Use a Hard Wallet for Staking ICP
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- čas přidán 29. 08. 2024
- A viewer recently asked for my thoughts regarding whether to stake ICP on a hard wallet or not. The answer to this question is a most definite YES! However, I'd like to take this episode as a chance to explain why having a hard wallet is so important as well as debunk the fears many associate with using a ledger. Hope you enjoy!
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Hi man,
Many thanks for your great videos about ICP.
However, I must say something about the seed phrase. Recovery phrases for crypto wallets are not normally stored centrally on servers, especially not in decentralised networks such as the Internet Computer Protocol (ICP) and its Network Nervous System (NNS). These passphrases serve as a cryptographic key with which users can gain access to their wallets. They are a crucial part of the security and decentralised nature of cryptocurrencies.
The idea behind a recovery phrase, often referred to as a "seed" phrase, is that it is completely under the control of the user. It allows the user to gain access to their wallet if, for example, the device is lost or the data is otherwise compromised. If these phrases were stored centrally, this would pose a significant security risk and undermine the principles of decentralisation and user control.
Touche, you're right
You should also buy your Ledger directly from the companies website and not a 3rd party site. I mean if we're going to be safe, let's be safe.
Very important!
ICP nns has never been hacked but ledger has a back door that can be subpoenaed
If i stake my icp on the nns isn't it safe?
@@Samthegr8 it's safe.dont worry
@@Samthegr8 this is what i opted for. ledger is not open source, plus there is a way to extract you private key with a seed phrase recovery service, hence all the controversy.
@@user-gk1fe6yw8l how can you be so sure? the fact that they offer a seed phrase recovery service means that they can extract your private and public keys from the wallet. that alone is enough to make one worried.
thank you for the video.
just my two cents.
first, i have a ledger myself. the company claimed that there is no way to extract the seed phrase from the device. but later they released that recovery seed phrase feature which essentially does it. so, in my book a ledger is not a cold wallet. that's why i opted to stake on NNS.
second, when you stake on NNS, the system generates a 24-word seed phrase too, which you need to write down and store securely. the only difference from ledger is that i can log in using a fingerprint on my phone or a yubikey. it's way more convenient.
the only inconvenience I have is that i need to store two seed phrases now, the one for NNS and the other generated by ledger.
Your points are valid, but I'm not sure why you don't consider Ledger a cold wallet because the seed phrase can be extracted from the device. Can you explain your logic.
@@cxc my bad, it doesn't store the seed phrase which is only used to generate a private and public key. by definition a cold wallet cannot be online. it must be always offline. however the mere possibility that you could recover your seed phrase with a ledger live add-on should make you wary. you can read a ton on Reddit about this controversial service offering. what's more, their firmware is closed source. that's another point of concern. so, perhaps I wasn't that wrong when I decided to use NNS for staking. somehow I trust definity more, than those french guys at ledger.
of course, only time will tell. hope we will be fine 🤞
@ptr738 good to know. thank you ☺️
So wich cold wallet its safe
@@rosnynoguera8276 Trezor is open source which is why I think it's more trustworthy. but please do your own research. I remember reading an article where some people cracked a Trezor device in a lab and showed how to do it step by step. so, perhaps you'd better keep your wallet locked in a safe or in a bank safe deposit box. I know it sounds paranoid but it's better to be safe than sorry.
Your content and insights are awesome. Very grateful from my end.
I appreciate that!
Sold my ledger nano s plus my icp is secure on the icp nns
Do you think that the icp nns is more secure than a ledger or any other hardware wallet?
@@nowhereman7413yes! Its actually incredible technology I’ve studied the nns and from a technical standpoint its the best out there
@@beachbumLifestyle Do you mean that with nns if enough and you do not need a hardware wallet.
@@nowhereman7413 if you feel comfortable with a hardware wallet use it all I’m saying is you really don’t need it
I love all you insights into the ICP network but on this occasion ( the first time) I disagree the NNS is fully on chain and the seed phrase generated is 24 words if the NNS is hacked you lost your crypto whether it's on a ledger or not correct me if I'm wrong I'm not a professional just the limit to my research.
Maybe ask Jerry Banfield he is saying the opposite of what you said in your video here.
Thanks mate you're a legend (not a ledger)😅
Im 24 and I hope one day I can reach where you are in life, im still trying to pay debts i had to make while in universty and help my parents. I put very litle amount to investing cause thats what i can for now. Still trying to get a better job aswell so i can earn more. I love your content and apreciate the knowledge you give!
