Timeline for Usecase for approve and allowance functions of ERC20 token
Current License: CC BY-SA 4.0
3 events
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| May 21, 2020 at 10:53 | comment | added | Mikko Ohtamaa |
After the approve() has been done the smart contract is free to use the tokens and one can consider "the posession of" tokens to be on the smart contract. approve() is the only transaction that depends on your private key. Smart contract can control the tokens until you cancel to approve() by setting it to zero.
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| May 20, 2020 at 17:27 | comment | added | Muni V K | Thanks Mikko! This means, the contract that I approve would use my address to sign-off tokens which require signing-off using my private key right? Does the signing-off happen seamlessly? | |
| May 20, 2020 at 17:07 | history | answered | Mikko Ohtamaa | CC BY-SA 4.0 |