Difference between revisions of "ICP custody options"

From Internet Computer Wiki
Jump to: navigation, search
m
 
Line 1: Line 1:
 
==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 interact your ICP and trade-off consumer experience 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 have access to your keys for the sake of being hand-held through the process, then 3rd party solutions can be the right choice for you.
+
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:
Line 13: Line 13:
 
* [https://www.sygnum.com/ Sygnum]
 
* [https://www.sygnum.com/ Sygnum]
  
===Yes, then use self-custody===
+
===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]]
Line 27: Line 27:
 
===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.
* Ideal for people who want to want the easiest path to control their ICP
+
* 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 maximizes control are:  
+
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]]
Line 41: Line 41:
 
===Traits===
 
===Traits===
  
* This option requires more technical understanding  
+
* This option requires more technical understanding.
* Users have the most control over their ICP.
 
 
* 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:

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