What is MGW?
MultiGateway Service allows users to move cryptocurrencies in and out of the Nxt Asset Exchange. Nxt Asset Exchange is the peer-to-peer exchange built into the Nxt software that brings decentralized trading with no trading fees.
Asset Exchange is the decentralized marketplace of Nxt. It is where any asset, digital or physical, can be traded peer to peer without the need for a centralized third party. The Asset Exchange concept is often generally referred to as Coloured Coins the cryptocurrency world.
Supported coins on the MultiGateway include:
- Bitcoin
- Litecoin
- DarkCoin
How MGW Works
MGW creates for you one deposit address for each of the supported coins. When you send coins to that deposit address, MGW will deliver to your Nxt account the same amount of coin assets. 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.
Reversely, 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 a multisignature account 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, in a similar way to joint bank accounts. The use of multisignature accounts and independent servers is what makes MGW much more secure than any traditional centralized exchange account.
MGW is available for download for Windows, Mac OS, and Linux.
Find out more:
Click here for the user guide for simple installation.
Find out more about the asset exchange here
What’s NXT? Find out all about NXT in the wiki page here