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 3rd party custody solutions===
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===No? Then use third party custody solutions===
  
3rd 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.
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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.
  
 
Here are some examples:
 
Here are some examples:
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===Yes, then use self-custody===
 
===Yes, then use self-custody===
* [[ICP Custody with NNS frontend dapp]]  
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* [[ICP custody with NNS frontend dapp]]  
 
* [[ICP custody with Ledger Nano]]
 
* [[ICP custody with Ledger Nano]]
 
* ICP Custody with [https://github.com/dfinity/quill Quill] (Minimalistic ledger and governance toolkit for cold wallets) Networked computer
 
* ICP Custody with [https://github.com/dfinity/quill Quill] (Minimalistic ledger and governance toolkit for cold wallets) Networked computer
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==Self-custody: Maximum ease option ==
 
==Self-custody: Maximum ease option ==
  
If you choose self-custody, the option which maximizes ease is: [[ICP Custody with NNS frontend dapp]].
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If you choose self-custody, the simplest option to consider is: [[ICP Custody with NNS frontend dapp]].
  
It consists of [https://medium.com/dfinity/internet-identity-the-end-of-usernames-and-passwords-ff45e4861bf7 Internet Identity] with the [https://nns.ic0.app/ 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===
* Most convenient. Entirely web-based. No need to download or install anything.
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* It's the most convenient, entirely web-based, with no need to download or install anything.
* [https://nns.ic0.app/ NNS frontend dapp] has all the functionality you need
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* 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
 
* 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
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* 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==
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* This option requires more technical understanding  
 
* This option requires more technical understanding  
* User has the most control over their ICP.
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* Users have 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.
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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.
 
* 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

Latest revision as of 15:18, 5 July 2022

Do you want maximum control of your keys?

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.

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
  • Ideal for people who want to 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 maximizes control are:

Traits

  • 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.
  • 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