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
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.