Crypto Academy / Season 3 / Week 3 - Homework Post for @sapwood | Multiple Transfers/Batch Send at one click
MY HOMEWORK POST
What do multiple transactions in a single click mean? How does it save transaction fees? What are the other benefits?
Multiple transaction in a single entry means a transaction that contains two or more cryptocurrencies transactions, requiring different addresses in the same blockchain with just one click. The transaction is very fast, in a way that tokens can be transfer to several users within at the time without with a lesser cost without performing the transaction one after the other. Multiple transaction in a single entry is carried out on the same at the same platform of a blockchain to perform the transaction.
(1) How does it save transaction fees?
Sending cryptocurrency to several users incurred a lot of chargers. For example let's say that you want to send 0.0003 Ethereum each to five (5) peoples with different addresses the transaction fees that you will incurred while sending 0.0003 Ethereum to first person address would be the same fees that you will be charged if you make use of the multiple transaction in a single entry. Going further to this explanation in practical terms let's say that you send 0.0003 ETH to the first person you are charge 0.0001 ETH as your transaction fees, this means that by the time you finish sending to the remaining four people your transaction fees will now be accumulated to 0.0005 ETH which is higher compared to when using multiple transaction in a single entry that will perform the transactions with a cost of 0.0001 ETH with just one click. This means that using multiple transaction will save you a transactions fees of 0.0004 ETH instead of 0.0005 ETH when transferring the Ethereum one after the other to the five (5) different addresses.
What are the other benefits?
Some of the other benefits multiple transaction is that;
Saves Time
Multiple transactions eliminate waste of time when transferring tokens to multiple users. The use of multiple transactions help to saves time since transactions can be send to several users at the same time.Less Economical:
Sending of tokens to 5 different users separately which is the local method, willl attract double transactions fees. Using multiple transactions in one click will only cost a user single transaction which is less economical.Saves Energy:
Multiple transactions reduce the rate of stress in the sender, due to the excess workload that is involves in traditional transfer. The help of multiple transactions help the sender to become less stressful in sending tokens to several users.
(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?
Connecting your Ethereum wallet (Metamask) to Multisend or Multisender(dApp) can be done using the step below:
Step 1: Go to https://multisender.app
Step 2: On the interface select your Web3 Wallet interface. Select Metamask and authorize to connect your wallet.
Step 3: Click on Next.
Step 4: At this point click on connect.
Once you have click on connect your wallet will be automatically connected suçcessfully to Multisender.
How to perform multiple transactions in a single click on Multisender
Step 1: At the Token Address Box, I searched for ETH and select ETH.
Step 2: At this step I field in the addresses and the amount in CSV format and I also I click on show example of CSV format before I enter the 3 ETH addresses.
Step 3: After I have inputted my the 3 ETH addresses I then click on "Upload CSV file".
Step 4: I then click on Send button.
How to use Steemyy to perform multiple transactions in a single click
In other for you to use Steemyy to perform multiple transaction in a single click follow the steps below:
Step 1: Go to https://www.steemyy.com and click on Tools as indicate from the screenshot below.
Step 2: Click on Steem Wallet Tools - send SBD or STEEM to multiple accounts
Step 3: On the interface you will see Steem ID, Private Active Key, Amount, Coin selection (SBD or STEEM), Send times (in the case of repetitive transaction), Memo and Accounts.
Step 4: Enter your Steem ID input your Steem username,in my case (jasminemary) copy and paste your Private Active Key, then input the amount of Steem example (0.002) as the amount am sending. And I swap from Hive/Steem to Steem/Hive.
Step 5: I then type in the transaction memo as A test for multiple transaction then I typed in the 3 accounts that I am transferring Steem to which are josepha,simonnwigwe and drmax1 before I then click on send.
Step 6: I click on Okay, a console then appear showing the block number for the transactions,which is shown below from the screenshot.
How to perform multiple transactions in one click to different users with different amounts at a predefined interval on the Steem blockchain
Step 1: I enter my Steem ID (jasminemary)
Step 2: I then enter my private active key.
Step 3: I skipped the amount section
Step 4: I switched to Steem/Hive
Step 5: I skipped the column for memo
Step 6: I then enter the usernames of the receivers , amount, Steem and memo.I inputted the usernames as follows sapwood 0.004 Steem MultipleTrans-03, besticofinder 0.003 Steem MultipleTrans-02, preye2 0.002 Steem MultipleTrans-01
After I have finished inputting my data as shown from the screenshot above.
Step 7: I then click on Send and also okay
The transaction became successful as shown below.
How to perform multiple transactions in one click to different users with different amounts on the Steem blockchain
This this is almost the same to that of predefined interval.
I enter my Steem ID
I then enter my private active key
I enter the Steem amount as 0.001
I select Steem/Hive
I enter the inter as 3 seconds
I select my time interval as 20 seconds
- I enter the memo, the receiving account username and Steem.
Example: stream4u 0.002 MultipleTrans-02, yousafharoonkhan 0.001 MultipleTrans-01
- I then click on send then a page pop up I quickly click on Okay and the transaction became successful as shown below.
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(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)?
Whether in Multisender or Multisend(dApps) and Steemyy(dApp) if a sender make a wrong/invalid address the transaction will not be successful.
I have have done this using the Steemyy(dApp) which the transaction was unscessfull because of the wrong/invalid username that I used. The application says Non-Base58 Character, Non-Base58 Character. This implies the username isnot valid and the transaction is unsuccessful.
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Also In Multisender I encounter the same issue when I entered wrong address that is not Ethereum address it turned to red which mean the address is invalid as shown from the screenshot below.
Now from the screenshot above it indicates that line 1 and line 2 addresses are wrong/invalid with the application that says; Line 1: Duplicate address, and Line 2: Duplicate address.