NNS is where you stake your ICP wether you use Ledger or not.
There are two ways to stake your ICP via NNS, one is using the NNS default address itself and the other is you connect your Ledger device were you have your ICP coins and then stake it directly in NNS without using the Ledger Live software.
You can secure your NNS account having a hardware device via FIDO encryption using a Yubikey, or you can add also your laptop/desktop using Windows Hello, and the other one is using Apple's FaceID.
For me the safest option is using the Yubikey.
Then there is the Ledger device option. So do you trust Ledger that much?
Yes I do. I know ledger got hacked but this doesn't affect my crypto safety, the seed phrase is still in my hands. The hack simply compromises whatever personal identity I have with ledger
i bought 2 yubikeys just in case one gets lost
@@pm4995 I'll think about making a guide for that actually, good idea. If you want I can help you set up using ledger for 5 ICP. Hit me up on insta if interested, my username is JamesAllan0
@@pm4995 You're the man!
@@pm4995 😂😂
What will you do if the government bans a hard wallet, including metamask or any wallet? No, have kyc
ICP Rocks! 👍💯💯💯👍😇🤗😎
My understanding of using hardware wallets is that it only confirms messages via the devices cryptographic environment, in ledgers case to be activated by a button press. Then what would be the difference between using a ledger or some other device like the fingerprint scan or face scan of your phone? Unlike other wallets which use passwords, internet identity enforces the use of your cryptographic environment, i don't see how it makes difference whether that environment is the ledger vs any other device. Then for the paper wallet, make it a metal engravement wallet which should be able to survive fires if god forbit your apartment burns down
ICP to quad digits
So far I have 1300 icp is that enough to be financially free.im still accumulating by the way
Its more then enough in long term if you have patience and can wait. You need around 2500 ICP staked 8 years to get 1 ICP a day and when ICP hits $50-100 thats money i could live off maybe not as a king but without working.
I don’t know if I should stake my ICP. 8 years of not being able to sell when the price of ICP peak
Have 2 different neurons, one for payoff, one for income
You can automatically staked youre maturity or save the maturity to spawn a new neuron which takes 7 days to transform into ICP you can sell.
My man, still new to crypto and icp. Already staked my 2355 icp on NNS. Can i still use a hard wallet? iI'm not storing icp tokens on the hardwallet but storing the key right?
You dont want your passphrase stored on anything that can be accessed by internet. Im thinking of buying a small fireproof safe for my passphrase, as i see the biggest threat then is your passphrase is burning up without you memorizing it. But on the NNS its safe as long as you have any verifying device left like your phone to access the NNS.
How are you doing man? I just came across your channel right now I like your content you got a new subscriber. Couple of questions for you. First one. How do you stake ICP and what are the advantages of staking I have a few hundred and adding daily second question is, I have Trust Wallet and Exodus. They both give me password phrases that I have to write down Will either one of those work? I don’t think I can store ICP on either wallet though. Greatly appreciate the feedback
Thank you for all your videos. I wonder why ICP is not available on the Tangem wallet?
Hello James, a question, can the nns be hacked? How can the ICP on nns be stolen.
I thought people could store bitcoin on their computers?
I wanted to add something I noticed no one else saying, that is you can change your 24 word seed phrase in the NNS if it's compromised, can you do this with a ledger attached?
If your ICP is already staked can you still put it on a hard wallet ?
i guess no
Isn’t safe in nns? I don’t have any in a exchange, but I thought that NNS was as safe as ledger.
The NNS is a safe place, but I prefer a hard wallet
Isn't your Key stored at Trezor? It would have to be stored on some database at Trezor for Trezor to know whos' key it is if you've had to replace your Trezor device?
are simless phones like googleFi at risk for simswaps?
#icp #dfinity 🚀🚀🌙
What ls the best cold wallet?
I use ledger Nano X, affiliate link in description
What if you lose your keys 🔑
Your keys are stored on your ledger so as long as you have the ledger and remember the passcode you gave it you should be fine.
Dam brother sold all my icp at 20 bucks but might buy back in if it hits 6 bucks made 40k I'm not mad staking meme coins and kaspa for now long live icp
Just buy a Yubikey
Is there any way i could message you privately im very new to this and need some guidance i wanna use my icp but i have a hard time setting up my wallet and i need a hand in doing all this if not its coolnever hurts to ask
Yeah just so you're aware, I charge for this. Hit me up on instagram JamesAllan0
I dont have instagram but ill download it and get with you...thx