Crypto Academy / Season 3 / Week 3 - Homework Post for Professor @sapwood : Multiple Transfers/Batch Send At One Click
(1) What do multiple transactions in a single click mean? How does it save transaction fees? What are the other benefits?
(1.a) What do multiple transactions in a single click mean?
Multiple transactions in a single click means that a procedure that contains more than one transactoin that is be done in a single process. This single process accommodates a sender to send to more than one recipients. For example: I (aneukpineung78) want to send some STEEM to 10 accounts, whether or not it has the same amount of STEEM each, then I can do that in a single process, I don't need to send them one by one.
(1.b) How does it save transaction fees?
The (multiple transaction in one click) might save transaction fee since it is counted as a single transaction. So when I use the batch transaction for 10 people, I will have to pay the fees as much as the fees I need to pay for one transaction. So for 10 transactions I do as a batch, I have saved like 90% of transaction fees compared to if I do it one by one.
(1.c) What are the other benefits?
Another benefit of batch transaction is that it saves time. Say, you need about 5 minutes to perform a transaction from peparation until it is succesful. It means you're gonna need at least 50 minutes to complete 10 transactions. While, maybe, you will only need 8 to 10 minutes if you use batch transaction.
(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?
(2.a) Multisend (for this task I used Multisend)
(2.a.1) Connecting my MetaWallet to Multisend.
So I opened its website at https://multisend.org/. When the website opened, my browser (Google Chrome) automatically called the Chrome's MetaMask Wallet extension. I filled in the extension password and hit [Unlock] button.
When the extension was unlocked, the next step is for me to choose a MetaMask wallet to proceed, since I have only one, I proceeded with it by clicking the [Next] button.
The next step was to execute the connectivity of my MetaMask wallet with the Multisend website. I hit [Connect] button on the lower right corner of the MetaMask extension box.
It was succesfully connected. Part of my MetaMask wallet address was shown on the upper right corner of the website page.
The Ethereum Mainnet was automatically selected.
(2.a.2) Performing Batch Transaction in Multisend.
Below is the picture of the workplace to do a batch transaction in Multisend.
On the first row were one dropdown box to select token and a box to fill in the "decimals". Since I have no token available in my MetaMask wallet, when I hit the dropdown arrow of the [SELECT TOKEN] dropdown box, it showed this message: "Sorry, no matching options." And maybe for the same reason I was not able to interact with the [DECIMALS] message box. So it should have been easy: I selected a token, filled in the decimals number, and proceeded to the next step: filling in the address and the amount of token I needed to send.
Filling in the address and the amount of token was to be done in the [CSV DATA] message box. It could be done in one of two ways: by inserting the text (the address and the amount) manually or by uploading a CSV file.
The first method: by inserting the the address and the amount manually
The destination address and the amount to send was separated by a comma, later on I foiund out that space was not in consideration.
When there are duplicate addresses, an alert message appears in the lower section with the option to choose whether to keep the fisrt one or to combine balance, if it is appropriate for the need of the sender.
The picture below shows a batch contains 5 destination addresses with different amount for each. If the token was selected and the decimals was filled, then the next and last step might be hitting the green [Approve & Send] button. Maybe there will be some other steps like confirming the transaction in MetaMask wallet like all other transaction across dApps.
The second method: by uploading a CSV file
To upload a CSV file, first thing to do was to click the [Upload File] button.
The batch transaction work area of the website interface changed. The [CSV DATA] box showed a message on how to upload a CSV file.
I chose the click and select file. So I clicked on the message inside the [CSV DATA] box. And then locate my CSV data and chose it by clicking the [Open] button.
As soon as I clicked the [Open] button, the CSV Data box was automatically filled with the list of destination addresses and the amount to send. I had three addresses in the CSV file.
The data was succesfully uploaded, the rest is the same as the first method.
So, after all the addresses have been verified as valid, I clicked on the [Approve & Send] button. The approval page came out with the message "Insufficient token balance" with the red not-clickable [Next] button, which means my journey on this task ended there.
(2.b) Steemyy : same amount
I opened the Steemyy website address at https://www.steemyy.com/.
To do multiple transaction, I clicked the [Tool] button on the menu bar at the upper side of the page.
On the next page, I clicked on Steem Wallet Tool - Send SBD or STEEM to Multiple Accounts link.
It opened https://steemyy.com/wallet/. The picture below shows us the interface of the Steemyy multiple transaction tool.
