Crypto Academy / Season 3 / Week 3 - Homework Post for [Crypto Professor @sapwood]
1). What do multiple transactions in a single click mean? How does it save transaction fees? What are the other benefits?
When we talk of multiple, we talk about numbers involving different members with equal or different statuses. Multiple transactions will be an agreement, proceeding, or dealings of more than one person. In simple language will be the buying and selling involving so many people, that is one man selling to many at the same time.
- The aspect of a single click comes in respect to time to validate the transaction for all the members involved in the process.
While a single transaction will take a single click for a particular member and different times to validate all the members, multiple transactions in a single click by simple definition will be the proceeding and validation of more than one member at a particular time.
As mentioned in the course, a single transaction to a member will cost fees, normally depending on the network. This is simple to understand, that means putting together many transactions in one will cut down costs.
For example
If one transaction fee is 0.5 USD, you will expect 5 transactions to cost 2.5 USD for a single transaction per click. This is just okay, but with multiple transactions in a single click, a transaction fee will be less as fewer resources are been used for the process.,
Other Benefit
Time: Time is an important factor when it comes to transactions. With multiple transactions in a single click, this problem is solved as no one has to wait. While executing one transaction after the other and spending more time, a single click covers it all.
Numbers: with multiple transactions in a single click, you have a wide reach executing many transactions at once. This you will be able to reach out to many in a small duration of time. Here you can determine the number of transactions you want to execute.
Speed: Speed is a factor that binds with time, multiple transactions in a single click are more gas as it will execute more transactions at once.
2). How do you connect your Etherum 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 Etherum & 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?
Multisender(dApps) & perform multiple transactions(ETH/ERC20) in one click
Let start by visiting the web platform
Multisender dApp
Click to connect wallet
- For you to carry out any transaction on this platform, you have to connect your Etherum Wallet(Metamask).
- Select Etherum Wallet(Metamask).
ETH address: 0x7bBf88715CF8A07C0100836fe6513637c8339b0C
- On clicking connect, my wallet is connected to the multisender dApp platform.
- Top far right(if you are using a laptop) you have the logout button.
- Select the token in the search bar.
- click Show example of CSV to see the formate.
- Or you can upload an already prepared CSV file
- Click send
NB:The formate is simple which, I think anyone can type in the input area, avoid spaces between.
- Address
- Comma sign(,)
- Amount
- See total amount to be sent to all list
- Click Approval to move to the next and final stage
NB: Since my wallet is empty, I can not complete the process of multiple transactions in a single click with multisender dApp
Steemyy to perform multiple transactions(STEEM or SBD) in one click
Let start by visiting the web platform
Steemyy
The menu bar is made up of different tabs
- Blockchain overview
- Block Explorer
- Tools
- Account Registration
- Witness Servers
- Node Status
- API
- Bots
- Among the first category of tools (Steem Essential) you fine SteemWallet Tool - SBD or STEEM to multiple accounts
Now you can see how the interface looks like, we will move on to do multiple transactions making sure to fill in the necessary parameters.
NB: every transaction on this platform will need
- steem id
- active key
- unit
- Memo
- Account(receiving destinations)
Here is my first case, I will be doing multiple transactions
- steem id (@fombae)
- private active key
- Amount (0.002)
- Unit(STEEM)
- Memo( Thank you all for joining the steemit platform...)
- list of accounts (tifuh, asangazinwi, jane-mary, chant, oniza, saxopedia ).
- Click sent
NB: Don't list the different accounts on the same line, let each line hold just a single account.
Example
tifuh
asangazinwi
jane-mary
chant
oniza
saxopedia
Now you want to know what happens in your wallet, so I log into my steemitwallet with my private active key. Remember, this transaction was done with one click. The transaction time can prove that.
Same Memo, same amount sent to different accounts at the same time. This just so cool, looking forward to using this tool.
Steemyy demonstrate to send different amounts to different users with different memo
Here is my second case, I will be doing multiple transactions but this time different amount
- steem id (@fombae)
- private active key
- Unit(STEEM)
- list of accounts (chant, oniza, saxopedia ).
- Click sent
NB: This time everything is done in the input area
- [account] [Amount] [Unit] [Memo]
Example: oniza 0.001 STEEM Test-1-Memo-steemyy
Different accounts, Different amount, Same memo
Different accounts, Different amount, Different memo
how to send repetitive/recurring amounts at the pre-defined interval?
Here is my third case, I will be doing multiple transactions more than one time with a duration interval between transaction.
- steem id (@fombae)
- private active key
- Unit(STEEM)
- Send X times
- Time Interval
- list of accounts (chant, oniza, saxopedia ).
- Click sent
NB:
- Now will make use of send x times (this is the number of times you want to execute the same transaction)
- Time Interval (this is the duration times between the transaction)
I will be doing two transactions in one minute
- 1 = first transanction
- 2 = Second transanction
steemitwallet*
3). 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)?
Normally, I will not expect to have a valid transaction if the address is wrong or invalid, to be very sure let give it a try.
A) I going to repeat the process of doing multiple transactions, this time I will a wrong there address on the thrive position.
Let click sent Wow warning.
I'm been notify that line three is not a valid ethereum address. All transactions have been stopped
B) With the steamy tool, this case is not the same. Here the second address is wrong
Im going to make an error with the address saxopedia by writing saxopidia.
Oh, but the other transactions were validated while giving a warning signal that I had an unknown key because of the wrong address.
Well, I can point out that for both platforms transactions with the wrong address will not be executed. While multisender will pick out the exact line and address, steemyy gives a blank warning. It will be difficult if you had a long list of addresses to know which is the wrong address on the steemyy platform. Well, good thing I did not lose my token in spaces. Lol.
Conclusion
This has been an interesting course to me, especially the aspect of multiple transactions on the steemyy platform. Finally, the fear of losing a token to a wrong address has been made very clear in this course. But again it important to check and verify the address is the valid address of the receiver. This tool only helps in case of a wrong address (none exciting address), if you happen to used a wrong address for a particular account which is a valid address for another account. You will not have the warning, so caution is still needed.
cc: @sapwood