Crypto Academy Season 3 | Advanced course - Homework task for [@sapwood] : Multiple Transfers/Batch Send at one click
What do multiple transactions in a single click mean? How does it save transaction fees? What are the other benefits?
Multiple transactions in a single click means sending multiple outputs to multiple users in a one go. The output may mean one token or different tokens of same blockchain and those tokens may have same or variable quantity. The real use-case of multiple transactions in a single click Shall be demonstrated in subsequent sections of task below . For the sake of developing general understanding of the concept , I am going to give a theoretical example.
Suppose i am a contest organiser on steemit. I organised a contest and i had choosen 5 winners to whom i have to distribue Steem tokens as rewards and amount as per their ranks are 5 , 4 , 3 , 2 and 1 steem. So there are two ways of distributing rewards. One is to transfer to each user at one time for which I'll have the perform five transaction to distribute the rewardss. Second method is to make use of any tool ( steemyy for steem or SBD) through which I can distribute all these rewards to the winners in a single transaction and that's what we call multiple transactions in a single click.
<>br> In the example above, output was different for different users. It can be same output for different users as well. In case of Ethereum blockchain, it can be same token or multiple tokens of Ethereum blockchain that can be distributed to multiple users in variable or same amount via mutisender/multisend tools.
As for transaction fee is concerned , transactions are performed free of cost on steem blockchain.However on other blockchains like Ethereum, certain amount of transaction fee ( gas) is charged for performing transactions. Multiple transactions in a single click are beneficial in terms of transaction fee because the transaction fee charged would be equal to an individual transaction. For example, in above case if we were to distribute Ethereum to 5 winners. For each transaction, suppose we have to pay a transaction fee of 0.01 ETH. If we perform those transactions individually, we will have to pay a 0.05 ETH (0.01 x 5) as transaction fee . On the contrary, if we perform multiple transactions in a single click, then we will have to only pay 0.01 ETH as transaction fee. The Other benefits of performing multiple transactions in a single click are listed below
Fast and Scalable : By performing multiple transactions in a single click, details have to be submitted only once whereas in case of Individuals transactions details had to be submitted separately and therefore would consume more time.
Foster Crypto adoption: We usually do not realise importance of this feature because most of us do not usually need to perform such type of transactions. Hawa in case of businesses/ start ups / treasuries such transaction is a routine , so therefore sach transactions when performed individually by them cost them heavy transaction fee along with time etc. With this feature, they are more likely to accept cryptos and with great ease.
How do you connect your Ethereum Wallet(Metamask) to Multisend or Multisender(dApps) & perform multiple transactions(ETH/ERC20) in one click? Using Steemyy how do you perform multiple transactions(STEEM or SBD) in one click? Explain the detailed steps in both the apps(One from Ethereum & the other from Steem Blockchain)?(Screenshot needed, real transactions in Multisender or Multisend may not require, however, a real transaction in Steem Blockchain using Steemyy a must for this Task). Further, using Steemyy demonstrate how to send the different amounts to different users with different memo and how to send repetitive/recurring amount at the pre-defined interval?
Connect Metamask to Multisender.
Let's presume we have pre installed Metamask wallet or we may need to install it during the process.
Go to https://multisender.app/. At the top of main page, we see "Please connect your Ethereum wallet to Multisender app" On the right side of the same , there is option connect. Click on connect.
On the next page, click on "connect wallet" And next select mobile wallet to connect .
Now it will open in Metamask app, showing wallet name and address. Again click on "connect".
A notification will pop up reading " connected to token multisender dapp" . " Go back to Browser" . So open the browser and you are done.
Use-case- Transfer the same/different amount(ETH/ERC20) to different users.
After connecting Metamask and multisender, on the main page of multisender, select ETH or ERC 20 token. List of tokens with balances will be seen and select the desired token(s). Let's say we want to send ETH. Type ETH in address box and select same from suggestions. Similarly type any ERC 20 token name and add.
- Next we need to enter addresses in the box to whom we want to send and also the amount to be sent. It has to be in CSV format. For our convenience, example of csv format can be seen from top right end of the address box by simply clicking on *Show Example CSV". CSV format is like ETH address followed by comma followed by amount with no space in between. Only one address has to be entered in one line.
Next address with amount in csv format should be entered in next line. Another option to submit addresses, is to upload CSV file from phone.
Click on "Send * button.
Before approval, Multisender let us know about our token balance, amount to be sent in existing transaction, ETH balance and current multisender approval.
In addition, the multisender automatically detect any discrepancy in the token address and notify us. So it is a protective mechanism to avoid ETH loss.
- i cannot complete the transaction because I don't have any ETH balance. We know that on Ethereum blockchain, we need to pay gas fee to carry out transaction and in case of multisender 0.09 ETH is needed to carry out multiple transactions. So we can say that multisender is not beneficial to carry out few transactions because of gas fee but to carry out transactions weighing heavy, it is beneficial than to perform those transactions Individually.
Steemyy (Steem Blockchain)
First few steps will remain same for all use-cases, let's demonstrate the common pathway first, than we will go into individual use-case details.
Go to https://www.steemyy.com.
From the main page of the app , click on "Tools" as shown in the screenshot below.
Next under section " Steem Essentials " , click on "Steem wallet tool - Send SBD or STEEM to multiple accounts ".
Next we need to fill details as per our intended action, which we shall look in individual use cases.
Next my Steemit ID ( username, that is drqamu) and private active key will remain same for all use cases.
Use-case (a)- Transfer different amounts (STEEM) to different users.
