Staking ICP: A Simple Beginners Guide

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ICP

The software and the internet world is radically changing, thanks to the Internet Computer (ICP).

What is ICP

ICP is a public blockchain network that aims to replace traditional IT by encouraging commercial cloud services.

How to Stake ICP

The Internet Computer Protocol rewards users with a passive income. Staking ICP is one way that you can earn more of these coins. Which, in turn, gives your earnings potential an extra boost.

Here are few steps to help you stake your ICP:

Buy ICP

You can trade it on Binance or Coinbase. Swap your other crypto token into ICP or buy some with your available currency.

Establish an Account in the NNS App

The idea of the network nervous system is that it’s governed by community consensus. Staking ICP allows you to take part in this governance. As a result, your voice will count as any other stakeholder on internet computers across humanity.

Use this App: https://nns.ic0.app/. It is the official app that facilitates staking.

Authenticate with Internet Identity

To get started with NNS, you’ll need to create an internet identity. This is easy if your gadget has either a fingerprint reader installed or face ID enabled. But, if it’s not, It’s more complicated than that at first glance.

To authenticate your device, you’ll need a physical key (like a Yubikey). There are other possibilities, but we won’t cover that here as it’s not part of this guide. 

Transfer your ICP to your NNS Wallet

Upon logging in with an internet identity, a “Main” wallet should show. There is also an address underneath the name. This will take you to your ICP’s Main Wallet.

Now, go ahead and transfer your ICP from the exchange to that specific wallet address. It should only take a few minutes for the transaction process to be completed.

Stake your ICP

Now that you have the coin in your main wallet, it is time to stake it. To start staking, click on the New Transaction menu and choose “Stake.” The least amount of coins required for a transaction is one coin

Select your Staking Options

There are two simple staking options.

Dissolve Delay

The Dissolve Delay reflects the duration it takes to free your ICP after clicking “Start Unlock.”

It’s important to vote on all NNS proposals to get the max reward. Also, you need a delay of between 6 months to 8years to receive any reward.

Voting Picks

Another staking option is selecting which neurons you want to follow for voting. By default, the Internet Computer Association (ICA) is your neuron’s go-to source on all matters tech and votes with them across all categories.

Conclusion

In summary, Staking has several benefits, one being rewards. There are also several places to stake and simple ways to do it.