The Threshold Relay consensus is used by ICP, which is a heavily optimized version of the proof-of-stake (PoS) consensus algorithm that is more energy-efficient than Proof of Work. To begin staking ICP, you must first install the Network Nervous System (NNS) software on your computer.
If you believe in the Internet Computer and want to earn ICP rewards with the ICP you already have, staking ICP is a good idea. Here is the current procedure.
- Purchase ICP
ICP can be purchased on Coinbase or Binance. Locate the Internet Computer token (ICP) and either convert other cryptocurrencies into ICP or purchase some with your available currency.
- Create a Network Nervous System App account.
The network nervous system governs the internet computer, and holding ICP allows you to participate in the community governance of the internet computer. The app is available at https://nns.ic0.app/. This is the official Network Nervous System app, as well as the app for ICP staking.
- Using Internet Identity, verify your identity.
To access the NNS app, you must first create an internet identity. This is simple if you have a fingerprint reader on your computer or phone, or if your phone has face recognition. If you do not have any of these biometric scanners, things become a little more complicated. To authenticate your device, you'll need to obtain a physical key (such as a Yubikey). Another option (connecting to a wallet) exists, but we will not discuss it here. They are working on additional authentication methods, but for the time being, those are your options.
- Create a Network Nervous System App account.
The network nervous system governs the internet computer, and holding ICP allows you to participate in the community governance of the internet computer. The app is available at https://nns.ic0.app/. This is the official Network Nervous System app, as well as the app for ICP staking.
- Using Internet Identity, verify your identity.
To access the NNS app, you must first create an internet identity. This is simple if you have a fingerprint reader on your computer or phone, or if your phone has face recognition. If you do not have any of these biometric scanners, things become a little more complicated. To authenticate your device, you'll need to obtain a physical key (such as a Yubikey). Another option (connecting to a wallet) exists, but we will not discuss it here. They are working on additional authentication methods, but for the time being, those are your options.
- Using Internet Identity, verify your identity.
To access the NNS app, you must first create an internet identity. This is simple if you have a fingerprint reader on your computer or phone, or if your phone has face recognition. If you do not have any of these biometric scanners, things become a little more complicated. To authenticate your device, you'll need to obtain a physical key (such as a Yubikey). Another option (connecting to a wallet) exists, but we will not discuss it here. They are working on additional authentication methods, but for the time being, those are your options.
Transfer your ICP to your NNS Wallet
When you log in with your internet identity, you should see a "Main" wallet appear. Under the name is a long wallet address. This is the ICP wallet address for your "Main" wallet. Now, go to Coinbase or Binance (or wherever your ICP is) and transfer your ICP to that wallet address. The transfer should only take a few minutes (at most).
Once you have ICP in your main wallet, you can stake it by clicking on the wallet, then New Transaction. The minimum amount of ICP required to stake is one ICP.
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