How to Keep your ICP Safe: A Guide

Daniel James
Daniel James
How to Keep your ICP Safe: A Guide

Having comprehensive security measures is of fundamental importance for holding and storing funds and assets, as owning tokens is not enough to be a fully successful investor.

this article is courtesy of our friends at InfinitySwap:

You have worked hard to own those ICP (Internet Computer Protocol) tokens, but wait, there is more to being an ICP investor than just holding ICP tokens in a wallet. Are those assets well protected? Let's find out together.

The main goal of cryptocurrencies is to “eliminate all the problems that come with traditional banking,” as seen in this article. Some of these problems range from centralization, rising inflation, and inefficient usage (high-cost fees and slow transactions). But one threat that persists at all levels is the insecurity of funds.

Having comprehensive security measures is of fundamental importance for holding and storing funds and assets, as owning tokens is not enough to be a fully successful investor.

Security practices

As a smart ICP shareholder, you are probably already wondering what the best security practices are for safeguarding your assets from security threats, breaches, and data leaks, and how you can strengthen your asset defense system.

  1. The first step to having good security for your assets is to have good internet connectivity. Is your WiFi or mobile data connection secure? Are they from trusted or reliable sources? Is your online activity monitored? These are basic security techniques to protect yourself online.
  2. Use trusted web browsers all the time, browsers like Google Chrome, Brave, and Safari, and be sure to check for software updates frequently.
  3. Be careful what extensions you allow access to in your web browsers, grant permissions only to software you trust, and if you get a warning about an extension, never hesitate to disable it!
  4. If you store your tokens online (hot wallet), use trusted community wallets like our very own Infinity Wallet. Make sure websites are always encrypted, i.e. links start with “https” and bookmark websites and extensions you frequently use to avoid phishing attacks and fraudulent links.
  5. Use strong passwords that are complex, long, and hard to guess. Password managers are good tools to help you create and manage your passwords.
  6. Most security-alert investors use hardware wallets (cold wallets). This is because a cold wallet has no connection to the internet, and as long as it is on the internet, there is a chance of developers abandoning the project or events of cyberattacks. Examples of hardware wallets are Ledger and Trezor.
  7. Do not forget to set up Two-Factor Authentication (2FA) on every login or online platform with an account profile you may have. Enable OTP codes to be required to double-check logins and any agent that wants access to your emails, accounts, and anything finance related.
  8. Store your seed phrases safely and keep them out of the reach of others. If you no longer have access to your seed phrases or cannot locate your seed phrases, create a new wallet, make sure you do not forget to write down the seed phrase of the new wallet you are creating this time around, and store it safely. After securing your secret keys, transfer all the funds and assets from the old wallet to your new wallet.
  9. Try to keep your personal information private and keep yourself discreet. Do not overexpose yourself on social networks and avoid announcing that you own a lot of cryptocurrencies online to save yourself from burglars, muggers, and thieves.
  10. Always be alert and vigilant. The security of your financial assets begins with you. Constantly check your browsers, and wallets for updates and stay up to date with the latest crypto security news to know what is happening. Follow your product manufacturers on social media for the latest updates, and try to keep up with events at DFINITY and the entire Internet Computer ecosystem so you do not miss out on important announcements.

These are just some of the security practices you can take advantage of to protect yourself and your ICP tokens. Keep visiting our blog here at InfinitySwap for more important information like this and don't forget to subscribe to our newsletter to get alerts on the latest publications. Happy investing and stay safe!

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