THIS IMAGE WAS CREATED BY ME
Hello guys;
It’s another week of this season CryptoAcademy. This week's lecture was all about ‘ Multiple Transfers/Batch Send at one click’. A very interesting subject matter I must say @sapwood picked a very important topic to explain and he did a very great job 👏 in elaborating the subject matter after reading the lecture notes and doing my own research I hereby present my assignment for this weeks task.
Q1
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 simply means the process of sending numerous assets or cryptocurrencies in just one click. Back before the invention of multiple transactions in a single click when someone wanted to send an asset to 50 people you would have to send those assets one after the other but with this feature of multiple Transactions in a single click, the user can do this with just a single click. If you compare the time the user will spend going to send the asset one after the other to when you use the multiple send feature it saves a lot of time. And we all know that time is money. Let’s say that a user is sending 0.03ETH to over 100 people the more time you consume the laptop or pc you are using also consumes data and electricity.
For a transaction to fit in the criteria of the multiple send transactions. The user should be transferring the same tokens to different user accounts example ETH to 1000 user addresses, not ETH and BTC or a mixture of assets.
Secondly, the transfer of an asset buy this time of different amounts to different accounts a pure example is assuming you organize a contest in steemit here and you want to award ETH from the 1st to the last the prize of the first person won’t be the same as the last.
Thirdly, Transfer of assets with the reoccurring amount with a defined interval.
How does it save transaction fees?
Since the invention of this feature, it has helped lot of traders and saves a lot by reducing the huge transaction fees they used to pay. How the multiple send transactions feature cuts high transactions fees is when a user is sending an asset using this feature lets say you are sending ETH to 1000 addresses using the multiple transactions feature, the transaction fee is 0.07ETH so if you are sending 1000 ETH you will pay an extra of 0.07ETH. Because the transaction is treated as if it were a single transaction with multiple addresses.
Let’s look at a case you don’t use the multiple transactions feature let's say you are sending the same amount of ETH to 1000 addresses with a transaction fee of 0.07ETH. This means every time you send 1 ETH 0.07ETH will be subtracted so at the end of your transaction you will have spent an additional of 70ETH. If you compare to the fee charged when you used the multiple transactions feature you would have saved 69.93ETH.
What are the other benefits?
Multiple transactions feature has other benefits apart from the smaller transactions fees it provides let’s look at them.
Firstly, it makes sending numerous assets to 1000 addresses look ridiculously fast. A user can send to that huge number of addresses within a matter of seconds as compared to the time you will spend when sending them one after the other.
Secondly, Apart from the money you will save in the transaction fees, you will also save money in terms of the cost of electricity and data your machines will consume. Because when you are sending ETH to about 1000 addresses you will spend if not days or weeks before you can finish. And by the time you finish your machines would have consumed a lot of energy.
Thirdly, another benefit of using the multiple transactions feature is that whenever you make a mistake and a double transaction happens it alerts you of that mistake, and also when a wrong address is entered it doesn’t execute this way the trader doesn’t lose his assets
Q2
How To Connect Your Ethereum Wallet ( Metamask ) To Multi send or Multisemder.
Open your web browser and past this link
Click on ‘Connect’
- Select ‘Metamask’
- click on ‘next’ and click on connect.
- Successfully connected.
How To Perform Multiple Transactions ( ETH / ERC20 ) On Multi sends In One Click.
- Click in the Token Address and search ETH-0-Ethereum Mainnet Native Currency.
- In the box just below the token address is the space where you can type the address of your receiver. In this case, I will be clicking on ‘show examples’ so that I will get examples of addresses to use copy and paste in the space provided below.
- Click on send, when you click on it to send it to process the addresses checking for possible errors.
- Because I didn’t have ETH my transaction failed
how do you perform multiple transactions(STEEM or SBD) in one click?
In this task; Multiple transactions in a single click can happen in 3 ways that are.
Firstly, sending equal amount of steem to different users.
Secondly, sending steem of different values to different users
Thirdly, sending reoccurring steem of different values to different users with a defined interval.
So I will be starting from. The first case scenario sending the same amount to different accounts.
1st Scenario
Paste this link in your web browser
Click on ‘tools’
- From the list of Steem Essentials select ‘Send SBD or STEEM to Multiple wallets and click on it
- Make sure you fill in the blanks with the appropriate details like your username without the ‘@’, Enter your private active key.
Make sure you check the amount you want to send, if you are sending SBD make sure you change from STEEM to SBD. The amount of times it’s supposed to be sent is labeled X.
