Crypto Academy is such a nice program that brings a world of knowledge every week with different lessons. This week professor @sapwood has talked about Multiple Transfers/Batch Send at one click and its something that I believe is very important everyone who is part of the crypto space should know. I rarely send any other coin than steem because its part of my daily life and my majority of holding is also in form of crypto.
Indeed, sending a transfer one by is not just time-consuming but not convenient at all, and just think if we need to pay 100 users then its like we have to spend so many hours and that also has a possibility of error. Crypto is backed with highly advanced technology and such tools making it smarter where doing wallet transfer is so easy and we can do it according to our requirements. Most of the blockchain platforms charge a fee for every transaction and especially on ethereum it's quite high. Ist good that we at steem don't have this fee and its one of the best parts of the platform.
(1) What do multiple transactions in a single click mean? How does it save transaction fees? What are the other benefits?
What do multiple transactions in a single click mean?
As the name suggests that we can initiate multiple transactions do you want to go and it will not take a long time like it requires if we do one by one? In simple words if we have more than one wallet address where we need to transfer funds with the same amount or different amount then we can get the transfer done with just a single clue and multiple transactions will be initiated with the single command. It will save quite a lot of time because sending multiple transfers take a lot of time and there is also a possibility that we might offer some error with the amount. This function is very useful when I need distribution is required to happen. For a project that distributes AirDrop, I see you some rewards or anything in a similar pattern use this function to get the transfer done.
In a broader view, I can say that if you were in the future we get the option to get paid our salary in form of crypto then this function is going to help us a lot because all the transfers can be done in a single click. When I was working in a company at that time I used to process salary through ABA files and banks offer this facility to upload files on their portal. This file carries the bank details of all the employees and in one click multiple transfers get done. In the same pattern, multiple transactions in a single click work and we can do the transfer in a single click for many wallet addresses.
How does it save transaction fees?
We know that there are charges involved within each transaction and creating multiple transactions means we need to pay charges multiple times however if we can get all the transfers done in one go and that too with a single click then obviously we will have to pay a single fee. These days ethernet networks charge about $6-10 fee for each transaction and if we need to transfer ERC 20 coins to 10 addresses then we will end up paying quite a lot toward the transaction fee. Now with this function, we can transfer to all of them in a single click and it will charge quite less. Like we need to pay for transaction fee and there would be some charge by the tool itself however still we would not pay more than $20 on the higher side so this way it helps us save a lot on the transaction fee.
What are the other benefits?
Apart from the transaction, there are some other benefits as well-
- Time-saving is very important and with this, we can save a significant amount of time as there would be only on transaction creation.
- It is also helpful to reduce the duplicate transfer as tool let us know if there are duplicate address. Its hard to get funds back so its better to follow a proactive approach with this tool.
- It provides the ease of transfer and as doing a single transaction is easy and we can finish in few minutes and I don't think that it will take more than 5-10 minutes or so on the higher side.
(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)?
How do you connect your Etherum Wallet(Metamask) to Multisend or Multisender(dApps) & perform multiple transactions(ETH/ERC20) in one click?
For this, we must have a metamask wallet extension in our browser. I use Brave browser and have it already installed so I will share the steps in short to install it-
- Open- https://chrome.google.com/webstore/search/metamask
- Choose to Add to Brave/Chrome option as per your browser and it will get installed in a minute time.
- After the install creates a wallet or if you have a wallet already import using a key.
- Once wallet is created/imported then were are ready to connect our metamask wallet.
Now open URL- https://multisender.app/ and click on connect option provided at the top of the page.
Now my wallet is connected and now we are ready to perform multiple transactions(ETH/ERC20) in one click. I have selected the ETH token to send and its also a native currency of ethereum. We also have an option to enter addresses or upload through CSV files.
I have entered the addresses and amount that I am going to transfer and now I can select SEND button to proceed further.
After sending the button this page is open where we can see the list of recipients. Now if I approve the transaction then this multisend with being done however I am not able to do as there is no balance in my wallet. If you have a balance and would like to send then in the next window you will require to verify the transaction using metamask.
