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Crypto Academy Season 3 | Advanced course - Task 3: Multiple Transfers/Batch Send at one click


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Background

A wallet is a dApp on top of Blockchain to enable you to send/receive and/or manage your crypto assets. All of us are familiar with a wallet and sending a transfer to another peer is a very basic necessity/use-case in the crypto ecosystem.

When you make a transfer to another peer you pay certain fees depending on the Blockchain network. In some of the Blockchain networks like Steem, Tron, EOS, etc it does not cost you any transaction fee for sending a transfer, while there are other Blockchains like Bitcoin, Etherum, etc where you need to pay a certain amount as Transaction fees.

Event/Contests Organizers and/or Bounty Managers require to send/distribute the tokens at the end of the events/contests to a number of participants/winners. Sending tokens to each of the addresses to the winners/participants becomes cumbersome(with thousands of addresses), time-consuming and there could be mistakes in distribution too. Hence sending multiple transactions/output at one click is the ideal solution to lower the commercial barrier. This is a very genuine use-case for Bounty Managers and/or Event/Contest Organizers.

But for that, we need dApps catering to this use-case(sending multiple transactions at one click). We will discuss this commercial/financial use-case in detail in the context of Etherum Blockchain(Multisender, Multisend) & Steem Blockchain(Steemyy).

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Multiple transactions in one click and its requirement

Sending a single transfer to one address costs you certain transaction fees (depending on the network).

Sending multiple-output(or same output) to different addresses at one click will cost you the same transaction fee(as that of the single transfer).

Therefore apart from being fast, scalable, "multiple transfers at one-click" is cost-effective too.

Other than its requirement within the crypto ecosystem, this feature will also help the business-grade enterprises/startups to integrate with the crypto ecosystem, in other words, it would expedite the adoption rate.

Imagine distributing salary in cryptos to thousands of employees at one click(same output or different output). Similarly, how smooth and seamless it will be for bounty managers, Airdrops, Contests, ICOs, etc. Put simply, it improves the tokenomics of the crypto ecosystem.

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DApps catering to multiple transactions in one click in Etherum & Steem Blockchain

Etherum Blockchain is well known as a rich dApp ecosystem with thousands of ERC20 tokens. Therefore ICOs, startups, Enterprises, dApps need this feature(multiple transfers at one click) to stay organized with the commercial requirement.

Simillarly, in Steem Blockchain(being a social platform), the contest organizers need a mechanism to send the prizes to hundreds of addresses at one go. Sending manually one by one could be laborious, inaccurate, and time-consuming.

In Etherum Blockchain, 'Multisender' and 'Multisend' are two popular dApps that cater to the use-case of "Multiple transfers at one-click" whereas, in the case of Steem Blockchain, it is Steemyy which is making it easy, smooth, and scalable for Event organizers.

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Different use-case

(1) Multisender (Etherum Blockchain)

Use-case- Transfer the same/different amount(ETH/ERC20) to different users

Go to https://multisender.app/

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On the Landing page it will ask you to connect your Etherum wallet(Web 3.0 Wallet). Click on Connect. Click on Metamask. Authorize it to connect through Metamask(Click on Connect)

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You can send either ETH or ERC20 tokens. Click on the Token Address Box, it will display the list of tokens along with the balances available in your wallet. You can select the particular token you want to distribute/batch-send.

For instance I want to distribute ETH to three different Addresses. So I would select ETH (in Token Address Box).

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In the next field, you need to enter the "list of addresses" and the "amount" in CSV format. If you have any doubt, then click on "Show example of CSV format" and accordingly enter the ETH addresses, followed by a comma and then the amount. (Dont leave any space after comma). Alternatively you can upload the CSV file, for that click on "Upload CSV file".

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Then finally hit the "Send" button.

The best part of Multisender is that it will check any possible error and will notify you before proceeding to approve the transaction. So in the case of any invalid address and/or incorrect format, it wont allow the transaction to go through.

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Click on Proceed to approve the transaction.


Please note that it requires at least 0.09 ETH to carry out a multiple transactions at one-click in Multisender.app, and in a similar way, Multisend also charges a fee of 0.06 ETH+gas fee to carry out a multiple transactions at one click. So it's cost-prohibitive unless you have more than 100 or 1000 addresses to transfer.

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(2) Steemyy (Steem Blockchain)

Go to https://www.steemyy.com

Click on "Tools" and then Steem Wallet Tool - Send SBD or STEEM to Multiple Accounts.

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Now you can see an interface like this.

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The various parameters are:-
Steem ID, Active Key, Amount, Send X times(repetitive transfers/recurring transfers), Interval, Unit(SBD/STEEM), Memo, Accounts(Receiving Accounts), etc.

You need to populate the different boxes/fields as per the requirement of a use-case.

Use-case (a)- Transfer same amount(STEEM) to different users.
Use-case (b)- Transfer different amounts (STEEM) to different users.
Use-case (c)- Transfer recurring/repetitive amount(STEEM) to a single user(or multiple users) at a pre-defined interval.

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Use-case (a)- Transfer same amount(STEEM) to different users

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In this use-case, the manager/organizer sends the same amount to the different winners/participants/recipients. So here the Amount is same (fixed) for all the winners.

