TP Courses 13 — What is “Approve”?

Approve is a function for ERC20/BEP20/HRC20 token protocol.

Approve literally means authorization. Essentially, approve operation grants receiving address or smart contract address the authority of part of your tokens. Simply speaking, the approved address can directly transfer your tokens after approving.

How to judge whether the approve operation is safe?
1. Whether the approved product is open source
Open source code allows users to better know permissions of “approve”, that is, users will know the conditions to transfer assets.

2. Whether open sources for the approved product is audited
Audited projects are more secure than unaudited projects.

3. Whether the approved products are of unknown origin
Products of unknown origin must be vigilant, and it will be secure to use well-known products such as Uniswap.

How do I know which approve operations I have made and how to cancel them?
Currently, there are some “approve” tools to check such as Etherscan, CoinTool, Approved, Approve.sh, etc. for users so that they can check their own approve status and cancel the approve operations.