What is ERC20 Token Contract in Ethereum
Ethereum blockchain has been a hot favorite of tech enthusiasts since its launch. It was the first blockchain technology that introduced smart contract plugins. It pushes the blockchain tech further forward. The ethereum token contract got a wide appreciation in the finance and banking sector, because various token standards like erc20,erc721 allowed the business firms to process micropayments without moments of delay. The erc20 token standard is one of the most used token standards in ethereum protocol. Because it allows an end-user to create and transfer the token in a more simplified way. The ERC20 token standard is given below:
function totalSupply() public view returns (uint256);
*The totalSupply() function is used to find the no of tokens running through the networks. It also returns the predefined supply from the contract
function balanceOf(address tokenOwner) public view returns (uint);
*The balanceOf() function is used to find the available balance token carried by each individual owner
function allowance(address tokenOwner, address spender)public view returns(uint);
*The allowance() function is used to check the allowed token balance approved from another user
function transfer(address to, uint tokens) public returns (bool);
*The transfer function is used to transfer token between two users
function approve(address spender, uint tokens) public returns (bool);
*The approve function is used to assign a spender account for token instead of the original owner
function transferFrom(address from, address to, uint tokens)public returns (bool);
*The transferFrom() is used to spend the allowed token by the spender account
