Assuming this below about Taproot and smart contracts, is referring to simple and cumbersome to create smart-contracts using bitcoin script, if Taproot makes them smaller and so feasible on the bitcoin L1 chain, could this make it feasible to create lang’s similar to Clarity that runs on Bitcoin? Also, could this enable more features, or efficiency/cost, to Clarity-lang contracts on Stacks?
Or is the below not correct/accurate info?
Why was this upgrade needed?
The Taproot upgrade for bitcoin would allow smart contracts to be run efficiently and cheaply. As of now, smart contracts are usually run on the ethereum network because of the higher efficiency. However, with the Taproot upgrade, Bitcoin has the potential to elevate itself and integrate with mainstream finance. Moreover, bitcoin is a public blockchain, and anyone can monitor the transactions that occur on the network, which is a cause of concern for many.
“Taproot upgrade for bitcoin would allow smart contracts to take up lesser space on the network. Technologically speaking, the bitcoin network currently uses the 'Elliptic Curve Digital Signature algorithm’, which occupies more space. It will be switched over to the ‘Schnorr signatures’ that will make the simpler transactions potentially indistinguishable from complex transactions. It translates into greater anonymity in the network while maintaining transparency," said Patel.
Currently, running smart contracts on bitcoin’s core protocol layer is not exactly feasible. It is quite expensive and time-consuming, thereby rendering it almost useless. Many experts suggest that smart contracts would be one of the key selling points for Taproot. Smart contracts can be used for almost any trivial financial transaction such as paying utility bills to pay rent, among others.