Homework: ERC20

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

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  1. Having standards allows wallets, exchanges etc to easily add all ERC 20 tokens as they have common naming in their code.

  2. balanceOf() Gives balance of a specific account, totalsupply the number total fungible tokens.

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