Enter the memo in the space provided.
enter the user names of your targets without the @ the users am sending to are (arahman,atuagh,kaydee009,the-gorilla)
Click on send like I did and in the screenshot above.
Scroll down to view your transaction history
2. sending steem of different values to different users with different Memos
Paste this link in your web browser
Click on ‘tools’
- From the list of Steem Essentials select ‘Send SBD or STEEM to Multiple wallet and click on it
- Make sure you fill in the blanks with the appropriate details like your username without the ‘@’, Enter your private active key.
Make sure you check the amount you want to send, if you are sending SBD make sure you change from STEEM to SBD. The amount of time it’s supposed to be sent is labeled X.
Since am not using the same memo I left that space empty.
Enter the user names of your targets without the @ the users am sending to are (arahman,atuagh,kaydee009,the-gorilla) after every name leave a space and state the amount add the word ‘steem’ leave another space and add your memo as can be see below
- Click on send
- Scroll down to check your transactions details
3. sending reoccurring steem of different value to different users with a defined interval.
Paste this link in your web browser
Click on ‘tools’
- From the list of Steem Essentials select ‘Send SBD or STEEM to Multiple wallet and click on it
- Make sure you fill in the blanks with the appropriate details like your username without the ‘@’, Enter your private active key.
Make sure you check the amount you want to send, if you are sending SBD make sure you change from STEEM to SBD. The amount of times it’s supposed to be sent is labeled X. Since I am sending it two times will change the X to 2 with an interval of 40s.
Since am using different memo I will leave the memo space empty and enter the user names of your targets without the @ the users am sending to are (arahman,atuagh)
- Click on send
- Scroll down to view your transaction history
Q3
Cases of wrong/invalid address on Multisender (Ethereum blockchain) and Steemyy (Steem blockchain)
Open Multi sender website and make sure you are connected to the Metamask wallet.
click on the token Address and search ETH -0- Ethereum mainnet native currency. And click on show example CSV
- Copy the addresses and paste in the address bar replace the last 3 figures of the addresses with any random letter to make the address invalid
- click on send.
- what you notice after click on send is a warning telling you that line 4 and line 5 is not a valid address.
So I wanted to confirm if truly it was a invalid address so I used Web3 online tool you can also use blockchain explorer
This can be confirmed by using web3 online tool
I pasted the address the first address and clicked on run.
Which returned false meaning the address is invalid
I went ahead to paste the second address in the address bar and click on run
it also returned false meaning the address is wrong.
Multiple Transaction On Multisender With A Duplicate Address
- First select the ETH-0-Ethereum mainnet Native currency in the token address
- Click on show example to be given examples of Addresses copy and paste in the space provided below.
- what am going to do is copy the last address and paste it again so making the addresses 6 in number and click on send.
- it didn’t go through because of the duplicate addresses and asked whether to merge or continue without merging. So I clicked on merge
- when it merged you can see they the last address the last part is numbered 2 and click on send.
- it failed to send due to insufficient balance.
Transactions On Steemy With an invalid address.
Paste this link in your web browser
Click on ‘tools’
- From the list of Steem Essentials select ‘Send SBD or STEEM to Multiple wallet and click on it
- Make sure you fill in the blanks with the appropriate details like your username without the ‘@’, Enter your private active key.
Make sure you check the amount you want to send, if you are sending SBD make sure you change from STEEM to SBD. The amount of time it’s supposed to be sent is labeled X.
Enter your memo.
Enter an invalid user name like (jimaaaa) without the @
- Click on send
after clicking on send it returned as unknown key meaning the user name is invalid.
Now lets try a duplicate address
Paste this link in your web browser
Click on ‘tools’
- From the list of Steem Essentials select ‘Send SBD or STEEM to Multiple wallet and click on it
- Make sure you fill in the blanks with the appropriate details like your username without the ‘@’, Enter your private active key.
Make sure you check the amount you want to send, if you are sending SBD make sure you change from STEEM to SBD. The amount of time it’s supposed to be sent is labeled X with minimum interval of 3sec.
Enter your memo.
Enter your duplicate user name like (arahman, arahman) without the @
- Click on send
when I clicked on send it told me that the transaction is duplicated but it executed one transaction.
CONCLUSION
This lecture has made me understand a lot an example is here in steemit a community organized a contest in which over 50 people took part, as a reward of taking part they sent 0.04 steem so I said to my self they have suffered because they will send them one after the other but this lecture has taught me that it can be done in a single click. Thank you professor