We have created an ERC20 token for TGE/ICO .
In our testing we have found that transferFrom function does not work and crashes
rest all the functions are working properly . the tokens are already deployed on mainnet
what impact will this have apart from user not able to transfer on someone's behalf ?
Also will this impact later when the token comes on exchange in anyway ? or user is only going to use transfer function?
What do you mean by "crashes"? Are transactions rolled back and the resulting state correct or are tokens lost/irretrievable as a result of using the function?
Either way, as a user I would not want to purchase your token. If one of the ERC20 functions doesn't work properly, I certainly wouldn't have trust that the contract is secure. The impact will be that you will have irate customers who won't want your token. Users will expect to be able to use the transferFrom function since you're advertising your token as an ERC20 compliant token. I'd also think that no exchange will accept your token.
Related
I am planning to issue erc20 token on ethereum and I want to use it as a payment for dapps on polygon.
How may I estublish the interaction between the contracts? A potential answer to that question might be bridging. But I tried to look for every platform to understand, how can I use my coin tokens after bridging, but failed to find any definite answer.
so my question is, if two contracts are on the same chain-
IERC20 token = IERC20(some_address);
We use the above line to call our coin token from our dapp. Since, our coin token is on different ethereum chain, after bridging, how do we call it feom a contract that will be deployed on polygon?
Will the above line of code work? Will I get a new address on polygon for my token contract?
(Recently I have seen a technique, but couldn't understand the underlying mechanism. So, there is a website called Coinvise, they let you deploy your coin airdrop contract on polygon and let you set the nft address (to know if user holds that particular nft) as eligibility condition that is deployed on ethereum. They do it on chain using something called 'sub-graph'. I do not know what this is but I'd like to know if it helps in my case.)
I am new to blockchain, please help
I'm building a DeFi application on Ethereum, and I would like to implement the Deposit function. Everything works fine between ETH and a ERC20 token that I built, but I would like to add some tokens like aToken for AAVE or cTokens for Compound that the user will receive after a Deposit call.
So the question is: is it possible to add a function in my smart contract to create multiple tokens without creating a smart contract for each of them? If not, I have to create a different contract for each token I want to add in my app or there is a best method to do it?
Yes this is possible. You can transfer the tokens to the user's address after the Compound Protocol mint operation. This can be made generic using the ERC-20 transfer interface. Be sure to account the amounts users are due and beware of the reentrancy vulnerability.
Can NFT's be used as a mean of authentication? The scenario is a user buys an NFT (ERC721) now he visits the site that uses this Token for authentication, so am guessing the web3.js on the site checks the users wallet if he has the token in wallet then can access the site....but what about server side calls...the server can check the ledger to see who owns the token, but how can it know if the person making the call is the owner..address can be spoofed so sending it with call is out of question. Also the case if users sells his token now a new user owns it
Am thinking something like digital signature but how to get the owners public key and is requiring users to sign messages a hassle...am noob to solidity what do I know but SO requires me to try to answer my question before asking for an answer also some code a requirement for every posts
pragma solidity ^0.4.22;contract helloWorld {
function renderHelloWorld () public pure returns (string) {
return 'helloWorld';
}
}
Checking that the viewer has an address that owns the token is not enough. You would need to confirm that the viewer controls the address by asking them to sign a message.
One system like this is called MetaKey.
If you want to coordinate sessions with a backend, you need to do additional work because the NFT could be transferred. You would need to revoke the session key when the NFT is transferred, which requires that you monitor the blockchain for transfer events.
I don't recommend building sign in infrastructure around an NFTs though. It will be extremely difficult or impossible to avoid security flaws. Better to authenticate people using a wallet signature. There are many tutorials online for building this flow, for example here.
Before making a transaction via web3 i wanted to check if token is deflationary. Do we have any common method for erc20 token contracts to check whether they are deflationary or not. I checked the abi for several defalationary tokens but thay don't seem to have any common method amongst them
There is no standard that would define a general way to recognize a deflationary token.
The logic can be processed in many ways:
Part of the transfer() and transferFrom() functions
A separate burn() function
executable by an authorized address
executable by each token owner allowing them to burn their own tokens
can use any name - burnFrom(), removeTokens(), lowerSupply(), ...
Everyone can create ethereum token by solidity codes but don't know how can this token integrate as payment gateway in ecommerce website.
For real project . This token need frontend web wallet /android wallet and integration to every website as payment.
Plz suggest me .how can find this way.
What need more to study.
Token is not a payment gateway. If i understand your question correctly, you are asking, how can you interact with a token that you have created through Solidity from frontend. One use case would be how people can use the token that you have created to purchase some item. For this the users should already be holding the tokens. This can be bought from an ICO or from an exchange. Basically there's a couple of functions in ERC20 token i.e., approve() and transfer() that will approve apps like exchanges to perform transactions on behalf of the owner of the token. Once the users have those tokens they can purchase items from it. Again, you have to write the logic how and what you expect users to do.
ERC20 Token is works likes Currency.And solidity is a programming language. which we used for write the smart contract. if you want to invoke your function then you need to create wallet account ,after that you can do transaction using with web3js. you can get ether for testing purpose from faucet.Basically these are functions in ERC20 token i.e., approve() and transfer() that will perform transactions
I don't suggest using ERC20 tokens as payment method.
Ethereum network is not fast enough,you need 30 confirmations to make sure you received the token, some times the delay can be 1 day
Cost is high, when you transfer token ,usually you have a smart contract, it costs lots of gas
Ether price is not stable, it drops 90% of value from Jan 2018 to Dec 2018. it will be hard for estore to maintain profit.
However if you still want to do that, yes, you can create your own gateway using tokens as your accepted currency.