Crypto Academy / Season 3 / Week 3 - Homework Post for @sapwood - Multiple Transfers/Batch Send at one click

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Source
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Introduction

Mass adoption of blockchain technology will always be an ongoing discussion and improvements continue to be recommended with regards to some specific or general features of blockchains. For example, many blockchains have vastly improved scalability, enabling the system to come close to centralized alternatives when it comes to large-scale data processing in a record time. There is still one area of blockchains that traditional systems are still winning. That area is the ability to send multiple payments in just a click. This is a crucial area that must be addressed if mass adoption of blockchain as a means of sending transactions or payments must be achieved. Lets take a look at traditional and blockchain systems and the mechanisms of processing multiple transactions in each.
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Wallet Dapps Versus Traditional Payments - the Challenge

Blockchain wallets are used to send cryptocurrencies from one address to another. Each system charges some network fee to facilitate such transactions. The fees, which sometimes depend on the volume of funds being sent, may not be a big issue if it was for just one transaction. However, the challenge comes when the transaction involves sending tokens to many accounts. Each of the transactions will definitely attract a network fee and that is a down side for anyone thinking about using crypto payments. Additionally, there is another issue of transaction time.

To transfer some funds from one wallet address to another may not require much time. But how about sending a payment to many addresses. Imagine having to send funds to 200 crypto wallet addresses. It would be inefficient and time consuming to do it one at a time. If crypto payments is being recommended to an organization as a better alternative to traditional payroll systems, then it will be difficult for large organizations to adopt and implement since payments must be sent one by one and not in batches. There must be a way to send crypto payments or funds to multiple wallet addresses in just one click on the blockchain. This saves costs from repetitive sending of the tokens and also saves the time it would have taken to do that. Already, many payroll programs which are traditional models are able to send multiple transactions at one click, at the cost of just one transaction. Blockchain wallets will need a solution to this in order to compete traditional systems

Multiple Transactions - What it is and Benefits

The task of sending several transactions from a wallet one at a time definitely has some many challenges as shown above. There should be a way to do it with just one click. That is enabling multiple transactions. at a go. So to explain it properly, performing multiple transactions from a wallet means that with just a click, the same funds can be transferred several wallet addresses at a time and the network fee charged is just for one transaction. Below are some benefits:

  • Time efficient: Sending one transaction from a wallet to 100 wallets for example, will take a lot of time if it was done one after the other. However, sending the fund to the 100 accounts with just one click will save a whole lot of time. If it took 50 seconds to each to each wallet address, and it was done one after other, it would then take 5000 seconds to complete the transactions. But a multiple transaction system will achieve the same feat in 50 seconds. In fast-paced technology world, no one wants to lose time.

  • Cost Effective: A multiple transaction system saves a lot of cost in form of network fees. If the transaction is done one at a time, each transaction will definitely attract a network fee. However, a multiple transaction system in one click, will just attract the cost of one transaction. This is because the transaction is seen as one transaction and not many transactions.

  • Requires less resources: For an organization with a large staff, using a single transaction system would require more payroll staff and other resources like hardware, and energy consumption. These are indirect resources that must be there in order to facilitate the payment of thousands of employee salary. This kind of work will take days to finish if let for just one staff or few hardware. But with a multiple transaction at a click, few manpower and other resources would be required to facilitate the transactions.

These and many other benefits make it important to use dApps that will enable sending multiple transactions with just a click. There are many of them. So in the next section we will look at these dApps and how to use them.
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Demonstrating multiple transactions at a click through Multisender

The Ethereuem Network has so many dApps that can enable you send multiple transactions at a click, with just a single network fee too. One of the is Multisender dApp So in this tutorial, I will demonstrate how to send some ETH tokens to 2 addresses at once using Multisender.

Step 1: I have to log on to https://multisender.app/. Then I click the prompt to connect my Metamask wallet to multisender as shown below:


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Step 2: I will click Metamask in the new popup box as my walllet of choice. Check below:


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Step 3: I will click next in the following two windows to complete the setup.


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Note: At this point, I have completed the connection to my Meta Mask wallet. I will head back to the Muiltsender website to send Eth to at least 2 addresses.

Step 4: Back on the Multisender platform, I clicked on the Token Address box and select ETH which is the token I want to transfer.


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Step 5 I copied and pasted my ETH wallet addresses from Binance and Luno. After pasting each address, I added a comma and then entered the amount of Eth that I want to send to each address. Once I clicked Send.


