Crypto Academy / Season 3 / Week 3 - Homework Post for @sapwood on Multiple Transfers/Batch Send at one click
It is the year 2030, Fiber-trade enterprise is about to pay its staffs, Ether is now an accepted legal tender and accepted currency in India. The pay roll collates the addresses of staffs and their working grades, inputs them in the system and hits transfer. The system has automatically calculated the Ether value for each working grade and transfers seamlessly.
I wake up from my day dream, I must have been to the future.
Good day beautiful Steemians, I am @hadassah26, welcome to my week 3 season 3 homework of the Steemitcrypto academy lecture by professor @sapwood on: Multiple Transfers/Batch Send at one click
”1. What do multiple transactions in a single click mean?”
Multiple transactions in a single click in crypto wallets is the act of transferring either:
• A certain amount of crypto currency to different users
• Different amounts or crypto currency to different users
• A certain amount of crypto currency to same user multiple times
This process which allows users to save cost, save energy and reduce transaction time is amazing and more, better for business and organizations.
Crypto currency wallets as we all know unlike bank accounts are mostly decentralized giving users control over their financial asserts to be able to send, receive, and store anytime and anywhere have grown from a peer to peer funky thing to serious business.
Organizations now move very huge sums of crypto from exchanges to wallets and more the need for distribution of tokens during Contests, Airdrops, ICOs etc.
But with the crypto currency industry still sticking to wallets and private keys to respect decentralization, decentralized applications have been developed to carry out such multiple transactions by linking your wallets.
”1b. How does it save transaction fees?”
With multiple transactions in a single click, the same amount of transaction fees for single transactions is still required, this which makes it a beautiful thing considering crypto startups hoping to send airdrops to their community members etc.
”1c. What are the other benefits?”
Other benefits of multiple transactions in a single click in the crypto currency industry are:
• Time: with sending of thousands of transactions at one time, unlike manually sending one after the other multiple transactions in a single click is really a time and life saver.
• Reduced Labour Cost: Imagine having to carry out a transaction over and over again at intervals, it may mean employing someone, with multiple transactions in a single click companies can save cost of labour.
• Human Error Avoided: The computer is best at repetitive jobs in which humans can easily make mistakes costing lots of money (more as we know errors in crypto transactions can be costly).
With multiple transactions in a single click these errors can be avoided and unnecessary cost saved.
”2. How do you connect your Etherum Wallet(Metamask) to Multisend or Multisender(dApps) & perform multiple transactions(ETH/ERC20) in one click?”
Connecting your Metamask wallet to your multisend is simple and secure. Metamask which works as a chrome extension on my system with its security as a key phrase.
• First I open Multisend via www.multisender.app
The main page shows as below:
• Next I easily click on “connect” select Metamask.
• I then connect via my Metamask as shown below: syncing my metamask wallet with Multisend.
• I have now connected out Metamask with Multisend, I can now send multiple transfers from Multisend via my wallet.
”2b. Perform multiple transactions(ETH/ERC20) in one click?”
To perform multiple transactions with Multisend, I first select my token:
Then I Input the receivers addresses:
Now I click on “send” and it takes me to the “Approve page”, I do not have enough tokens so I can't approve.
”2c. Using Steemyy how do you perform multiple transactions (STEEM or SBD) in one click?”
Steemit as a social media/earning blog, its communities usually holds contests expecting quality contents from participants. At the end of these contests rewards are shared to multiple participants. This which needs a multi transactions in one click tool has been developed by @justyy as the steemyy tool.
To perform multiple transaction in one click on the steem blockchain, we now use the Steemyy tool through www.steemyy.com.
Opening the site, we are taken to the homepage:
We then click on “Tools” and then click on: “Steem Wallet Tool - Send SBD or STEEM to Multiple Accounts”
Now we are taken to a new page, Here we can carry out multiple transactions in one click.
We will be carrying out different types of transactions with Steemyy so I will be sharing it into:
• Transactions involving different addresses same amount at a single time
• Transactions involving different addresses different amount at a single time
• Transactions involving same address, same amount recurring times.
We may need to pay same amount to different people at a single click, doing it manually can make it tedious and boringly long. Using the Multisend on a single click through steemyy can be a life saver.
To do so, we first:
• Input our address in the first box provided neglecting the “@”,
• Then we input out Private active key in the next box.
• We then input our amount, in the “Amount” box
• Then we select STEEM/HIVE and leave, “SendXtimes”,”Interval” and “Seconds” boxes blank.
• We can now write something in the Memo
• Then in the “Accounts” box we type in the accounts with the “@” left out.
• We click send below and out transactions go seamlessly. Picture below:
This time we may need to pay different amounts to different people at a single click. Doing it manually can be really long so we use the Steemyy multisend tool.
Here, first we:
• Input our address in the first box provided neglecting the “@”,
• Then we input out Private active key in the next box.
• We leave the amount, in the “Amount” box
• Then we select STEEM/HIVE and leave, “SendXtimes”,”Interval” and “Seconds” boxes blank.
• We also leave the memo box free
• Now in the amount box, we put the addresses, amount, unit, and memo giving space after each column.
• We then click send. Picture as shown below:
What if we wanted to send money to someone but on intervals, waiting and sending at the specific times can be time wasting, we can now do this using the steemyy tool.
First we:
• Input our address in the first box provided neglecting the “@”,
• Then we input out Private active key in the next box.
• We then input our amount, in the “Amount” box
• Then we select STEEM/HIVE and
• Then we input the number of times in “SendXtimes” boxes, the time duration in the ”Interval” boxes and if we want the duration to be in “Seconds” or minutes.
• We can now write something in the Memo
• Then in the “Accounts” box we type in the account with the “@” left out.
• We click send below and out transactions go seamlessly. Picture below:
”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?”
Humans are prone to errors, so also sending bulk transactions can bring errors especially in psedorandom crypto addresses. But Multisend tools are aware of these so the notify you when you make errors in addresses or the CSV format.
In Multisend, when one makes an error, say the C,S,V error the below notification is popped up: Line 1: wrong amount
Line 1: too many columns in the line Invalid Record Length: expect 3, got 2 on line 2
Picture below:
When I inputs a wrong type of address, then the Multisend notifies me of that when I click on “Send” so the cant go through. Notifying me with message : Line 1-1 Please provide the corresponding amount to every address Click "Show example CSV" for more details Line Wrong address Please provide at least 2 addresses,
Picture below:
On the steemit blockchain using steemyy, sending to invalid addresses pops up wrong message on the console as shown below:
The world is now no doubt a global village. With people from different cultures and geographical locations working on a single project, industries are being built virtually. But the transfer of finances via banks and monetary transfer agents still ranges between 0.5% to 3.9% source. Still way too expensive. Disbursing money to staffs and collegues via negligibly free multi transaction in one click services is the way forward.
Thanks
CC @sapwood