Difference between revisions of "ICP custody options"

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== Options: Maximum ease or maximum control? ==
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==Do you want maximum control of your keys?==
  
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.
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===No? Then, use third party custody solutions:===
  
Below is a summary of the range of options available to you depending on your comfort level.
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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.
  
<img src="../assets/images/want-max-control-of-keys.png" alt="drawing"/>
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Here are some examples:
*Fig. 1: staking options*
 
  
Examples if you prefer to have third party custody your keys.
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* [https://airgap.it/ AirGap]
<img src="../assets/images/3rd-party-solutions.png" alt="drawing"/>
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* [https://www.coinbase.com/custody Coinbase]
*Fig. 2: third party solutions*
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* [https://plugwallet.ooo/ Plug wallet]
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* [https://www.stoicwallet.com/ Stoic wallet]
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* [https://www.sygnum.com/ Sygnum]
  
Examples if you prefer to have maximum control of your keys.
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===Yes? Then, use self-custody:===
<img src="../assets/images/self-custody-staking-options-2.png" alt="drawing"/>
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* [[ICP custody with NNS frontend dapp]]
*Fig. 3: self-custody staking options*
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* [[ICP custody with Ledger Nano]]
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* ICP Custody with [https://github.com/dfinity/quill Quill] (Minimalistic ledger and governance toolkit for cold wallets) Networked computer
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* [[ICP custody with seed phrase and air-gapped machine]]
  
==Maximum Ease Option ==
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==Self-custody: Maximum ease option ==
  
Use [https://medium.com/dfinity/internet-identity-the-end-of-usernames-and-passwords-ff45e4861bf7 Internet Identity] with the [NNS frontend dapp](https://nns.ic0.app/)
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If you choose self-custody, the simplest option to consider is: [[ICP Custody with NNS frontend dapp]].
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It consists of using an [https://identity.ic0.app/ Internet Identity] with the [https://nns.ic0.app/ NNS frontend dapp].
  
 
===Traits===
 
===Traits===
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* It's the most convenient, entirely web-based, with no need to download or install anything.
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* The [https://nns.ic0.app/ NNS frontend dapp] has all the functionality you need.
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* This is a very common method.
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* This method is ideal for people who want the easiest path to control their ICP.
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* This custody solution has staking and voting built-in if you want to participate in governance.
  
* Most convenient. Entirely web-based. No need to download or install anything.
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==Self-custody: Maximum control option==
* [NNS frontend dapp](https://nns.ic0.app/) 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
 
  
==Maximum Control Option==
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If you choose self-custody, the options which maximize control are:
  
Use your `seed phrase` directly with a few options for self-custody tools.
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* [[ICP custody with seed phrase and air-gapped machine]]
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* [[ICP custody with Ledger Nano]]
  
 
===Traits===
 
===Traits===
  
* This option requires more technical understanding  
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* This option requires more technical understanding.
* You have most control over your ICP.
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* 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 you are relying on less software surface area, but it is the *riskiest* from a human point of view in that it puts the risk of your `seed phrase` and `private key` custody on you.
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* 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
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* This custody solution has staking built-in if you want to stake as well.
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==See Also==
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* [[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:

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.

See Also