Difference between revisions of "ICP custody options"
From Internet Computer Wiki
Diego.prats (talk | contribs) |
Diego.prats (talk | contribs) |
||
| Line 3: | Line 3: | ||
To custody your ICP, you have many options, each with different security and usability trade-offs. Choosing your setup is usually where people get most stuck. | To custody your ICP, you have many options, each with different security and usability trade-offs. Choosing your setup is usually where people get most stuck. | ||
| − | * ''' | + | * '''So you want maximum control of your keys?''' |
** '''No, then use 3rd party custody solutions''' | ** '''No, then use 3rd party custody solutions''' | ||
*** [https://www.coinbase.com/ Coinbase] | *** [https://www.coinbase.com/ Coinbase] | ||
Revision as of 22:47, 12 November 2021
Options: Maximum ease or maximum control?
To custody your ICP, you have many options, each with different security and usability trade-offs. Choosing your setup is usually where people get most stuck.
- So you want maximum control of your keys?
- No, then use 3rd party custody solutions
- Yes, then use self-custody
- ICP Custody with NNS frontend dapp. (self-custody option with maximum ease)
- ICP custody with hardware wallet + networked computer
- ICP custody with seed phrase and Ledger Nano (Coming soon)
- 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 option with maximum control)
Examples if you prefer to have maximum control of your keys
Sef-custody: Maximum Ease Option
If you choose self-custody, the option which maximizes ease is: ICP Custody with NNS frontend dapp.
It consists of Internet Identity with the NNS frontend dapp.
Traits
- Most convenient. Entirely web-based. No need to download or install anything.
- NNS frontend dapp has all the functionality you need
- This is a very common method
- Ideal for people who want to want the easiest path to control their ICP
- This custody solution has staking built-in if you want to stake as well
Sef-custody: Maximum Control Option
If you choose self-custody, the option which maximizes control is:
- ICP custody with seed phrase and air-gapped machine
- Coming soon: ICP custody with seed phrase and Ledger Nano
You can use your seed phrase directly with a few options for self-custody tools.
Traits
- This option requires more technical understanding
- User has the most control over their ICP.
- This is the safest option from a software point of view because the user is relying 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