, it allows other parties to integrate it faster. Once you setup one ERC20 token, you can basically start accepting any token, as they all align to a standard with same function names and logics.

Can you describe what some of these functions do?

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Can you provide the name of some of these functions?

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  1. Standards are important because they create increased interoperability between tokens, and reduce friction in the industry. Reduced friction makes the entire industry more efficient.

  2. ERC20 token functions are: Track total supply, Mint tokens, burn tokens, Individual balance query and ownership transfers. These functions create the basis for smart contract interoperability.

balanceOf store & return the balance of the provided address.
totalsupplyGet the total amount of token
transfer lets the owner of the contract send token amount to another address.
transferFrom contract can send certain amt of token to another address on your behalf.
approve approves the given address to withdraw token from the owner’s address.
allowanceChecks wallet for amount of token to cover transaction and cancels if not.
https://github.com/ethereum/EIPs/issues/20

:grimacing:

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  1. By creating a standard it allows for a friction-less use of them. All wallets and exchanges can easily use them and they can be moved around without difficulty.
  2. Since there are standards on the functions of the token there is no confusion on how to call said function no matter the token. Like all tokens must have a transfer, transferFrom, and an approve function.

Homework ERC20:

  1. Setting standards for ERC20 tokens enables smart contracts to integrate with each other and become more efficient.
  2. Totalsupply enables the contract to calculate and return the total amount of tokens in circulation. BalanceOf stipulates the account balance of an address. Transfer function allows for the transfer of tokens from one address to another.
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Answers:

  1. By setting a token standard like ERC20, it allows every developers to follow exactly a standard protocol which in return enable their respective development to communicate with each other exactly the way they wanted. Most importantly it creates interoperability.

  2. The standards function in the ERC20 looks like totalsupply, balanceOf and some others. totalsupply allows the contract to calculate and return the total amount of the token that exists in circulation. Whereas balanceOf allow a smart contract to store and return the balance of the provide address.

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

It brings efficiency to the ecosystem by allowing all parties interacting with the ERC20 token communicate quickly under the same standards.

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

Totally supply function ; The balance function ; The transfer function ; The doer function; The allowance function

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

It makes communication between an infinite number of programs possible. With communication comes the ability to function with confidence and consistency.

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

The “totalsupply” function lets wallets and exchanges see the amount of tokens in circulation.
the “balanceOf” function lets wallets and exchanges know the amount of tokens available by address.

  1. All wallets and exchanges will support tokens written in Solidity. It gives a a standard way to integrate and operate with each other.

  • balanceOf
    Provides the number of tokens held by a given address.

  • transfer
    Transfer tokens directly from the message sender to another address.

  • totalSupply
    Identifies the total number of tokens created.

  • transferFrom
    Makes a third party able to carry out a transfer.

  • approve
    Makes the token holder give another address approval to transfer up to a certain number of tokens

  • allowance
    Provides the number of tokens allowed to be transferred from a given address by another given address.

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  • What are the benefits of setting a token standard like ERC20?
    It allows apps/wallets/exchanges to easily communicate and work together with no friction

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply: tells you how many tokens are in circulation
    balanceOf(address account): tells you the balance of a specific account
    transfer(address recipient, uint256 amount): for transferring

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  1. The benefits of setting a standard are that it allows developers to easily construct tokens that can be accepted by wallets and exchanges. Using the standard also saves develpers the R&D effort of developing their own unique language. Using a standard will make tokens easier to debug and audit as a greater number of people will have experience with the standard.
  2. There are several functions in the ERC20 Token Standard, some of them are:
    a. balanceOf(), returns the balance of the addres in question.
    b. transfer, transfers unit from one address to another.
    c. approve, authorizes the address to withdraw tokens from the owners address.
    e. totalSupply(), returns the total number of tokens that exist.
    f. name(), the long complete name of the token, i.e. Speedster
    g. symbol(), the abreviated name, like stock ticker, i.e. SPR
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