Homework: ERC20

[CryptoSho]

Homework ERC20

1. The benefits of setting a standard for ERC20 tokens is so everyone can easily use the token. Every wallet can accept the token right out the box.

2. Functions like token supply are used. This is universal among all ERC20 tokens and let’s users know how many tokens are in circulation.

[mikesjones]

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

What I’ve gathered is the benefits of using the token standard erc20, helps smooth things out and gives a solid foundation to build on and since so much has been built on the standard already, you have a guiding light of sorts to work with. The standard makes whatever tokens built on it fungible which helps with keeping everything smooth as it constantly transitions and circulates. Also it makes it easier for exchanges and wallets to interact with the token since they all have the same standards and and foundation.

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

They’re:

balanceOf() it provides the balance of any tokens in a wallet.

transfer() this functions allows the transfer of tokens from address to another. no checks are made by the system so the sender should do there due diligence.

transfer() this function allows for transfers from one user to another, though it isn’t great for paying a smart contract to act out its instructions.

approve() this function goes well together with transferFrom(). approve() gives the token holder another address approval to transfer tokens up to a certain limit, this transfer is known as an allowance.

transferFrom() takes the the amount of tokens approved from the sender to do its job.

allowance() this function allows the funds that passed through approve() function to be finally used. so allowance acts as a middleman.

[lucas]

1. What are the benefits of setting a token standard like ERC20?
The ERC20 is a fungible token standard. To have a standard is important:

• it can be more widely accepted
• it is easy for your application and exchange to do typical function (such as check the balance of an account) in a standard way.
• it is easy to operate one to each other, it create less frictions, we create efficiency, it is economically more viable

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

• balanceOf(address account) get the balance of an account
• name() return the name of the token
• symbol() return the symbol of the token
• decimals() sets the number of decimal for user view
• transfer(address recipient, uint256 amount) transfer tokens to account recipient
  etc…
  See https://github.com/OpenZeppelin/openzeppelin-contracts/blob/master/contracts/token/ERC20/ERC20.sol

[David_Walsh]

@filip

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

1. The benefits are it makes it easier for wallets and exchanges to add and support these tokens with little time delay waiting for interoperability issues to be solved. It’s easily for developers to make a new ERC20 Token rather not having any template and create one from scratch.

2. 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.
   The allowance() function provides the number of tokens allowed to be transferred from a given address by another given address.
   The approve() function gives another address approval to transfer up to a certain number of tokens.
   The transferFrom() function transfers tokens from a given address that had previously received approval.

[rubio132]

1. What are the benefits of setting a token standard like ERC20?
   With the same naming conventions, parameter conventions, and same standards, means that we can build apps that can talk to one another with ease. Also all exchanges and wallets will be able to support them from day 1.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   funtion totalsupply() - allows you to see how many tokens are in supply.

function balanceOf(address account) - allows you to see how many tokens are in the account.

function transfer()-allows token transfers to another address

[Rasselas_Wildcat]

@filip

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

1. To reduce friction, to create efficiency, so all tokens can be accepted by exchanges, so we can have an easier way in the industry, rather than everybody creating their own standard, which will create incompatibilities.
2. function totalSupply() shows us how many of that token is in circulation and function balanceOf() shows us the token balance of that address.

[wafflemakr]

Amazing answer!! keep up the great work!

Felipe.

[wafflemakr]

@MarkM

ERC20 is the fungible standard, meaning all tokens are programmed the same.

Hi there!! I know we are just starting with tokens and Ethereum, but actually not all tokens are programmed the same. The standard obligates tokens creators to use the same function names and parameters, but internally they can operate differently. But overall, all ERC20 tokens must contain the basic functions you mention!

[wafflemakr]

@CryptoSho

Functions like token supply are used. This is universal among all ERC20 tokens and let’s users know how many tokens are in circulation.

Can you describe a couple of the other function contained in the standard?