Steps:-
Steem ID- Here I'll enter my name (drqamu) without @ as prefix.
Enter the Private Active Key. Here we need to enter steemit account private active key. It is safe to enter as it is not stored anywhere.
Amount- For this use case, we have to send different amount to different accounts. so we have to leave this field as such.
Unit- Select STEEM or SBD . I selected STEEM for this use case.
"Send X times" & "Interval" tab : Since we are not performing recurring or repetitive transaction for this use-case, so leave these fields as they are.
Memo- For this use case, leave it as it is because we have to send different transactions with different memos.
Accounts- Here we need to enter name of accounts to whom we want to send tokens.
You can notice a box under it. In box, we have to enter the receiving accounts names with or without @ , followed by space followed by amount than space and than memo.Care has to be taken that only one account per line with other details has to be entered.
The exact format is, "receiving account's name space Amount space Unit space Memo".
account amount unit memo
aamir07 0.001 STEEM gift
Above format means, i want to send 0.001 steem to aamir07 with gift as memo. The actual details can be seen in the screenshot .
Finally hit the "Send" button.
Once done, the console below will show the transaction details like date, time and Block number.
Use-case (b)- Transfer recurring/repetitive amount(STEEM) to a single user(or multiple users) at a pre-defined interval
Steps:-
Steem ID- Here I'll enter my name (drqamu) without @ as prefix.
Enter the Private Active Key. Here we need to enter steemit account private active key.
Amount- For this use case, we have to send different amount to different accounts. so we have to leave this field as such.
Unit- Select STEEM or SBD . I selected STEEM for this use case.
"Send X times" & "Interval" tab : For this use case, these 2 fields are important. In "Send X times " We have to select number of times we want to send the token and in "Interval " We have to select after how long we want transactions to be executed. For example, i wanted to send 0.001 and 0.002 steem to two users after 1 minite ( 60 sec) . So we have to enter , 2 in "Send X times" And 60 in interval and second as unit.
Memo- For this use case, leave it as it is because we have to send different transactions with different memos.
Accounts- Here we need to enter name of accounts to whom we want to send tokens.
You can notice a box under it. In box, we have to enter the receiving accounts names with or without @ , followed by space followed by amount than space and than memo.Care has to be taken that only one account per line with other details has to be entered.
The exact format is, "receiving account's name space Amount space Unit space Memo".
account amount unit memo
Finally hit the "Send" button.
Once done, the console below will show the transaction details like date, time and Block number. You can see that the details of two transactions performed within a span of one minute.
Use-case (c)- Transfer same amount(STEEM) to different users
STEPS
Steem ID- Here I'll enter my name (drqamu) without @ as prefix.
Enter the Private Active Key. Here we need to enter steemit account private active key.
Amount- For this use case, enter amount say 0.001. Same amount will be sent to all.
Unit- Select STEEM or SBD . I selected STEEM for this use case.
"Send X times" & "Interval" tab : Since we are not performing recurring or repetitive transaction for this use-case, so leave these fields as they are.
Memo- For this use case, i customized memo as gifty. So this memo will be same for all.
Accounts- Here we need to enter name of accounts to whom we want to send tokens.
You can notice a box under it. In box, we have to enter the receiving accounts names with or without @ .Care has to be taken that only one account per line has to be entered.
Example ,
Sapwood
aamir07
magmuz
Finally hit the "Send" button.
Once done, the console below will show the transaction details like date, time and Block number.
What if you enter a wrong/invalid address in Multisender or Multisend(dApps) and Steemyy(dApp)? Does the application(Steemyy in Steem Blockchain or Multisender in Etherum) allow the transaction to go through if you have entered a wrong/invalid address? Showcase with the screenshot(what does the application says when you enter a wrong address)?
Wrong address in steemyy.
The basic steps for performing transaction will remain same. Only thing that will change will be the recipient addresses . So here we go
STEPS
Steem ID- Here I'll enter my name (drqamu) without @ as prefix.
Enter the Private Active Key. Here we need to enter steemit account private active key.
Amount- For this use case, i choose to send 0.001 Steem.
Unit- Select STEEM or SBD . I selected STEEM .
"Send X times" & "Interval" tab : Since we are not performing recurring or repetitive transaction for this use-case, so leave these fields as they are.
Memo- For this use case, i wrote it as gift.
Accounts- Here we need to enter
wrong addresses. Let's say, i choose aamu07 and sapwoz9 in place of aamir07 and sapwood as names of accounts to whom we want to send tokens.
You can notice a box under it. In box, we have to enter the recieving accounts names with or without @ .Care has to be taken that only one account per line should be entered.
Finally hit the "Send" button.
Now look at console below , it doesn't show transaction details, instead it reads
2021-07-12 11:29:29 Sending 0.001 SBD to @aamu07...
2021-07-12 11:29:29 Sending 0.001 SBD to @sapwoz9...
Non-base58 character
Non-base58 character
So we conclude that steemyy does not send transactions to wrong addresses.
Wrong address in multisender .
Basic procedure will remain same as above. Here we will enter wrong Etherium address. I have entered two addresses, one of them is incorrect.
Here are two addresses. We don't know which one is incorrect. Click on "Send". Let's see what happened.
Second address entered is highlighted red and also same notification poped at the bottom saying
Line 2: Given address "0xa87Gc20FAA5C303cb5F2740d085101468602B4d6" is not a valid Ethereum address.
So we concluded that neither steemyy nor multisender allows transactions to wrong addresses