After acquiring ICP, it can be stored using different methods like any other cryptocurrency.
ICP can be stored like any other cryptocurrency depending on the choice of storage
A cryptocurrency wallet allows you to access, store, send and receive cryptocurrency. The types of wallets can be either “hot” or “cold.”
- Hot wallet: This refers to any cryptocurrency wallet connected to the internet, such as Stoic Wallet or Plug Wallet.
- Cold Wallet: This is not connected to the internet. The cryptocurrency is stored on hardware like a USB stick (hardware wallet) or printed on paper containing keys and QR codes (paper wallet).
The Internet Computer (ICP) has different storage options: Hot wallet (NNS, Plug Wallet, Dfinance, Stoic wallet) and Cold wallets (hardware wallet such as Ledger and Trezor).
- Another alternative to store your ICP is the use of a Digital Asset Bank (Swiss Sygnum Bank).
1. Network Nervous System (NNS)
The NNS dApp developed by Dfinity allows you to store and transact ICP on-chain and only requires a browser and an Internet Identity to access it. It is also where ICP can be staked to govern the system and earn voting rewards.
The Network Nervous System (NNS) dApp has four tabs:
· ICP Tab: lets you manage the balances of ICP (it is a wallet).
· Neurons Tab: stake ICP as neurons to earn rewards.
· Voting Tab: participate in governance.
· Canisters Tab: create cycles.
Under the ICP tab, you should have at least one account named Main. Under the account name, the long alphanumeric string is the ICP address to which you send your ICPs from the exchange. It has a copy button next to it. First, try a small amount to make sure you have chosen the correct address.
Staking in NNS allows you to participate in the governance of Internet Computer and earn voting rewards. If you are interested in staking ICP as neurons to earn rewards check this article. Take a look to check your earnings on the ICP Neuron Calculator.
2. Plug Wallet
The Plug Wallet is an Internet Computer browser extension wallet and authentication provider that will allow you to access ICP, Cycles, other tokens and seamlessly log into IC apps with the same Principal ID.0
It is available for Chrome/Chromium browsers (like Brave) and Firefox. Download and install it here.
Find out more by reading this article.
3. Stoic Wallet
Stoic Wallet is an open-source wallet for the Internet Computer. It allows anyone to create a digital wallet, authenticating users through a variety of methods, one of those being Internet Identity. Besides, you can create accounts, keep an address book, manage neurons, buy and sell NFTs from the Marketplace, view and create your own tokens, and more. Furthermore, hardware wallet support is coming soon!
One of the biggest reasons the Stoic Wallet has been built is to support tokens on the IC, including wrapped cycles and NFT’s.
4. Earth Wallet
Earth Wallet is a wallet browser extension that enables anyone to store the next generation of digital assets, NFTs, across all blockchains on Earth in a secure, self-custody, open-source wallet. It is available on Chrome-compatible Browsers (Chrome, Firefox, Brave) and coming soon to iOS and Android. Download here.
DFinance is building native Dfinity DeFi infrastructure covering various aspects such as fungible token standard, wallet, token issuance app, and decentralized exchange (DEX), targeting both ordinary users and developers.
Users can manage ICP and custom tokens in the DFinance browser wallet, the ICP in your wallet is a real asset, but all the custom tokens have no value during the testnet phase.
Access to the public testnet here.
A hardware wallet is a physical device that holds your digital assets. Private keys are stored in a secure part of the device that does not contact the internet. The partitioned storage on the physical device reduces the risks associated with devices connected to the internet. However, because you are relying on a physical device, losing the device also means losing access to your digital assets.
In most cases, you can recover from the loss of a hardware wallet because the assets stored on hardware wallets are secured using a secret seed phrase. If you copy and secure the seed phrase (for example, by storing it in the form of a paper wallet), you can initialize a new device with the seed phrase and regain access to your digital assets.
Trezor and Ledger are hardware wallets that support all ERC20 tokens on the Ethereum network. ICP will work on any device that supports Fido U2F, including Ledger and Trezor. You can use NNS to transfer ICP to the hardware wallet. You will also soon be able to use a Stoic Wallet.
For more information, see Crypto Wallets, Explained.
Manage your neurons with Quill
Quill is a ledger and governance toolkit for cold wallets. It can be used to manage your wallet and your neurons on an offline computer. Thus, you can create neurons from a cold wallet while enabling you to use the NNS dapp to view all the detailed information about your neurons (such as the number of pledges, maturity, voting history, …).
In other words, this tool provides a simple way to create signature messages for Internet computer ledger and governance containers on offline computers. These messages must be transmitted to the online machine and sent to the Internet computer to take effect.
Quill needs a private key in .pem format. A PEM (Privacy-Enhanced Mail) file is the same as a mnemonic seed phrase/private key). You can use Dfinity’s keysmith tool to generate it from your BIP39 seed phrase.
Quill is well documented, and you can start exploring its API by invoking the “help” command.
Asset storage services and Banks
1. Swiss Sygnum Bank
Sygnum is the first regulated bank to offer custody and banking services for the Internet Computer utility token. The Swiss digital asset bank will follow up with a suite of services for ICP, including loans, spot trading, and options trading.
In a second phase of rolling out ICP support, Sygnum plans to launch a suite of banking services for the token, including spot trading and options trading at a later date. The bank also expects to offer Sygnum Lombard loans for ICP in the future, allowing clients to access liquidity against ICP token holdings.
Apart from providing custody and trading services for the ICP token, Sygnum is also a member of the Internet Computer Association, a Geneva-based independent member organization that advocates for the Internet Computer network.
Read the entire news on their website.
Revolut offers banking services, including GBP and EUR bank accounts, debit cards, fee-free currency exchange, stock trading, cryptocurrency exchange, and peer-to-peer payments. You can buy, sell and hold cryptocurrency in Revolut’s mobile app.
The cryptocurrencies available through their crypto services from time to time are shown here.
Disclaimer: The community itself is not affiliated with the Dfinity Foundation but aims to become an indispensable ally to further the next generation of the internet, working cooperatively to ensure the success of the project.