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This is what I found about it:
The upcoming Bitcoin update Taproot should now proceed in such a way that it combines the public keys of the users participating in a smart contract into a new public key. This key can then create a unique signature that is only valid for that particular combination of addresses.
Such so-called Schnorr signatures (after the German mathematician Claus Schnorr, who invented them in the 1970s) hide the public keys of the individual users in every smart contract and drastically reduce the space required.
On the one hand, only the combined public key is visible on the blockchain, which improves security and privacy. On the other hand, the smaller space requirement leads to significantly lower transaction fees. That should be particularly interesting after a new high in fees was only registered last April in the wake of the Bitcoin price increase.
Taproot eliminates overhead and significantly simplifies smart contracts
These two changes mean that even complex smart contract interactions will look like simple payments between two public keys. This could turn the Bitcoin network into a serious competitor for Ethereum. The project has the higher market value anyway.
An economically viable and high-performance defi platform on the Bitcoin blockchain would most likely meet with considerable interest.
Taproot is scheduled to start in November 2021.
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Will Smart Contracts Come to Bitcoin?
One of the biggest driving force for the growth of Ethereum and now also with Solana and soon with Cardano is smart contracts. For me, smart contracts can be so useful in so many ways as it allows people and organizations to be "trusting" as parties in an agreement which is "a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code."
Now, I am just wondering...will smart contract eventually come to Bitcoin? I heard of this proposition before but until now I still have to see one. Just imagine how much growth Bitcoin will further experience if smart contracts can also be available with it...
