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The Taproot upgrade consists of three separate upgrade proposals. However, at its core, the upgrade introduces a new digital signature scheme called "Schnorr" that will help bitcoin transactions become more efficient and more private. Schnorr can also be leveraged to let bitcoin users execute more complex smart contracts.
Source: https://www.reuters.com/technology/bitcoin-goes-through-major-upgrade-here-is-what-it-means-2021-11-15/
What do you think about the latest update? For me, Smart Contracts are extremely important in the long run: it will be possible to create d-apps on Bitcoin blockchain for which it will be necessary to use Bitcoins to interact, leading more people to buy Bitcoins.