[Caleb_Timson]

1. What are the benefits of setting a token standard like ERC20?
   Having a token standard enables all tokens to assimilate with existing wallets, exchanges and dapps. These advantages allow for increased development time as new projects do not need to create their own syntax and continuously spend effort creating new interfaces to use their own specific programming language.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   ERC20 token standard allows for efficient accounting. IE queering balance, transfer of tokens, and checking allowance of each smart contract/wallet address.

balanceOf(): provides the number of tokens held by a given address.

transfer(): transfers a number of tokens directly from the message sender to another address. But it doesn’t work well when tokens are being used to pay for a function in a smart contract.

approve(): a token holder gives another address approval to transfer up to a certain number of tokens(allowance).

transferFrom(): take certain tokes from sender’s account and carry on its work.

doSomething(): to operate instructions.

allowance(): provides the number of tokens allowed to be transferred from a given address by another given address.

[patryan]

1. What are the benefits of setting a token standard like ERC20?
   Firstly it makes it much easier to integrate with other software like wallets which can easily communicate with the smart contracts. Secondly it has helped propel the industry forward much faster. Everyone is in the same park using the same equipment.

2. What functions are in the ERC20 Token Standard Interface and what do they do?
   ERC20 token interface is made up of standardized functions which include quering balance amounts, transfers and total supply of tokens. This keeps the industry standardized.

[Margaret]

@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. Setting standards allows for efficient interoperability of various applications such as wallets.
2. a function called “total supply”- gives you how many tokens are in circulation:
   function total supply ()

A function called ”balance Of” — function balanceOf (address account) will give you the balance of that account entered into the function

[AJade]

1. What are the benefits of setting a token standard like ERC20? Wallets and exchanges can easily support the token on day one.
2. What functions are in the ERC20 Token Standard Interface and what do they do? The basic functions of token accounting (sum, total supply, transfer from)

[Amjak]

1. tokens set to the erc20 standard are immeditely recognized by any wallets or exchanges already using that standard, which allows them to deal with that token without further need for specific programming, making the whole process of implemantation for new tokens more streamline and efficent.

2. totalSupply() returns the total unit supply of that token
   balanceOf () returns balance of address account
   transferFrom() transfer token to another public address t

[wafflemakr]

@AJade

The basic functions of token accounting (sum, total supply, transfer from)

Hi there! Correct, can you explain to me how some of them work or what they do?

[cryptopowers]

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

    - The new tokens will be compatible with the exiting wallets and exchanges
    - Everyone with different tokens can communicate with each other
   - Adoption is much faster by the community when everyone follows the same standards

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


    balanceOf() - quantity of tokens held by a given address

    transfer() - transfers a quantity of tokens from one address to another

    approve()  - provide information to allow transfer up to a certain amount of tokens

    transferForm() - Execute a transfer of a specified number of tokens from an address

    allowance() -  transfer a number of tokens from a spender to the receiver

    totalSupple() - provide the information about the total supply of tokens for a specified address

[Ziheng]

1. It allows all the code written to be the same, hence ensuring uniformity
2. transfer() - to transfer tokens from on address to another
   balanceOf() - the number of tokens available in an address
   totalSupply() - the number of tokens that are in circulation

[timl]

@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?

If you need help with the last question, you can read more about the functions here: https://medium.com/@jgm.orinoco/understanding-erc-20-token-contracts-a809a7310aa5

1. The standard is there so everyone can follow which helps, for example, when a wallet software needs to read the blockchain for any possible tokens, it knows what to look for.

2. • totalSupply() which returns a total supply of the token
   • balanceOf() takes an Ethereum address and returns its token holdings
   • transfer() takes an Ethereum address and an uint and deducts that uint of tokens from the address invoking the method and adds to the address in the first parameter
   • there are also allowance(), transferFrom() and approve() but I’m not sure whether those are even mandatory for a token to be ERC20 compliant?

[claudiorox]

1 : programmers can learn just 1 coding language and be able to work with so many companies/start ups using erc20 tokens. It’s widely accepted in the crypto spaces and people don’t have to learn new systems every time. You can have just 1 eth wallet, and receive heaps of erc20 tokens to it, not just eth.

2: Every function has a specific task.
-balanceOf() tell us how many tokens are stored in a specified account
-transfer() is used to move coins to other addresses

[AJade]

Hey there. Thanks for the feedback. Here’s some more detail:
Transfer from - this is used to move tokens from one address to another
Total supply - indicates the total supply of the token