Getting Started
Where can I get a few NXT to get started using Multigateway?
If you are new to Nxt, but have some of the MGW supported coins, a great way to get started in the Nxt platform is to deposit some of your coins in the Asset Exchange and trade them for NXT. Once you have created your new Nxt account, Multigateway allows you to do that. You just have to generate your coin deposit address following this user guide and sell your coins in the Exchange using existing buy orders, or if you prefer, place your own sell order.
Since generating a coin deposit address and placing an order in the Asset Exchange are transactions in the Nxt network, you will need to cover the current transaction fee of 1 NXT per transaction. No NXT? No problem. Just use the Start Tour button in the upper right corner of Lite MGW to use a NXT faucet, or visit us in the Multigateway Starting Giveaway Thread in the Nxt Forums, post your new Nxt account ID and we’ll send you some NXT so you can get your coins live in the Nxt Asset Exchange.
Security and Operations
Why is Multigateway more secure than any centralized exchanges and gateways?
As you can read in the Service Description, the use of multiple multisignature accounts and separate, independent servers increases the security of the system by a large factor when compared to a centralized exchange. An attacker that wanted to grab the coins wouldn’t only need to crack one server security and one coin account, as he would need to do with a centralized exchange; he would also need to crack at least a second server, and then deal with multiple multisignature accounts, all without being detected. In the event of detecting any intrusion attempt, the service can be temporarily locked and shut down before the multisignature accounts move a step closer to become vulnerable.
Will Multigateway have trouble in the event of a fork, as it has happened to some centralized exchanges?
Since the blockchain information in the servers is redundant, and the three servers have to agree in order to authorize coin withdrawals, the Multigateway software will automatically stop withdrawals as soon as a fork is detected, and until the fork is resolved.
Who controls the Multigateway servers?
In this early beta stage, the three separate MGW servers that hold the coins multisignature accounts are operated by the MGW core developer, jl777. Very soon, the three servers will be operated by three independent entities: NxtHaus, MyNxt.info and MGW developers. Also, additional clusters of three servers are being deployed, and each server cluster will be operating new coins supported by the Multigateway software. Each of these clusters will be run by three different operators.
What if one of the servers goes down?
Since all three MGW servers need to achieve consensus before the 2-of-3 required signatures confirm a coin withdrawal, withdraws would be stopped while the server goes back online. Two thirds of the coin deposits would go through, and the remaining third would be processed once the server is restored. Coin assets and Asset Exchange trade operations are independent from the MGW servers, so they wouldn’t be affected by one server going offline.
What happens if the Multigateway coin accounts runs out of reserve?
Multigateway has 100% reserve, since all the coin assets sent by MGW are backed up by deposits made in Multigateway. So the only way Multigateway could end up empty of coins is if everyone withdraws the coins that they have deposited back to their coin wallets. For as long as you have your coin assets in the Nxt Asset Exchange, you will be able to withdraw the equivalent amount of coins.
Is it possible to see MGW operations and transactions information?
Multigateway is open. Since all the transactions information is in the Nxt blockchain and in the blockchain of the corresponding supported coins, anybody can do a realtime audit on all the coin account balances and compare against the coin assets available in the Nxt Asset Exchange. If you want to follow realtime information of Multigateway balances and transactions, you can install the MGW software client (NXTservices). You can find it in the Nxt Services Releases Board in the Nxt Forums here.
Where can I get more detailed information about how the MGW service works?
If you want more information about MGW, you can find a detailed description of the service in the latest Multigateway Service Documentation.
User Support
If you need additional support to get started with Multigateway, please join us in the Multigateway User Support Thread in the Nxt Forums.