ICP custody options
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Revision as of 07:37, 20 November 2023 by Ruediger.birkner (talk | contribs)
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.