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On the new page, I will complete the transaction by clicking approve. Assuming I had the balance. It will send the funds. But I had 0 balance


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This is how to send ETH to multiple addresses using multisender. Before I head over to the next dApp, I decided to see if multisender verifies for errors. So instead of the ETH addresses, I entered a doge coin addresses and attempted to send. Happily, I was shown a "Wrong address" error message. So the system is robust and safe. Such errors are checked to prevent users from sending funds to a wrong address, preventing loss as a result.


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2. Steemyy - enabling 1-click multiple sending feature on the Steem Blockchain

Our great Steem blockchain have seen an explosion in the number of users over time. Contest organizers would be relived to find a tool which will make it easy to distribute prizes to participants in one click no matter how many they are. That tool is called Steemyy. Before I go on to explain why this tool is a time super saver, let me explain why I personally choose to do this assignment.

I run a daily contest called LID reporting and I distribute prizes to winners daily. Before I discovered this tool, it has been a laborious process to distribute winners prizes. I do that one after the other through steemitwallet. But now that I discovered this tool, it would be a big big relief to me. I took hours yesterday to send prizes to more than 30 participants yesterday as shown in SteemAlive wallet records below.


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SteemAlive Wallet

So having discovered this tool, my workload on sending prizes would have been cut down by a large percentate. So in this part of the presentation, I will demonstrate the following using real prizes for the LID reporters daily contest:

  • How to transfer the same amount of steem to different users ( LID reporters)

  • How to transfer different amount of steem to different users

  • How to transfer a fixed amount of Steem to a single user or multiple users

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2.1 How to transfer the same amount of steem to different users ( LID reporters)

LID reporters win 0.5 Steem or 0.6 steem daily. So in this part of the presentation I will send the same amount to different LID reporters for 23/6/2021. Below is the reporter prizes table pulled from prizes announcement post for 23/6/2021:

Check our reporters for 23/6/2021

LID REPORTERPRIZEPOSITION
@uzoma240.5 Steem1st
@ninapenda0.6 Steem2nd
@patience900.6 steem3rd
@smarto0.6 steem4th
@yakspeace0.6 Steem5th
@alexanderpeace0.6 Steem6th
@akinola18120.6 Steem7th
@chichieze0.6 Steem8th
@flint8810.6 Steem9th
@fonexsignature0.6 Steem10th
@esthyfashion0.6 Steem11th
@sirdeone10k0.6 steem12th
@jokkystar0.6 steem13th
@gracykan0.6 Steem14th

Table Source

So from the table above, I will send 0.6 Steem to reporter number 2 - 14 Using Steemyy. Here we go:

Step 1: Log on to https://www.steemyy.com/ and click tools from the top menu. When the new window opens, click Steem Wallet Tool - Send SBD or STEEM to Multiple Accounts as show below:


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Step 2: This is where the main job is done. This step has many activities. For the sake of Clarity, I have labelled the arrows a - g to indicate what to do at each stage. Check the image below.


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a. Steem ID: Here you will enter the steem wallet from where the steem will be taken from. In this case, I am sending the prizes from @steemalive. But you need to remove the @. So i just entered SteemAlive.

b. Private Active Key: The account active key is needed to complete the transaction. So enter it in this box. Steemyy does not store your active key so there is nothing to worry about security.

c. Amount: Here is where the amount to be sent is entered. I have types 0.6, the amount of steem for each reporter.

d. Unit: Since am sending Steem, I selected the STEEM/HIVE pair

e. Memo: This is where the memo is types. I have entered the memo associated with each LID prize - Your LID prize for 23/6/2021

f. Accounts: This is where I will type the accounts to receive the steem. As you can see, i have typed the usernames of all the LID reporters to receive 0.6 Steem.

g: Hit this button to send the steem. Once I hit this button, a confirmation window opens and I clicked Ok to confirm the transaction as shown below:


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This is the message from the console to confirm that the steem has been sent:


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As pointed by the arrow above, one the usernames was incorrect. So the error message indicated the account as unknown. So the steem was not sent to this particular account. When I checked again from the main LID post, I discovered that the correct account is @. Apart from this, the tool executed the transaction perfectly as this screenshot from the steemitwallet shows:


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Important Note: I discovered that all the transactions happened at the same time, unlike the manual one by one sending I use to do, where there are obvious time lapse between each transaction. This tool is super super cool.
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2.2 How to transfer different amount of steem to different users

In this instance, there are not just different recipients. The amount to be sent also differs. To do this, just follow all the points under Step 2 discussed in the preceding section. The only section that will change is the section labelled c. and f.


