-
It makes it easier for developers to have a common “language” to speak, and ensures that every exchange can focus on one standard to support all tokens.
-
The ERC20 token standard is the standard for fungible tokens, meaning that every token has the same value, unlike the ERC1155 and ERC721 where tokens have different value (which makes it suitable for games etc.)
1 Like
1.to make all tokens exchange and interact with each other easily
2. Transfer () it transfers tokens directly form a to b
balanceOf() gives u a total balance of tokens
totalsupply() gives max number that exists
1 Like
1 Ao definir um padrão para tokens, as transações e operações assossiadas a esse token são facilitadas, pois esse padrão adotado é de conhecimento dos participantes da rede, isso aumenta a eficiência de todos as partes envolvidas.
2
totalsupply() Mostra o numero de tokens existente em determinado endereço (public key)
balanceo0f() - Mostra os fundos de determinado endereço (public key)
transfer()- Transfere fundos entre duas carteiras
doSomething() - Instruções
approve() - Autoriza um smart contract transferir uma quantia de tokens alocada para outro endereço.
allowance() Fornece informação sobre quantos tokens podem ser transferidos para outro endereço em uma operação “approve()”
transferFrom() é a função utilizada para realizar a transferência de fundos por outro endereço.
1 Like
1.Easier for wallets to communicate
2.Totalsupply, balanceOf and transfer functions and its standardized to increase efficiency.
1 Like
1- Everyone else can interact with each other. Exchanges can create wallets easily.
2- Getbalance, Mint, totalsupply.
1 Like
- Having a standardized set of rules reduces friction in a community because everyone is using the same guidelines to build.
- totalSupply(): the total supply of tokens
balanceOf(): the balance of a particular person
transfer(): sending tokens from one person to another
approve(): give someone/smart contract permission to use an allowance of tokens for a function
transferfrom(): when the function is called this actually transfers the funds to the other address
1 Like
ERC20 Homework
1. What are the benefits of setting a token standard like ERC20?
Allows the community (exchanges, wallets) to understand how to interact/communicate with ALL tokens based on a common universal standard because the protocol (naming conventions) used are standard throughout.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
Tokens Name - Naming convention
Symbol - Token short hand or abbreviation
Number of Decimals - Defines the number of digits after the decimal (0, 10^x, x<18, 10^18)
Total Supply - defines the total number of tokens available
Balance of () - Number of tokens owned by an address
Approve () - Approves number of tokens allowed to be transferred
Transfer from () - Transfers tokens between addresses
Allowance() - Defines the number of tokens released to the contract
Contract address - Address of the contract
Minting - mining new tokens
Burning - Transferring tokens to address 0. Effectively deletes/burns tokens.
1 Like
1.What are the benefits of setting a token standard like ERC20?
If there is a standardization all wallets and exchanges can support the token.
2.What functions are in the ERC20 Token Standard Interface and what do they do?
ERC20 is standard for fungible tokens. The functions in the code are the same. You can check balance , supply etc…
1 Like
- What are the benefits of setting a token standard like ERC20?
The benefits are, all application and smart contracts can interact with all tokens in the same manner, developers don’t have to worry about things like custom builds, compatibility, integration issues,all these benefit, improve functionality, productivity, enhances liquidity and reduces cost all round.
- What functions are in the ERC20 Token Standard Interface and what do they do?
the functions of ERC20 interface:
total supply
balance of address of token owner
transfer address
approval address
allowance address
transfer from address
1 Like
-
Having a standard like ERC20 helps to have a common ground. In the ERC20 standard you may expect for the tokens to provide certain basic function common for all ERC20 tokens. This allows any Software to use these functions and simplifies integration into other applications such as wallets.
