NEWS – Multigateway Production Servers are now Online
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The Multigateway service is included in the SuperNET software releases. Get the latest SuperNET in our Software Downloads.
Production servers use a new asset ID for mgwBTC. If you own any of the old mgwBTC assets used in development servers, you can send them to a special redeem Nxt account that will send back the same amount of the new mgwBTC asset.
- mgwBTC redeem Nxt account:
- production mgwBTC asset ID:
What is Multigateway?
Multigateway (MGW) is a third party service developed on top of the NXT network that allows you to move cryptocurrencies in and out of the NXT Asset Exchange, the peer-to-peer exchange that offers decentralized trading with no trading fees. To see the coins currently supported by MGW, jump to Supported Coins.
How does MGW work?
MGW creates a unique deposit address for your account, for each of the supported coins. When you send coins to that deposit address, MGW will deliver to your Nxt account the same quantity of coin assets to your NXT account. Coin assets can be traded in the NXT Asset Exchange like any other asset: you can buy them with NXT, sell them for NXT and send them to any other NXT user with the fast speed of the NXT network.
Similarly, MGW allows you to easily withdraw your coin assets back into your corresponding coin wallet, with the lowest withdrawal fee in the market – equivalent to the minimum transaction fee for the coin.
Every coin asset is equivalent to one coin. The coin assets are backed up by the coins deposited in MGW, stored by the three MGW servers in multiple multisignature accounts for every supported coin.
In a multisignature account, the same address has several associated private keys or signatures. This means the servers have to agree, each of them providing their signature, in order to process the coin transactions – similar way to a joint bank account. The use of multisignature accounts and independent servers is what makes MGW more secure than any traditional centralized exchange account.
You can find a detailed description of the Multigateway tech in the Multigateway Service Documentation.
How can I use MGW?
Multigateway is a service integrated in the SuperNET software. It is continuously being developed, and is currently in beta stage. To learn how to use Multigateway and to obtain answer to common questions and user support, please take a look at the MGW User Guide.
