STEEMIT CRYPTO ACADEMY SEASON 3 WEEK 3 - HOMEWORK POST FOR @SAPWOOD- MULTIPLE TRANSFERS/ BATCH SEND AT ONE CLICK.

in SteemitCryptoAcademy3 years ago (edited)

Introduction

This week professor @sapwood has touched on the topic Multiple Transfers/Batch Send at one click.
A transfer mechanism that is can be used by event organizers and people who want to send funds to multiple accounts.

After going through his lecture I will now complete my homework task.



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S


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1.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 is referred to as the distribution of funds to different accounts or the distribution of different amounts to an account in a single click or tap.
What this means is that, a user might want to send 1 steem to different accounts; this can be done by the single click and also a user might want to send 1 steem and also 2 steem to the same account, this can he done at one click.

More simply, there are 3 different types of transactions that can be performed in multiple transactions in one click.

They are

• Transferring the same amount of funds to different accounts in a singe click.

•Transferring different amount of funds to different accounts in a single click.

• Transferring multiple amounts of the small funds or different type of funds to a single user in a single click.

How does it save transaction fees.

The multiple transactions in a single click mechanism helps users a lot as it has so many ways of being cost effective.

Sending assets cost different fees on different platforms.
As explained earlier, let's say I want to send an amount of 0.001 eth to a single user.
Sending this amount will cost me a transaction fee.
Sending this same amount to multiple users at different times will also cost me transaction fees.
But if I send these funds using the multiple transactions in one click, it will cost me the same transaction fees as it would have done for the transaction fees to one account

An example;
If it would have cost me a transaction fee of 0.153dollars for sending 1eth to a single user.
And cost me 0.612dollars transaction fees for sending an amount of 4 eth to 4 different users at different times without using the multiple transactions in one click method.
When I use the multiple transactions in one click method, it will now cost me an amount of 0.153dollars for sending to 4 different accounts.
This means that it will cost me less in transaction fees.

What are the other benefits?

Using the multiple transactions in one click method has its benefits and they are stated below

Cost effective
The multiple transactions in one click is cost effective because the transaction fees that the sender would have paid for different transactions at different times will be reduced because the fees will now be the same as that of the single transfer.

Consumes less time
Imagine sending funds to different accounts at different times without the multiple transactions in one click method.
The sender will have to enter each receivers address independently at different times and wait for the transactions to be completed.
These process will be time consuming as the user will waist a lot of time doing this.

It is more secured as it is not easily prone to mistakes.
When using the steemyy to send funds to multiple accounts, before the transaction goes through the sender has to preview the information of the receivers so it minimizes the chance of the receiver loosing his funds to a wrong transaction.
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2.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 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 metamask wallet to multisender.

a) I visited the multisender site here
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b) After the site opens, I then click on the connect option at the top to add my wallet as shown by the red shape
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c) Click and select metamask from the list of web3 wallets.
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d) The wallet extension for metamask opens; Click on next .
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e) Click on connect to continue.
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f) I have successfully added my wallet, as you can see I am logged in.
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Performing multiple transactions(ETH/ERC20) in one click?


After connecting my wallet to multisender, I will now perform the multiple transactions on multisender.

a) Now I will search for ETH from the token address search bar;then click and select eth mainnet native currency.
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b) After selecting the eth currency, I will now proceed to enter the addresses to which I want to send the token to.
If incase you don't know how to do write the address you can simply click on the show example of CSV, you will be shown some example and then you can know how to input them from here.


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You can see examples by clicking on show example CSV.


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Examples of the addresses.


c) Now that I know how to write the addresses, I will now try to input the addresses.
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d) Now I will click on the send button below as shown by the red shape.
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e) The screenshot below is the page for me to review and approve the transaction but since I do not have enough eth balance I cannot proceed with the transaction.
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Using Steemyy how do you perform multiple transactions(STEEM or SBD) in one click?


a) I will open the steemyy website here
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b) After opening the site, I will then click on tools from the menu at the top of the page as shown by the red shape.
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c) After clicking and opening the tools option, i will now locate and click on Steem Wallet Tool- Send SBD or Steem to Multiple Accounts under the Steem essentials menu.
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d) After clicking, the next page cointains fields that that the sender needs to fill with the details of his transactions.
The fields to be filled include;
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  • Your steem id( the sender)
  • Private active key( Here your active key is secured as the site doesn't copy the key)
  • Amount
  • Send X times
    and so on,

e) The next thing I then did was to fill in the details in the fields provided as follows

I entered my steemit username rubilu123 without the @ sign but you can also do it with the @ sign
Then I copied and pasted my private active key in the next field
In the next fields, I entered the amount I wanted to transfer(0.001)
Then I choose the asset I wanted to send; In my case I changed it to steem/Hive because I sent steem
In the interval and send x times field, you can notice that I left it unchanged because I was sending the same amount of funds at the same time
I then entered the memo(project 1) before entering the ID's of the 3 different accounts i wanted to send the funds to(chenty,abu78,jimah1k)
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f) After providing all the information in the fields provided, i then clicked on send to approve the transaction.
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g) A confirmation page appeared at the top of the site for me to confirm and preview my transaction before allowing it to send.
I then clicked on ok after verifying all the details.
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h) We can see from the screenshot provided below that the transaction has been successful.
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using Steemyy demonstrate how to send the different amounts to different users with different memo


Now in this demonstration, I am going to show how to send different amounts of steem to different users uisng different memos on steemyy.

a) I fill in my steemit username(rubilu123) without the @ sign but you can do it with the @ sign.

b) I then copied and pasted my private posting key.

c) In the next field, I won't change anything as I will be sending different amount but the amount to be sent will be entered in a different place later.

d) I then selected the steem/hive as I am sending steem token to the users.

e) In the next field(Send X times, interval) I did not make changes as it is not a repetitive transfer.

f) In the next field, since I am going to use different memo for each user I also left that field empty as the memo will be filled later on.

g) In the next field,this is where the sender needs to enter the usernames(chenty, bibsonhabib) he is sending the steem to; In this field the sender has to enter the username of the receiver,give space and then the amount you are sending and then give space then the token(steem) and then finally the memo.

