2.0 Smart Contract — Why is it called that way ?

Nowadays, smart contract is on its way to become the leading technology which could simplify the interaction between parties but intensify the efficiencies of a contract; and thus change the way we sign contracts. Smart contract could guarantee the transparency and justice of a contract between parties. Also many people believe that it could transform certain industries in the near future.
However, there is still a major problem of smart contract, which according to the majority of technology experts, could reduce the applicability of smart contracts in real life even if its potential is enormous. The current concept of smart contracts, which considers the rules and conditions of a smart contract is unchangeable, might bring litigations to both parties if any of the rules and conditions need to be changed.
“You buy a house, when the seller has received the money, you own the house and find the serious damages in the concrete frame, the walls have heavy cracks, the seller has covered your eyes when you came to see the house only 1–2 times. If you know that, would you be ready to buy that house?”
Operational mechanism:
Smart Contract 2.0 is based on the core tenets of Smart Contract 1.0, but adds two important elements: “conditional information” and “execution time”. With the new mechanism of smart contract 2.0, buyers and sellers will be guaranteed equal rights when they both have the right to set conditions together. The mechanism of operation of Smart Contract 2.0 is described as follows:
- A is the buyer, the asset is x; B is the seller, the asset is y
- B generates a contract of receiving x and distributing y
- A transfer x, and also create condition and execution time for B
- When B accepts the condition, B receives x, A receives y, BUT both x, y are locked.
- After the end of the stipulated time, B implements the condition of A, the contract will automatically unlock x, y if A does not generate a recovery order.
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