Bitcoin Taproot upgrade will take effect on November 16

According to reports, the Bitcoin Taproot upgrade will take effect on November 16, aiming to increase the privacy protection of certain transactions on the network through an innovation called "Schnorr signature." The upgrade will also allow for more lightweight "smart contracts," which are essentially programs stored on the blockchain that run when certain conditions are met. Smart contracts have always been a critical feature of the rival Ethereum network, which has driven the rapid growth of DeFi applications.