ERC-20 Token Breakdown

ERC-20 Token Breakdown

Oct 26, 2022


Today I've been heavy in the web3 space making things happen. One thing I wanted to do was make sure that I handle the project of "Gal-Blox" so I can have the token created. So what's the steps that I took to do so?! Well I was looking at many ways and one person I know who could share light on how to do so would be Patrick Collins from YouTube. An amazing developer and teacher of the web3 space.. he provides in depth info on how to get a token created using Brownie. So right away I started to learn about the details in which makes a great token. Here's what I came to learn thus far about ERC20 Token:

  • ERC20 : Standard proposed by F. Vogelsteller, is a smart contract that contains a set of APIs. ERC20 defines the rules that apply.

  • A Token Must:

    • Transfer Tokens from one account to the another.

    • Return the balance of an account

    • Return the total tokens available in the token

    • Transfer tokens to an account

  • Methods of an ERC20

    • name: returns the name of the token

    • symbol: returns the symbol of the token

    • decimals: return the number of token decimals

    • totalSupply: returns the total number initally supplied to the token

    • balanceOf: returns the balance of an account

    • transfer - transfers a certain amount of tokens to an address

    • transferFrom: transfers a certain amount of tokens form a beneficiary address to a recipient address

    • approve: withdraws tokens from the owners address up to a certain amount of tokens

    • allowance: returns the number of tokens withdrawable from the owners account

  • ERC-20 Tokens Events:

    • event Transfer(): must be triggered when tokens are transferred.

    • event Approval(): must be triggered when an account is approved to collect a certain amount of tokens

  • What is an ABI?

    • ABI (Application Binary Interface): acts as a function selector defining the specific methods that can be called to a smart contract for execution. Acts as an interpreter between the EVM bytecode and code of the website. Plays an important role in the usage of smart contracts.

So now I have the insight of the ERC20 Token in detail and how to create such. I was also able to understand the latest updates for the Eth testnets. One thing to point out is that of Sept 15th 2022 the testnets of Ropsten, Rinkeby and Kovan will be ended. Instead the focus will be on Goerli and Sepolia. For more info of the update you can visit link here: Updates of Eth Testnets. After getting the insights, I went to Remix IDE to deploy the contract so I can get things moving. Although I could've used the Brownie Framework, I wanted to make sure my insights of Remix was in tact as well. I will still use Brownie for the dApp contract interactions so no worries. You can view the deployment of the ERC20 created by going to the link below. It is on the Sepolia testnet like stated prior. The great thing about Etherscan is that they have testnet transaction transparency as well for all who use. To get the testEth to make the transaction occur, be sure to visit Sepoila Faucet.

Contract Deployment Link :

Welp that's all for today. Hope you enjoyed!

Peace and Light!

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