Bitcoin Taproot: threat to Cardano and other blockchains?

Title is self explanatory, with the new Bitcoin Taproot update in a few days, there is going to be increased support for smart contracts and this poses a challange to platforms like Ethereum and Cardano.
Crypto Top 10 in 2017 was full of coins which aimed to solve scalability problems of bitcoin like Litecoin and Bitcoin Cash. Now they’re mostly gone because of updates like lightining network. Hence, is this process going to happen again with smart contract platforms like Cardano as the next victim of bitcoin’s enhancements ?

You know, this is the problem with the humanity itself. Greed, fear and other emotional drives that blinds and fool us. I do not give a flying sh*t if Bitcoin overtake everything and Cardano and all the other crypto would fail, or Cadano or any other crypto will be the only one, or even they all will cooperate to each other i.e., “Internet of Money” if those new systems will replace all the current broken systems and will lead to have much more fair systems in which no any individual or any (small or large) group of individuals (heros, idols, egos, manipulators etc. etc.) could gain any power. But, as I can see we are very-very far from that which makes me really really sad and hopeless.

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Hello @Lupan

This is not true. Here is a list of top crypto in 2017;

If you compare that to todays list you will see that Smart contract platforms pushed Bitcoin improvement projects/forks such as Bitcoin Cash, Dash, Bitcoin Gold as well as Bitcoin clone Lite coin out of top 10. All these projects were trying to make improvements to Bitcoin but failed. These spots were taken by new Smart Contract cryptos such as Solana, Binance Coin and Polka Dot. Crypto like Ethereum and Cardano were already in the top 10 and still there.

Bitcoin, just like any other crypto, is a technology. If it doesn’t improve and upgrade it will become obsolete. But there is also a time limitation to this. If you improve too slowly you may not become obsolete, just less relevant.

Bitcoin adapters seem to have been resistant to any changes for a very long time (thus all these failed hard forks). However, now they can see the concept of a Smart Contract crypto is the future and Taproot is a first step of them trying to catch up to what the rest of the crypto market is already in full swing of adapting.

As for Taproot itself. It adds Merkel tree structure (technology from 70’s) to improve privacy. It also adds Schnorr signature which should (hopefully!) make it secure in a face of smart contract deployment. Although Bitcoins birth defect of being written in C++ may make it impossible to patch some vulnerabilities regardless of signature implementations.

As for Cardano, it runs elliptic curve cryptography. However, Cardano is built to easily add more signature schemes if they need to. What Bitcoin is doing now Cardano solved years ago and now they are working on Quantum Computer Resistant Signatures.

Is the goal of Bitcoin to defeat all other crypto? …or provide stable monetary solution that resolves issues with fiat money?

I can’t see the version of the world where there is only one crypto, since that would make it easy for governments to centralized it. This would just defeat the whole purpose of having crypto. If crypto is to become a solution that all of us are hoping it will become, then there has to be a large ecosystem of crypto currencies all working and improving and fighting for the goal. If one fails there must be many ready and willing to take the place of a leader, otherwise all this is for nothing.

The way I see all this talk of “Top Crypto” or There-Can-Be-Only-One attitude is like soda wars. Coke vs. Pepsi. Is the new Coke flavor going to end all other colas and everyone will only drink Coke? What about orange sodas, their time is coming soon! Screw Colas! ORNAGE FANTA FOREVER! :v: