Did you know that every time you interact with a DApp that involves your ERC20 tokens, you are granting it permission to access and move your tokens on your behalf? 👀 Today, we learn how to keep your ERC-20 tokens safe when using MetaMask. 🔒
The approve function needs two things: the address of the spender and the amount of tokens you want to let them use. For example, if Alice wants to let Bob use up to 100 tokens for her, she would call approve.. To move the tokens, the spender has to call another function, transferFrom, which needs three things: the address of the token owner, the address of who gets the tokens, and the amount of tokens to be moved.
The transferFrom function checks that the spender has enough permission from the token owner, and that the token owner has enough tokens to move. If both things are true, it moves the tokens from the owner’s account to the receiver’s account, reduces the spender’s permission by the moved amount and makes a record of the transfer.Sometimes, the amount of tokens you approve is very large. This is like giving someone your credit card and telling them they can spend as much as they want with it.
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