Homework: ERC20

Ethereum 101
#1308

What are the benefits of setting a token standard like ERC20?
This raise the level of interoperability of the whole industry like different services as wallets and exchanges easily can communicate with all tokens under the same standards. The whole token industry like any other industry that has its own standard will provide less friction between different actors and system inside the industry. It lets all actors in the space in a way know what to expect when using and operating in the space, when a lot of different innovative things happening my view is that standards may very well be the most important thing in the beginning for the industry to take the next step.

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

balanceOf() - This functions let one see the amount of tokens in a specific address.

transfer() - Let’s one send tokens from an address to another.

approve() - Give allowance to one address to transfer funds up to a specific amount of an address.

allowance() - Query how many tokens are allowed from one address to a specific other address.

transferFrom() - Lets one actor with an address transfer tokens from another address that has allowed a certain amount of tokens to be transferred.

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#1309

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

  2. Setting standards allow tho build a system with no friction, every token create in the environment can talk with the others. Standards are the best way to make the sistem thrive.

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

  • balanceOff: give you the number of coin you have in your wallet
  • totalSupply: number of token create.
  • transfer(account address) : allow you to transfer funds in others accounts.
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#1310
  1. What are the benefits of setting a token standard like ERC20?

allow wallets and exchanges to be programmed to support any token using that standard.

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

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.

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#1311

1 - ERC20 defines how we call all program tokens.

2 - balanceOf - “This function allows a smart contract to store and return the balance of the provided address”
totalSupply - “this function allows an instance of the contract to calculate and return the total amount of the token that exists in circulation.”
transfer - “This function lets the owner of the contract send a given amount of the token to another address just like a conventional cryptocurrency transaction.”
transferFrom - “This function allows a smart contract to automate the transfer process and send a given amount of the token on behalf of the owner.”
approve - " When calling this function, the owner of the contract authorizes, or approves , the given address to withdraw instances of the token from the owner’s address."

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#1312

1-ERC20 is a standard to help code Tokens for smart contracts on Ethereum platform to make it fungible in nature which helps wallet and exchanges to readily and quickly accept them into mainstream.

2- Some functions are balanceOf() which gives balance of specific account defined and totalsupply() which showcases total fungible tokens

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#1313

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

Yes miss, 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.

#1314
  • totalSupply: Indicates the total circulating amount of tokens.
  • balanceOf: Returns how many tokens exist in an account.
  • transfer: Transfers tokens from owner’s account to another account.
  • approve: A token owner can approve a transfer from their account
  • allowance: Indicates the amount of tokens approved by the owner that can be transferred to the another account.
  • transferFrom: Allows a spender account to transfer tokens from this owners account to another account.
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#1315

ERC-20 came about as an attempt to provide a common set of features and interfaces for token contracts in Ethereum, and has proved to be very successful. ERC-20 has many benefits, including allowing wallets to provide token balances for hundreds of different tokens and creating a means for exchanges to list more tokens by providing nothing more than the address of the token’s contract. The benefits of creating a token as ERC-20 compliant is such that very few token contracts today are created any other way. INVESTOPEDIA

#1316
  1. What are the benefits of setting a token standard like ERC20?
    token standards are very important in allowing wallets and exchanges to support interoperability in order to interact with the smart contract
  2. What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply(): gives maximum number of tokens that exist
    balanceOf(address): gives a public addresses’ balance of ERC20 tokens
    transfer(): allows transfer of their ERC20 tokens to another public address
    doSomething(): operates instructions.
    allowance(): provides the number of tokens allowed to be transferred from a given address by another.
#1317

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

It allows for the creation of new tokens by others without having to change/update the network rules,
and it allows for the development of SmartContracts to be used for several different tokens.

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

totalSupply - returns the amount of tokens in circulation
balanceOf - returns the balance for a specific account

#1318

Homework on ERC20 token standard.

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

Answer:

By having standards then everybody using ERC20 standards will have to follow the function standards and you cannot name them anything else. This is why standards are so reliant, they make the whole space able to communicate with each other.

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

Answer:

function totalSupply - Gives how much tokens are in circulation.

function balanceOf – when exchanges or wallet wants to check how much balance you have they will use this function.

function transfer – for transferring.

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#1319

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

  • totalSupply:
  • balanceOf:
  • transfer:
  • approve:
  • allowance:
  • transferFrom

Yes miss, 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.

#1320

  • What are the benefits of setting a token standard like ERC20?
    By setting standard, it would mean that all exchange and wallets will be able to support the same tokens as it will follow a standard way to program, deploy smart contracts.

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    totalSupply - how many tokens in circulation
    balanceOf - how many tokens that balance has
    transfer
    approve

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#1321

  • What are the benefits of setting a token standard like ERC20?
    R: It becomes easier to integrate to other tokens, reducing friction, increasing efficiency.

  • What functions are in the ERC20 Token Standard Interface and what do they do?
    R: Some of following funions are self-explanatory in their name balanceOf(), transfer(), doSomething(), transferFrom()

#1322

  1. The benefits of setting a token standard like ERC20 fosters easy exchanges between different types of tokens, benefits all tokens in terms of technological development, makes it easier for exchanges to adopt new tokens (and by proxy, fosters adoption of new good tokens in the market).

  2. transfer() is the function you would use to transfer an ERC20 Token to another address, balanceOf() is a query of a public address’ token balance, approve() allow a specified address to transfer up to a certain number of tokens, transferFrom() is what a recipient would use after they get an approve() function directed at them, and allowance() is a query showing the number of tokens allowed to be transferred from a specified address.

In the case of the second question, if I am wrong or don’t understand everything, I would love guidance.

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#1323

1)So that all wallets will be able to support that code. It increase efficiency
2)-function totalSupply() = get total token supply
-function balanceOf(address account)=get user balance.
-function transfer(address sender, address recipient)=Provides information about the funds has been transferred and where.

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#1324

  1. It will make it easier for different wallets and exchanges to support tokens through unified coding standard rather than each token having a different standard of coding.

  2. balanceOf(address) will provide the balance of specified address
    totalSupply() will provide the total supply of a specific token
    transfer() will transfer ERC20 tokens to another address specified

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#1325

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

Hello miss, did you forgot to describe this functions?

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

Carlos Z.

#1326

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

Yes sir, 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.

#1327

1.What are the benefits of setting a token standard like ERC20?
ERC 20 stands for Ethereum Request for Comments 20
ERC 20 STANDARD is a list of functions and events that a contract must implement to comply the standard .

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

totalSupply() - returns - (uint);
balanceOf(address tokenOwner) - returns - (uint balance);
allowance(address tokenOwner, address spender) - returns - (uint remaining);
transfer(address to, uint tokens) -returns- (bool success);
approve(address spender, uint tokens) - returns - (bool success);
transferFrom(address from, address to, uint tokens) - returns - (bool success);

These functions allow a smart contract to emaluate digital token on top of ethereum blockchain,

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