Difference between revisions of "Tutorials for acquiring, managing, and staking ICP"

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== Basic steps and concepts ==
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__NUMBEREDHEADINGS__
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The governance of the Internet Computer depends on people staking their [[ICP Tokenomics | ICP token]] and voting on proposals. To do this, there are four steps. Each step has different sets of options (with trade-offs):
  
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When someone says that they are staking within the Internet Computer, they mean they have created a **neuron with locked ICP**. To vote and to earn rewards, the neuron must have a lock-up period, a **dissolve delay**, greater than six months.
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# Acquire ICP
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# Custody
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# Staking
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# Voting
  
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To stake, these steps will not change, but the tools, commands, or methods you use may be different depending on your needs or software changes to tools.
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This article is an entry point into these four topics. For a simple, opinionated tutorial that makes choices to maximize simplicity, see [[Staking for dummies]].
  
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===To stake, there are three steps:===
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==Acquire ICP==
  
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1. Generate a **private key** to control your neuron
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To get started, you first need to acquire ICP tokens. You can do this buying them in an exchange or by having someone you send you ICP.
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2. Create a **neuron** with a **dissolve delay** and at least 1 locked ICP
 
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3. *Optional*: Add more ICP to the Neuron (“top up the neuron”)
 
  
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===Once you stake, you can do any of the following four activities:===
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===Buy/Sell ICP at Exchanges===
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Please check coinmarketcap for a list of exchanges where you can buy/sell ICP
  
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1. Set your neuron to vote by ***following*** other neurons
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https://coinmarketcap.com/currencies/internet-computer/markets/
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2. Collect your neuron’s ***rewards***
 
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3. ***Dissolve*** your neuron to get the ICP locked inside
 
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4. Become a vote leader: ***vote*** with your neuron
 
  
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===Seed Round Contributors===
  
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== Options: Maximum ease or maximum control? ==
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Seed round participants who wish to claim their neurons should first see: [[How-To: Claim neurons for seed participants]].
  
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To stake, 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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==Custody==
  
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Below is a summary of the range of options available to you depending on your comfort level.
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Custody is the act of managing your ICP. There are many options, each with different security and usability trade-offs.  
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<img src="../assets/images/want-max-control-of-keys.png" alt="drawing"/>
 
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*Fig. 1: staking options*
 
  
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Examples if you prefer to have a third party custody your keys.
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For a summary of the range of options available to you depending on your comfort level, see [[ICP custody options]].
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<img src="../assets/images/3rd-party-solutions.png" alt="drawing"/>
 
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*Fig. 2: third party solutions*
 
  
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Examples if you prefer to have maximum control of your keys.
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==Staking==
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<img src="../assets/images/self-custody-staking-options-2.png" alt="drawing"/>
 
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*Fig. 3: self-custody staking options*
 
  
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**This documentation is for people who choose self-custody.**
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Once you decide on your custody, staking is the action of locking ICP within a [[neuron]] with a [[dissolve delay]]. [[Staking and voting]] are critical to [[Governance of the Internet Computer]].
  
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By staking you can vote on NNS Proposals and collect NNS rewards. There are many options for staking, each with different security and usability trade-offs. See [[ICP staking options]].
  
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This chapter summarizes your self-custody options from **maximum ease** to **maximum control**.
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==Voting==
  
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* * *
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Voting is the act of voting on [[NNS proposals]] using neurons. See [[ICP voting options]].
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===Maximum Ease Option ===
 
  
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Use [Internet Identity](https://medium.com/dfinity/internet-identity-the-end-of-usernames-and-passwords-ff45e4861bf7) with the [NNS frontend dapp](https://nns.ic0.app/)
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==See Also==
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* '''The Internet Computer project website (hosted on the IC): [https://internetcomputer.org/ internetcomputer.org]'''
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* [[Governance of the Internet Computer]]
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* [[Staking and voting]]
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* [[Staking for dummies]]
  
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Traits
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==External links==
  
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* Most convenient. Entirely web-based. No need to download or install anything.
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* https://www.dfinitycommunity.com/best-exchanges-to-buy-icp/
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* [NNS frontend dapp](https://nns.ic0.app/) has all the functionality you need
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* https://medium.com/dfinity/the-community-led-governance-of-the-internet-computer-b863cd2975ba
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* This is a very common method
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* https://medium.com/dfinity/earn-substantial-voting-rewards-by-staking-in-the-network-nervous-system-7eb5cf988182
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* Ideal for people who want to want the easiest path to control their ICP
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* https://medium.com/dfinity/introducing-the-ledger-internet-computer-icp-app-for-nano-wallets-eed38c549f0d
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If you choose this, go to [Chapter 3: Maximum Ease Staking Option](../docs/3-maximum-ease-staking-option)
 
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* * *
 
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===Maximum Control Option===
 
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Use your `seed phrase` directly with a few options for self-custody tools.
 
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Traits
 
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* This option requires more technical understanding
 
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* You have most control over your ICP.
 
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* 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
 

Latest revision as of 17:28, 24 April 2023

The governance of the Internet Computer depends on people staking their ICP token and voting on proposals. To do this, there are four steps. Each step has different sets of options (with trade-offs):

  1. Acquire ICP
  2. Custody
  3. Staking
  4. Voting

This article is an entry point into these four topics. For a simple, opinionated tutorial that makes choices to maximize simplicity, see Staking for dummies.

1 Acquire ICP

To get started, you first need to acquire ICP tokens. You can do this buying them in an exchange or by having someone you send you ICP.

1.1 Buy/Sell ICP at Exchanges

Please check coinmarketcap for a list of exchanges where you can buy/sell ICP

https://coinmarketcap.com/currencies/internet-computer/markets/

1.2 Seed Round Contributors

Seed round participants who wish to claim their neurons should first see: How-To: Claim neurons for seed participants.

2 Custody

Custody is the act of managing your ICP. There are many options, each with different security and usability trade-offs.

For a summary of the range of options available to you depending on your comfort level, see ICP custody options.

3 Staking

Once you decide on your custody, staking is the action of locking ICP within a neuron with a dissolve delay. Staking and voting are critical to Governance of the Internet Computer.

By staking you can vote on NNS Proposals and collect NNS rewards. There are many options for staking, each with different security and usability trade-offs. See ICP staking options.

4 Voting

Voting is the act of voting on NNS proposals using neurons. See ICP voting options.

5 See Also

6 External links

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