ERC20 Token Quiz

1. What is ERC20?

  • A) A Bitcoin standard for tokens
  • B) A system to track Bitcoin transactions
  • C) A smart contract standard for tokens on the Ethereum blockchain
  • D) A programming language for developing dApps

2. What does the `totalSupply()` function do in an ERC20 token?

  • A) Returns the balance of a specific account
  • B) Transfers tokens from one account to another
  • C) Returns the total number of tokens in existence
  • D) Approves an account to spend tokens on behalf of another

3. Which of the following is NOT an ERC20 function?

  • A) `transfer`
  • B) `balanceOf`
  • C) `mint`
  • D) `approve`

4. What is a token typically used for in a dApp?

  • A) Voting rights in decentralized governance
  • B) Processing blockchain transactions
  • C) Accessing centralized servers
  • D) Hosting smart contracts

5. What is the purpose of the `transfer` function in ERC20?

  • A) Approves a spender to spend tokens on behalf of an account
  • B) Transfers tokens from the sender to the recipient
  • C) Checks the balance of an account
  • D) Destroys tokens from an account

6. How does a dApp user interact with an ERC20 token?

  • A) By using a browser-based wallet like MetaMask
  • B) Through a centralized server
  • C) By signing legal documents
  • D) Using physical tokens

7. What is the role of the `approve` function in an ERC20 token?

  • A) Approves tokens to be minted
  • B) AApproves the destruction of tokens
  • C) Approves the token transfer speed
  • D) Approves an address to spend tokens on behalf of the owner

8. How can a spender transfer tokens on behalf of the token owner?

  • A) By using the `transfer` function
  • B) By using the `transferFrom` function
  • C) By using the `mint` function
  • D) By using the `burn` function

9. What is a "gas fee" in the context of dApps?

  • A) A fee for accessing the dApp
  • B) A subscription fee for using the dApp's premium features
  • C) A tax levied by the government on blockchain transactions
  • D) A fee paid to miners for processing transactions on the blockchain

10. What does the `balanceOf` function in an ERC20 token do?

  • A) Destroys tokens from an account
  • B) Returns the token balance of a specified account
  • C) Returns the total number of tokens
  • D) Mints new tokens