ICP custody options

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Revision as of 20:10, 7 January 2022 by Diego.prats (talk | contribs)
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Do you want maximum control of your keys?

No, then use 3rd 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.

Here are some examples:

Yes, then use self-custody

Self-custody: maximum ease or maximum control

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:


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