I was going to use this tool to send some amount of STEEM to five people in one transaction. Each of them will receive a 0.01 STEEM. Here were the steps:
- I typed in my username on the first message box.
- On the second message box, I pasted my Steem Private Active Key.
- On the third message box, was the amount of token to send. It was 0.1. Right below it, I chose the token, which was STEEM. I left another 3 boxes ( Send X times, and the interval) untouched.
- Below it, was the message box to use to leave a memo. It is optional, it can be left as it is.
- On the last message box, the biggest one, was the box to write down the recipients (destination accounts). Because I wanted to send to several people the same amount, then I just wrote 5 names in this box.
- And after all was set, I hit the [Send] button.
- A confirmation pop-up box appeared. I clicked the [OK] button.
- Within seconds, the transaction was completed. As the picture below shows us that I executed the transaction at 15:15:55, and was completed for all 5 transaction on 15:16:02, which means it took about 7 seconds to complete a batch that contains 5 transactions.
- This is the story as recorded on my steemitwallet:
(2.c) Steemyy : different amount with different memo
- To perform another batch transaction on Steemyy, I decided to first clear the log. So I hit the [Clear Log] button.
- The log was cleared. I was ready for another batch transaction.
- All steps it required were the same, I only needed to differentiate the amount and the memo for each recipient. I did not need to fill the first and second message box (username and key), I just went to erase the amount on the third message box. I did not have to change the token either, and left the three box next to it untouched.
- I erased the value in the memo box.
- In the last message box, I typed the recipient names in the format: account amount unit memo. And then I hit the [Send] box to execute.
- A confirmation pop-up box appeared. I clicked the [OK] button.
- Below is the picture of the transaction log. It took 6 seconds to complete all 5 transaction.
- Here is what it looks like on my steemitwallet.
(2.d) Steemyy : repetitive/recurring amount at the pre-defined interval
- For this task I did not clear the log before performing. I left the log as it was. I wanted to send 0.01 STEEM to @arteem every 5 seconds for 5 times.
- I left the username as it was because my username was still there since I was continuing from the previous transactions. And so was the key.
- In the amount message box, I typed 0.01. On the token unit I made sure STEEM was chosen. I filled the box to its right with 5. And the interval was 5 seconds.
- I filled the last box with only recipient name (@arteem) and no memo because I don't need to put any memo in there. And then I hit the [Send] button.
- On the pop-up confirmation box that appeared, I clicked the [OK] button.
- Here is the picture of the transaction log. I gained understanding that the log for a following transaction that was done without firstly clearing the previous log will be put under the previous log. Another one is that if someone in the middle of repetitive transaction and wants to stop it, they can just simply refresh or close the page. The picture below shows that it took about 24 seconds from I executed this transaction until it was completely finished for 5 transactions with 5 minutes interval.
- My steemitwallet showed this record.
(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)?
In Multisend, when an invalid address was entered, it will automatically show an error message. This picture below shows that I put 3 addresses, 2 were valid while 1 was not. When there is an invalid address, user cannot proceed, since the [Approve & Send] button is not clickable. Users can easily get rid of all invalid addresses by clicking the [Delete all invalid] button.
- When I hit the [Delete all invalid] button, the invalid address was deleted, and the [Approve & Send] button change to a green clickable button.
So, on Multisend, there is no way users will send tokens to any invalid addresses, since the tool automatically prevent it.
- I tried to send 0.01 STEEM to three addresses, one was valid (@arteem) while two (@ap78 and @aisahaiss) were not. I typed all the necessary information in the Steemyy wallet tool. So far, I did not see any alert that I had entered wrong addresses. So I proceeded by clicking the [Send] button.
Inserting steemitwallet addresses to steemyy tool.
- The tool did not report any mistake. It popped up a message to continue. I clicked the [OK] button.
- The batch transaction was processed. And the came out with the log looked like this:
Ooops! Two unknown keys!
- My steemitwallet record the succesful transaction.
So I learned that Steemyy wallet tools, in a batch send or batch transaction, does not do the address validity check before the batch transaction was confirmed. Once it is confirmed, the tool will check all the address validity, it shows on the log picture above that the invalid address report (unknown key) was put on top of the valid address, while I arranged them in different order.
- The editorial picture was created by me.
- All another pictures were screenshoots and were edited with Photoshop CS 3.