Difference between revisions of "ICP custody options"
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==Do you want maximum control of your keys?== | ==Do you want maximum control of your keys?== | ||
| − | ===No? Then use third party custody solutions=== | + | ===No? Then, use third party custody solutions:=== |
| − | Third party custody solutions allow you to | + | Third party custody solutions allow you to trade-off ease-of-use for control. The trade-off is simple: if you do not feel comfortable managing your own keys and are willing to have a third party to have access to your keys for the sake of being hand-held through the process, then third party solutions can be the right choice for you. |
Here are some examples: | Here are some examples: | ||
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* [https://www.sygnum.com/ Sygnum] | * [https://www.sygnum.com/ Sygnum] | ||
| − | ===Yes, | + | ===Yes? Then, use self-custody:=== |
* [[ICP custody with NNS frontend dapp]] | * [[ICP custody with NNS frontend dapp]] | ||
* [[ICP custody with Ledger Nano]] | * [[ICP custody with Ledger Nano]] | ||
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===Traits=== | ===Traits=== | ||
* It's the most convenient, entirely web-based, with no need to download or install anything. | * It's the most convenient, entirely web-based, with no need to download or install anything. | ||
| − | * The [https://nns.ic0.app/ NNS frontend dapp] has all the functionality you need | + | * The [https://nns.ic0.app/ NNS frontend dapp] has all the functionality you need. |
| − | * This is a very common method | + | * This is a very common method. |
| − | * | + | * This method is ideal for people who want the easiest path to control their ICP. |
| − | * This custody solution has staking and voting built-in if you want to participate in governance | + | * This custody solution has staking and voting built-in if you want to participate in governance. |
==Self-custody: Maximum control option== | ==Self-custody: Maximum control option== | ||
| − | If you choose self-custody, the options which | + | If you choose self-custody, the options which maximize control are: |
* [[ICP custody with seed phrase and air-gapped machine]] | * [[ICP custody with seed phrase and air-gapped machine]] | ||
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===Traits=== | ===Traits=== | ||
| − | * This option requires more technical understanding | + | * This option requires more technical understanding. |
| − | |||
* This is the ''safest'' option from a software point of view because the user relies on less software surface area, but it is the ''riskiest'' from a human point of view in that it puts the risk of the user's [[seed phrase]] and [[private key]] custody on them. | * This is the ''safest'' option from a software point of view because the user relies on less software surface area, but it is the ''riskiest'' from a human point of view in that it puts the risk of the user's [[seed phrase]] and [[private key]] custody on them. | ||
| − | * Ideal for people who want as much control over their ICP as possible | + | * Ideal for people who want as much control over their ICP as possible. |
| − | * This custody solution has staking built-in if you want to stake as well | + | * This custody solution has staking built-in if you want to stake as well. |
==See Also== | ==See Also== | ||
* [[Tutorials for acquiring, managing, and staking ICP]] | * [[Tutorials for acquiring, managing, and staking ICP]] | ||
Latest revision as of 07:37, 20 November 2023
Do you want maximum control of your keys?
No? Then, use third party custody solutions:
Third party custody solutions allow you to trade-off ease-of-use for control. The trade-off is simple: if you do not feel comfortable managing your own keys and are willing to have a third party to have access to your keys for the sake of being hand-held through the process, then third party solutions can be the right choice for you.
Here are some examples:
Yes? Then, use self-custody:
- ICP custody with NNS frontend dapp
- ICP custody with Ledger Nano
- ICP Custody with Quill (Minimalistic ledger and governance toolkit for cold wallets) Networked computer
- ICP custody with seed phrase and air-gapped machine
Self-custody: Maximum ease option
If you choose self-custody, the simplest option to consider is: ICP Custody with NNS frontend dapp.
It consists of using an Internet Identity with the NNS frontend dapp.
Traits
- It's the most convenient, entirely web-based, with no need to download or install anything.
- The NNS frontend dapp has all the functionality you need.
- This is a very common method.
- This method is ideal for people who want the easiest path to control their ICP.
- This custody solution has staking and voting built-in if you want to participate in governance.
Self-custody: Maximum control option
If you choose self-custody, the options which maximize control are:
Traits
- This option requires more technical understanding.
- This is the safest option from a software point of view because the user relies on less software surface area, but it is the riskiest from a human point of view in that it puts the risk of the user's seed phrase and private key custody on them.
- Ideal for people who want as much control over their ICP as possible.
- This custody solution has staking built-in if you want to stake as well.