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So now here is the whole steps again:

a. Steem ID: Here you will enter the steem wallet from where the steem will be taken from. In this case, I am sending the prizes from @steemalive. But you need to remove the @. So i just entered SteemAlive.

b. Private Active Key: The account active key is needed to complete the transaction. So enter it in this box. Steemyy does not store your active key so there is nothing to worry about security.

c. Amount: In this case the amount is not the same. So leave this box empty.

d. Unit: Since am sending Steem, I selected the STEEM/HIVE pair

e. Memo: This is where the memo is types. I have entered the memo associated with each LID prize - Your LID prize for 23/6/2021

f. Accounts: This is where I will type the accounts to receive the steem, the amount, the unit and memo. So here is how to type it:

account[Space]Amount[Space]Unit[Space]Memo

Each of them should be on its own line. So here is how to type the 4 accounts I want to use as an example:

ngoenyi 0.4 STEEM Testrun for sending to multiple users with different amounts
pricelesspresh 0.1 STEEM Testrun for sending to multiple users with different amounts
davchi 0.2 STEEM Testrun for sending to multiple users with different amounts
whitestallion 0.3 STEEM Testrun for sending to multiple users with different amounts

g: Hit this button to send the steem. Once I hit this button, a confirmation window opens and I clicked Ok to confirm the transaction as shown below:


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Confirmation window


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The console display


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From Steemitwallet

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2.3 How to transfer a fixed amount of Steem to a single user or multiple users

Another great use of the Steemyy tool is that it can be used to schedule repetitive or recurring payments. This would be so useful to organizers or teams that make repetitive payments to a single account or to multiple accounts. For example, an account that has received delegation from multiple accounts and agreed to pay a specific amount of Steem as returns to the delegators, can find this tool so useful.

Here is how it works.

We will create a sample transaction here with 2 accounts:

Account 1: @ngobaby Will be paid 1.5 Steem in 3 Installments within 3 Minute.
Account 2: @samuel20 Will receive 0.9 Steem in 3 Installments Within 3 Minutes.

Take note of the important elements:

Send X Times: Number of times the transaction would be repeated - in this case 3
Amount: Total Amount to be sent. Account 1 is 1.5 Steem, Account 2 is 0.9 Steem
Interval: Every 60 Seconds. Since it will repeat 3 times, the total after 3 intervals would be 180 seconds.

Now lets set it up:


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The Steps:

a. Steem ID: Here you will enter the steem wallet from where the steem will be taken from. In this case, I am sending the prizes from @steemalive. But you need to remove the @. So i just entered SteemAlive.

b. Private Active Key: The account active key is needed to complete the transaction. So enter it in this box. Steemyy does not store your active key so there is nothing to worry about security.

c. Unit: Since am sending Steem, I selected the STEEM/HIVE pair.

d. Send X Times: In this box, enter the number of times the transaction would be repeated. In this example, its 3 times.

e. Interval in Seconds: 60 seconds make 1 minute. So the transaction would be sent every 60 seconds or 1 minute

f. Unit of time We have already selected it to happen in seconds. You can click this box and choose other units such as minute of hours. It will however after the number in e above.

g. Accounts: Enter the accounts in each line inside this box. Since the amount to be sent varies, here is the format to follow when typing each account.

account[Space]Amount[Space]Unit[Space]Memo

Each of them should be on its own line. So here is how to type the 2 accounts I want to use as an example:

ngobaby 0.5 STEEM Free gift ngo
samuel20 0.3 STEEM Free gift sam

h: Hit this button to send the steem. Once I hit this button, a confirmation window opens and I clicked Ok to confirm the transaction as shown below:


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Confirmation window


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Console Display of transaction progress

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Conclusion

I really enjoyed this lesson by @sapwood. As a community admin that sends transactions everyday, Steemyy is now one of my best tools on the Steem blockchain. We will continue to support development of tools like these that make it easier to achieve some tasks in a faster and more efficient way.

#sapwood-s3week3 #cryptoacademy

Disclaimer: I made the screenshots of all images used in this work from the dApps under consideration - MultiSender and Steemyy - unless otherwise indicated.

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 2 months ago 

Very good post with simple words and easy steps to improve our understanding of the contexts being considered. Well-structured and organized sections too

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