Crypto Academy / Season 3 / Week 3 - Homework Post for Professor @sapwood

This is Season 3 Week 3 of Steemit Crypto Academy and I'm writing Homework Task for Professor @sapwood

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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?

Before jumping into Homework Task, there are certain terms that should be cleared beforehand. 

Wallets: 

They are digital platforms online or offline used to store and hold our cryptocurrency. A wallet is secured by a key and in case you forget the key your funds are inaccessible. Now we come to the most important point related to this assignment. With wallets you can send cryptocurrency to both multiple users at a time or a single person.

Multiple transactions in a single click:

Sending funds to more than one wallet at a time is referred to as the multiple transactions in a single click. It is to understand transactions may involve sending, receiving, swapping, buying, selling, swapping or staking. All these activities require a certain fee that is fixed. Through this feature you can do multiple transactions at once.

The principle behind this feature is that the system detects the multiple transactions as a single transaction and therefore processes it earlier. For traders time is money so multiple transactions in a single click is a very useful tool and function in a  wallet

How it saves transaction fees:

When you transfer funds from one wallet to the other there is a fixed amount of fees that you have to pay for each transaction. By doing multiple transactions at one you save a lot of fees. By multiple transactions at once you pay a fixed fee that is less than the sum of the fees for the separate transactions.

If you have 100 or more tokens that you want to send to many addresses it brings a lot of ease otherwise it would be so difficult to do so. So it means when you perform multiple transactions in a single click you are not only saving time but also money.

Other benefits:

  • It saves time as well as other errors such as the double-sending error. Otherwise if you had to send different tokens to different wallets separately it would take a lot of time. 
  • In addition to that for example if you want to send crypto to 1000 assets you have to follow the transaction process a 1000 times if this feature was not available. With this feature a single transaction handles everything.
  • As discussed already it helps save a lot of money.
  • It prevents the errors when you repeatedly send transactions one by one manually there are higher chances of errors but in single click transactions you make sure everything is alright and then in a single click everything is done and dusted.

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2.1)

How do you connect your Etherum Wallet(Metamask) to Multisend or Multisender(dApps) & perform multiple transactions(ETH/ERC20) in one click? Explain the detailed steps (Screenshot needed, real transactions in Multisender or Multisend may not require)

Now I will perform multiple transactions in one click using metamask wallet.

  • After you have downloaded the Metamask, enable its extension on your browser. I am using Opera mini browser so I will use this.

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  • Now to use multiple transaction features in a single click visit this website https://multisend.org/.
  • The following screen will appear

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  • As we can see that we can transfer ERC tokens in just Three steps
  • First of all click on connect and the connection page will appear

  • Tick the box before your desired Ethereum account

  • In the next step you will have to verify that you selected the right account and then click on connect.

  • Select the token from “Select Token” option
  • In the “CSV Data” field, we can add multiple accounts in the CSV format. And if you don’t know what CSV is then click on “How it works” and you will see an example. 
  • The CSV format to write addresses is to write to the address of the receiver, then a comma (,) and then enter the amount of tokens.
  • Moreover, we can also upload a CSV file containing the addresses. We can add multiple addresses in the addresses area. 
  • After making sure that we have entered the right addresses and amount of tokens to each address, click approve and send.

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2.2)

Using Steemyy how do you perform multiple transactions(STEEM or SBD) in one click Explain the detailed steps (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?

Steem Blockchain has made life easy for all those who want to send different payments to multiple users with single click and without any fee. Yes, there is a site called Steemyy developed by justyy which allows us to do this.

Let's see how we can perform multiple transactions in One Click on Steemyy

  • First of all, visit https://www.steemyy.com/
  • Click on tools and then click on Steem wallet tools to send steem or SBD to multiple accounts as shown in the below screenshot

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  • After clicking on the above mentioned point, a new window will open where we need to put the information of our account like steemit username, private Active key, amount etc.

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  • I entered my steemit username
  • Then Entered Priavte Active Key
  • Entered the amount 0.001 Steem
  • Wrote memo as "Professor Sapwood Task"
  • Enter the accounts of users whom I wanted to send the Steem

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As we can see in the above screenshot that the same amount of 0.001 Steem is transfered to multiple users.

Different Amount to Different Users

Now I will send different amount of steem to different users using steemyy

  • I entered my steemit username
  • Then Entered Private Active Key
  • Left the amount box as it is

Then at the end, Enter the accounts of users whom I wanted to send the Steem and then the number of steem against each user in the same line and then the memo like below in the screenshot.

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  • Click Send

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As we can see in the above screenshot that different amount of Steem were paid to different users.

Send repetitive/recurring amount at the pre-defined interval

Now I will send repetitive/recurring amount to different users at pre-defined interval

  • I entered my steemit username
  • Then Entered Private Active Key
  • Left the amount box as it is like 0.001
  • Selected 3 in the Send X times Box
  • Selected Interval 3 Seconds
  • Entered the usernames of the users whom I wanted to send and the amount of steem with memo like this:

aizazghumman 0.001 STEEM Testing
attiyaasghar 0.001 STEEM Testing

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  • Click the send button

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As we can see in the above screenshot that the repetitive amount (3 time) is paid to different users with pre-defined time interval of 3 seconds.

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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)?

Websites Like Steemyy, Multisender and Mutlisend not only helpful in trasnferring amount to mul;tiple users with single click but these are also helpful when we make any mistake in entering the username of any receiver. They do not allow us to send money to wrong addresses and save us or our money by showing us an error.

Let's take an example from Steemyy that what error it will show when we enter a wrong/invalid address

  • Visit https://www.steemyy.com/
  • Click on tools and then click on Steem wallet tools to send steem or SBD to multiple accounts as shown above in the second question
  • I entered my steemit username
  • Then Entered Private Active Key
  • Left the amount box as it is like 0.001
  • Entered the wrong/invalid usernames of the users whom I wanted to send and the amount of steem with memo like this:

asaaaaaaaaaj 0.001 STEEM Testing
sapppppwoooddddd 0.001 STEEM Testing

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  • Finally, I clicked 'Send'.

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As we can see in the above screenshot that transaction didn't take place because I entered the wrong addresses. It showed the error message "unknown key:unknown key: "

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Conclusion

By taking this lecture and by doing this Homeword task, I have learned that DApps like Steemyy, Multisender and Mutlisend have made human life easy to do bulk transfers on Steem and Ethereum Blockchains. Companies which pay salaries to their employees in the form of Steem through Steemyy can save the transaction fee and their time to do multiple transactions in One click. They can send different amount of payments to different users and can also set the specific time interval.

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