-
Thes are common functions of the ERC20 Standard:
- balanceOf() - Provides the balance of a given address
- transfer() - can transfer tokens usually without any checks
- approve() - Sets the allowance (number of tokens possible to be used by a smart contract)
- transferFrom() - Transfer tokens within the limits of the allowance (approve())
- allowance() - provides the set allowance (approve())
1 Like
1. What are the benefits of setting a token standard like ERC20?
The benefits are interoperability and better communication between tokens. It also makes easier their integration into wallets and exchanges.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply
balanceOf - gives the balance of an address
transfer - transfers money to an address
transferFrom - transfers money from an address
approve - the owner of the address approves that another address takes tokens from his/her address
allowance - gives the amount of tokens that an address can withdraw from another address
1 Like
-
Having a standard like ERC20 allows programmers to use the same conventions, and allows the broader ecosystem (wallets, exchanges, etc) to be able to interact with the tokens in a uniform way.
-
balanceOf(): provides the number of tokens held by an address.
transfer(): function transfers a number of tokens directly from the message sender to another address.
approve(): a token holder gives another address approval to transfer up to a certain number of tokens.
1 Like
-
What are the benefits of setting a token standard like ERC20?
the benefits of setting a token standard like ERC20, are that tokens are fungible and also you can build applications that communicate with others that have the standard. -
What functions are in the ERC20 Token Standard Interface and what do they do?
functions in the ERC20 token standard interface include:
Function
TotalSupply- Give max number of tokens
BanlanceOf- shows account balance of ERC20 tokens
Transfer- allows ERC20 tokens to be sent to another address.
1 Like
Can be supported by wallets and exchanges; better for mass adoption
balanceOf yields the wallet balance of the token
totalsupply gives the total number of tokens
1 Like
- So that they can be read by wallets and exchanges, without additional coding or effort.
- There are standard functions like total supply, gives details on total supply, Balances so balances can be checked.
1 Like
-
Benefits of having a token standard are that it makes it more fungible. There is less friction in the community. Wallets can support the tokens because they already know how.
-
The functions are: totalSupply : Returns the total circulating amount of tokens . balanceOf : Returns how many tokens exist in an account. transfer : Transfer an amount of tokens from token owner’s account to another account.
1 Like
1/the benefits of standardization, easy integration in existing system of exchanges and wallets for new Tokens.
2/e.g.function; total Supply ()
function gives a number which is the total supply of tokens.
function: balanceOf (address account)
function gives a number which is the balance of an account with this address
1 Like
- What are the benefits of setting a token standard like ERC20? The benefit of setting a token standard like ERC20 is that this help exchanges and wallets easily support new tokens developed.
- What functions are in the ERC20 Token Standard Interface and what do they do? Functions in the ERC20 Token Standard Interface include:
- totalSupply() which gives the total tokens in circulation
- balanceOf() returns balance of the input address
- transfer() sends tokens from one user to another
- approve() gives a smart contract approval to transfer an allowance of tokens
- transferFrom() is used by the contract to take token from the allowance to perform its work
- allowance() provides the number of tokens allowed to be transferred
1 Like
-
What are the benefits of setting a token standard like ERC20?
Using standard helps developers to interact with the smart contract, without looking at the code if the smart contrat is compatible with a standard we can use the same interface, call the same function and it make our Dapp interact with it easily. It s good for the ETH ecosystem to define standard -
What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply - Returns the amount of tokens in existence.
balanceOf - Returns the amount of tokens owned by account
transfer - Moves amount tokens from the caller’s account to recipient
allowance - Returns the remaining number of tokens that spender will be allowed to spend on behalf of owner through {transferFrom}. This is zero by default.
approve - Sets amount as the allowance of spender over the caller’s tokens.
transferFrom - Moves amount tokens from sender to recipient using the allowance mechanism. amount is then deducted from the caller’s allowance.
2 Likes
- What are the benefits of setting a token standard like ERC20?
It allows new tokens to be created on ethereum in a way that the code is understood already by wallets and exchanges making it easier to deploy a new token. - What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() - will give the total supply of tokens.
balanceOf() - will show the current balance of an address.
allowance() - will specify the amount of tokens allowed to transfer from an address.
transfer() - will send a token from one address to another.
approve() - will give permission to use an allowance of tokens.
transferFrom() - will tell a SC to transfer which will not work if the balance is insufficient.
1 Like