An example; chenty 0.002 steem winner 1
bibsonhabib 0.002 steem winner 2

The username can be entered with or without the @ sign.


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h) I then clicked on send, as in the first scenario, a confirmation window appears at the top for me to confirm the transaction.
I then click on ok.
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i) From the screenshot below, we can see that the transaction was successful.
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Note-Now in the screenshot you realized that I was given an information to add the unit I am sending; if I do not include the token in that field, the transaction will not be completed

You have to also note that If you do not write them in order, the transaction will not be completed; for instance, If I bring the memo before the steem the transaction will not be completed.


how to send repetitive/recurring amount at the pre-defined interval?


Now I will demonstrate how to send recurring amount in a pre-defined interval using one-click.

a) I fill in my steemit username(rubilu123) without the @ sign but you can do it with the @ sign.

b) Entered my private keys and then selected the token I wanted to transfer.

c) In the next field, i want to send an amount of steem(0.009) but I am not sending it all at once but 3 times.
So I will enter 3 in the Send X times field
.

d) And then in the interval field I will like to send the amount in a 40 seconds interval so I will put 40.
Don't forget to change the time to seconds.
So a total of 0.009 steem will be paid in 2 minutes.

e) Here I am sending to 2 different accounts(arahman,marwone).

f) Then I provided my memo for both transactions(testing mic 1),(testing mic 2).


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g) Then I clicked on send and as usual the prompt appeared at the top for me to confirm by clicking ok.


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h) From the screenshots below you can see that the transactions were successful.


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The first transaction of the 3 transactions confirmed.



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The last batch of transactions confirmed


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3What 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)?

We have learnt how to send tokens to users with the one-click method using the multisender site and the steemyy site.
Now let us see what happens when we try sending funds into a wrong address.

For the multisender site.

In a case of a wrong address in the list of recipients.

a) For this demonstration, I placed a wrong address in one of the addresses and tried sending it to the addresses.

0xafa827782518E2C79a7C257D2241bc2eteyr

Before proceeding I checked on blockchain explorer to actually see If the address I am trying to send the eth token to is a wrong one
After confirming it is a wrong address, I then proceeded.
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b) After entering in a wrong address I then clicked on the send button.

c) A notification pops up at the bottom of the screen alerting me that one of my addresses is a wrong address.
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In a case of duplicate addresses.

a) In this scenario, I entered the same recipient addresses for two lines.
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b) I then clicked on send.

c) After clicking on send, a notification pops up below the screen saying that my line 2 and 3 are duplicate addresses.

d) In this scenario, I was asked If I wanted to merge both accounts or I wanted to proceed without merging them.

e) I then clicked on merge accounts, this then adds the amount of eth I was sending to both accounts together to make it one to be sent to that one account.


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After doing both demonstrations for multisender, I have come to the conclusion that multisender will reject sending assets to a wrong address.

It will also prompt the user in a case that there is a duplicate account address.

It will also prompt it's user if there is a mistake in his recipient address entered to avoid the loosing of funds.

For the Steemyy site.


In the case of a wrong username

a) For this demonstration, I entered a username that does not exist on steemit.(chenty1234 and farhmade1234)
I checked on steemit to make sure these usernames are not in existence on steemit


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b)I made the memo as a failed transaction and then proceeded to click on send.
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c) After clicking on the send button, a pop up appeared with the message reading unknown keys.
Meaning that I am trying to send to a wrong address.
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In the case of duplicate usernames.


a) For this demonstration, I entered the same username.(arahman)

b) Then I made the memo as duplicate failed,
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c) After clicking on send, a pop up message appeared as usual at the top.
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d)After confirming by clicking on ok, I checked if the transaction was successful.
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In the first scenario the transaction failed because I tried sending steem to a wrong address, which means steemyy will reject sending assets to a wrong address.

In the second scenario, I tried sending steem to the same accounts; even though the account is valid one of the transactions still failed.

But I noticed that one of the transactions went through.

This means on steemyy if you enter duplicate recipient usernames, 1 of the transaction will be carried out but one will fail.
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Conclusion

Finally, multisender and steemyy will not allow transactions to go through if the addresses are invalid or wrong.
The dApps also check for duplicate transactions.

The multisend in one-click method is a very easy and convenient way of sending funds or tokens to different or multiple accounts.
I must admit that before this lecture i always wondered how contest organisers could send out steem rewards to all participants within few seconds or within few seconds interval.

The multisend in one-click is also very user-friendly as the site the steemyy and multisender site are very easy to understand even for a user who has never used the sites before.

Connecting your metamask wallet to the multisender is not a difficult task as one would have thought having never used the site before.

This lecture has taught me a great deal about the steemit blockchain and I am honoured to have been able to learn this from the professor.

Thank you.

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Note- Unless stated, all pictures are screenshots from multisender,steemyy,blockexplorer and steemit
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