ICP, which has the most advanced key management and software authentication in crypto, has a complicated staking process for first-timers. To stake ICP, users need to create an NNS account and store their seed phrase for different hardware. Once the NNS account is created, users can stake their ICP in Neurons, which act as staking accounts that cannot be withdrawn until the staking period is over. ICP is a governance token, and staking it allows users to get paid for voting. The NNS is the largest DAO in the world, and staking ICP can help users accumulate it while the rewards are high and the price is low.
How to Stake ICP: A Step-by-Step Guide
ICP, or Internet Computer Protocol, has emerged as the biggest decentralized autonomous organization (DAO) in the world. With its advanced key management and software authentication, staking ICP can feel daunting for first-timers. But fear not, this guide will navigate you through the process step-by-step.
The easiest way to find NNS is by going to Google and typing NNS space Dfinity. The result for the NNS will be the second one. Once you reach the NNS website, click on the login button.
Creating Your Anchor
Once you click on login, if it is your first time, click on create new anchor. Here, you will name your device and select a security key. Different hardware options are available based on your device preferences. Once your device is accepted, it will communicate with the blockchain to create your private key.
Capturing Your Identity Anchor
The next step is to capture your identity anchor, which is your username. Save it somewhere safe as you will need it every time you log in.
Storing Your Seed Phrase
Storing your seed phrase is a crucial part of the process. Use a different security key than the one you used earlier. Best practice is to write down your seed phrase in a piece of paper and store it in a fireproof safe within your house.
Creating Your ICP Wallet
Congratulations, you have created your NNS account, and this is your first ICP wallet. The address you see here is where you will send your ICP from the exchange.
Staking Your ICP
In the neuron tab, click on stake to create your neuron and choose the amount of time you want to stake. Remember, you cannot get your ICP back until the amount of time you staked has expired.
Getting Paid for Voting
ICP is a governance token, and NNS is the largest DAO in the world. You get paid for voting, and you can follow ICDEV and ICP Maximalist Network to vote on your behalf.
Managing Your Neuron
In the neuron tab, you can manage your neuron by clicking on the details of your neuron. You can merge maturity, spawn neuron, join community fund, increase stake, increase delay, and start dissolving.
Staking ICP may appear complex, but the rewards are worth it. Democracy within your technology is something special, and ICP offers just that. Follow this guide and stake your ICP today.