Overall this process is easy and also does not take too long. In simple words, we can just select the coin, enter addresses, approve the transaction, and its done.
Using Steemyy how do you perform multiple transactions(STEEM or SBD) in one click?
In this, we will understand how can we perform multiple transactions on stem blockchain. Steemyy is developed by @justyy and he is one of the reputed witnesses on the steem platform. With Steemyy, we can send few tokens like Steem, SBD, Hive, and HBD but I will perform this transaction using STEEM. This dapp also has other features like Blockchain Overview, Block Explorer, Account Registration, Witness Servers, Node Status, API, etc along with tool option.
- Open https://steemyy.com/ and click on the tools option.
Now click on Steem Wallet Tool - Send SBD or STEEM to Multiple Accounts under the steem essential option.
This will open below page where we need to fill in the information to perform multiple transactions on steem.
Transfer of same Steem amount to different users-
- For this we need to enter my account name in Your STEEM ID filed without "2"
- Next, I need to enter my private key. This is safe to use they don't save it so we don't need to worry.
- In the next field, need to enter the amount and I have entered 0.02 steem.
- In the next field, I need to select the unit between STEEM and SBD so I have chosen Steem.
- Enter the number of intervals.
- Enter memo if any. this is like a message that we want to share.
- In the next file, need to enter the amount and we must ensure that there will be one account in one line. I will be using @sapwood and @ajks in this field.
- Now I click on the Send button to perform the transaction.
Now the transaction is done and its showing in the log that the amount is sent and its success.
This is the snapshot of my wallet and I can see the same here as well so the transaction is dually verified.
Transfer of different Steem amounts to different users-
In this method, many of the inputs will remain the same.
- Like we did above, the sender's user name and the private active key are required.
- Amount will not be entered as we will send different amounts this time.
- Again I have selected STEEM as a coin
- Leaving x time and interval empty this time as well.
- Using default memo this time.
- In the account field, enter the recipient account and amount followed by space in between.
In this pop-up, I need to click on ok to proceed.
This transfer is a success and the log is also showing the same. I have also checked this transaction in my wallet and both transfers are reflecting.
(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?
wrong/invalid address in Multisender
If we enter an incorrect eth wallet address then Multisender shows an error and does not allow us to go ahead with the transaction. Like in this window I have removed the last 2 digits of the address and its saying that address is invalid. Ideally, we must copy the address but if in case we don't copy it completely then it let us know that its not valid.
There could be another scenario when we don't put the comma in right place and then also it shows the error. Here I did not use the comma and its taking the address as invalid which means if we follow the wrong method then the transaction will not be processed.
Wrong/invalid address in Steemyy -
Now with Steemyy, I am trying to use some invalid information to see how it behaves and will it process the transaction.
I have added @ symbol with the sender's account which is my steem account and its showing the error that the account name should start with a letter. So if we enter the sender account with @ symbol then it will not process the transaction.
Now in the next scenario, I am going to use the wrong recipient account to see what happens. I have added (-) with the recipient accounts and when I triggered the command to send the amount its showing an error in the log.
Its showing unknown key transaction has not gone through.
The transaction is not successful because both accounts do not exist on the blockchain so we can say if an account does not exist then this tool will not process the transaction. Now a question arises that how would I know if these accounts exist or not so for this I have tried to find both accounts in steemd.com and below are the snapshots of the result for both accounts.
Conclusion
This is a very nice lesson where I learned more about steem and how this multiple transfers in a single click. I am not from technical background so never thought that this could be so easy and anyone can do it. Even for multiple transfers in steem, I used to think that there must be some bot who does this job. There may be a bot as I am not sure about it however steemyy is such a fantastic tool that does a lot for steemians. I did not know this dapp and used it for the first time however I have seen that there are so many options available with this dapp and I will explore more about such features.
Blockchain is a highly advanced technology and there is a lot to learn and explore about. I enjoyed this lesson a lot and it helped me enhance my knowledge about steem as well as how can we send multiple transfers in a single click.
Thank you so much professor @sapwood for this amazing lesson.