Ready X is a smart contract wallet built on Starknet.
Unlike traditional wallets, smart contract wallets use programmable code deployed on the blockchain to define how an account works. This allows them to provide additional security and usability features.
What is a smart contract?
A smart contract is a program that runs on the blockchain.
You can think of it like a vending machine:
- You make a request by submitting a transaction.
- The smart contract checks whether the transaction meets its rules.
- If it does, the requested action is performed.
The rules are defined by the smart contract's code and enforced onchain.
Ready X smart contracts are public and open source, so their code can be independently reviewed.
What makes a smart contract wallet different?
A traditional wallet generally relies on a private key to authorize transactions.
A smart contract wallet can add additional rules and security mechanisms around how transactions are authorized.
In Ready X, this enables features such as:
- Email-based 2FA for eligible accounts.
- Account recovery for 2FA-protected accounts if the recovery phrase is lost.
- Multisig accounts that require approval from multiple signers.
- Account security mechanisms, such as the 2FA escape mechanism.
These rules are enforced through the account's smart contract on Starknet.