Steps:-

  • Steem ID- Fill the Steem username of the sender without @. For example, sapwood
  • Enter the Private Active Key. As the key is not stored anywhere, it is safe.
  • Amount- For example 0.001 STEEM.
  • Unit- Select STEEM or SBD (as per your requirement)
  • As it is not a repetitive/recurring transfer leave the "Send X times" & "Interval" tab as it is.
  • Memo- Customize the memo as you want to.
  • Accounts- Here Accounts means "Receiving Accounts". You can notice a box under it. Just fill the username of the receiving accounts with or without @ and one account per line.

For example, if there are 4 recipients, it will be entered in this box as follows:-

stream4u
dharamps
tht
kouba01

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  • Then finally hit the "Send" button.
  • The console below it will display the transactions along with Block number.

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Use-case (b)- Transfer different amounts (STEEM) to different users.

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In this use-case, the manager/organizer sends different amounts to different winners/participants/recipients. So here the Amount is different for different winners/participants/recipients.

Steps:-

  • Steem ID- Fill the Steem username of the sender without @. For example, sapwood
  • Enter the Private Active Key. As the key is not stored anywhere, it is safe.
  • Amount- As the amount is different for the different winners, leave this tab as it is, the amount will be put in a different way(later stage).
  • Unit- Select STEEM or SBD (as per your requirement)
  • As it is not a repetitive/recurring transfer leave the "Send X times" & "Interval" tab as it is.
  • Memo- Customize the memo as you want to, if it is same for all the winners, else leave it.
  • Accounts- Here Accounts means "Receiving Accounts". You can notice a box under it. The receiving accounts have to be entered here with or without @ and one account per line. In this Box, you need to put the receiving account's Username space Amount space Unit space Memo. You can add a memo like this if the memo happens to be different for different winners. If the Memo is same for all then Customize the memo in the "Memo" tab.

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For example, if there are 4 winners with 4 different amounts , then it will be entered in this box as follows:-

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imagen 0.001 STEEM Test-1
prakhar9675 0.002 STEEM Test-2
kouba01 0.003 STEEM Test-3
rishabh99946 0.004 STEEM Test-4

  • Then finally hit the "Send" button.
  • The console below it will display the transactions along with Block number.

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Use-case (c)- Transfer recurring/repetitive amount(STEEM) to a single user(or multiple users) at a pre-defined interval

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Recurring/repetitive amounts generally occur in the case of a loan/repayment.

Suppose you have taken a loan of 0.005 STEEM and you have a contractual obligation to repay it back in 5 equal installments in 5 mins.

Then Time Interval in this case will be 1 mins= 1 * 60= 60 seconds
Nos of equal installment= 5
Repetitive Amount= 0.001 STEEM

  • Send X times- The repetitive/recurring transfers are 5
  • Amount- The repetitive amount is 0.001 STEEM
  • Interval- 1 min= 60 seconds

Steps:-

  • Steem ID- Fill the Steem username of the sender without @. For example, sapwood.
  • Enter the Private Active Key. As the key is not stored anywhere, it is safe.
  • Amount- For example, 10 STEEM.
  • Unit- Select STEEM or SBD. (as per your requirement)
  • As it is a repetitive/recurring transfer, you have to specify repetition(Send X times) as well as interval(in seconds).
  • Memo- Customize the memo as you want to(relevant to your purpose).
  • Accounts- Here Accounts means "Receiving Accounts". You can notice a box under it. The receiving accounts have to be entered here with or without @ and one account per line. In this Box, enter one username (or multiple usernames).

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In the case of multiple users, if the amounts happen to be different, then you need to put the receiving account's Username space Amount space Unit space Memo.

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For example,

starlord28 0.001 STEEM Test-Payment-1
bestofindia 0.001 STEEM Test-Payment-2

  • Then finally hit the "Send" button.
  • The console below it will display the transactions along with Block number.

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Homework Task (Season 3/Week-3)

(1) What do multiple transactions in a single click mean? How does it save transaction fees? What are the other benefits?

(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 thiss 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?
(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)?

Guidelines

  • Your article should be at least 300 words.
  • It is always better to gain sufficient user experience before submitting your article.
  • Refrain from spam/plagiarism. This task requires screenshot(s) of your own experience. Use images from copyright-free sources and showcase the source, if any.
  • This homework task will run until 17th July'2021, Time- 11:59 PM UTC.
  • Users having a reputation of 60 or above, and having a minimum SP of 500(excluding any delegated-in SP) are eligible to partake in this Task. (Must not be powering it down)
  • Add tag #sapwood-s3week3 #cryptoacademy in your post and should be among the first five tags. You can also use other relevant tags like #steemyy #steem #blockchain or any other relevant tag. And also make sure you post in the Steemit Crypto Academy community.
  • Those who include the real examples/screenshots will score better.
  • Try to be as creative as possible when you demonstrate with a use-case.

(Please feel free to join the comment section if you have any doubt on Homework-Task)

Thank you.

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Cc:-
@steemitblog
@steemcurator01
@steemcurator02

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Unless otherwise stated, all the images, infographics, charts, tables, etc(if any) are my original works. The screenshots are taken from Multisender & Steemyy.

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