What is Mitosis?

Mitosis is a technology that allows blockchains to "split" into multiple parallel parts (called shards) to process more transactions at once. This is similar to how a large company might split tasks between multiple departments to make things run faster. In the world of cryptocurrency, this means that blockchains with Mitosis will be able to process more transactions without lag or high fees.

How does Mitosis help users?

The main problem that many blockchain users face is slow transactions and high fees, especially when the network is busy. For example, if you have ever used Ethereum, you may have noticed that during periods of high activity, transaction fees (called "gas") increase sharply, and transactions themselves can take a long time to be confirmed.

Mitosis solves these problems. It makes networks faster and cheaper by dividing the blockchain into parts (shards), each of which processes transactions independently. This reduces the load on the network and increases its overall performance.

Examples of Mitosis use

1. Fast and cheap transactions

Imagine you want to send a cryptocurrency to your friend, for example, Ether (ETH). Normally, if the network is congested, you would have to wait for a while for your transaction to be processed and pay a high gas fee. But with Mitosis, everything is easier:

  • Shards allow the network to process more transactions at once, so your transaction will go through faster.

  • Fees will be lower as the network will not be overloaded.

Example: You send ETH to your friend, and instead of waiting 10 minutes with a $10 fee, the transaction is confirmed in 1-2 minutes with a fee of $1 or less. This is especially useful if you often make small transfers.

2. Participation in DeFi applications

If you use decentralized finance (DeFi) applications like Uniswap or Aave, you want your transactions to be fast and not be eaten up by fees. During periods of high demand, when many users are making trades or providing liquidity, the network can become overloaded, increasing fees and slowing down transactions.

With Mitosis, DeFi platforms will be able to process more transactions simultaneously, which:

  • Will speed up transactions on such platforms.

  • Will reduce fees even if the demand for using these applications is high.

Example: Imagine you want to swap your tokens on Uniswap and it usually takes 15 minutes due to network congestion. With Mitosis it will only take a few minutes and the gas fee will be significantly lower.

3. Buying and selling NFTs

The NFT world also suffers from blockchain congestion, especially when large collections are launched or when popular auctions take place. When thousands of people try to buy the same NFT, this can cause network outages and fees to skyrocket.

Mitosis makes this problem easier to solve because:

  • Auctions will be faster and without delays, as the network will be able to process more applications at the same time.

  • Fees for buying or selling NFTs will be lower, which benefits both buyers and sellers.

Example: If you want to buy a popular NFT at auction, instead of overpaying for gas and waiting for hours for the transaction to be processed, you can quickly make a purchase with minimal fees.

4. Using cross-chain solutions

Mitosis also makes it easy to interact between different blockchains. Imagine you want to transfer tokens from one network to another. This usually requires the use of bridges, which can be time-consuming and expensive.

With Mitosis, such transfers will become easier and faster:

  • Bridges between blockchains will allow assets to be transferred between different networks without delays and unnecessary costs.

  • You will be able to use assets on different blockchains without worrying about long transaction confirmations.

Example: If you want to transfer tokens from the Ethereum network to the Polygon network, with Mitosis it will take a few minutes and the fees will be much lower than with regular bridges.

Benefits for regular users

  • Reduced fees: Users will be able to make more transactions without incurring significant gas costs, especially during peak periods.

  • Speed ​​up transactions: No need to wait long for confirmation, as it happens in popular networks like Ethereum.

  • Better DeFi and NFT experience: You'll be able to trade and participate in auctions faster, and pay less to use financial apps.

  • Flexibility across multiple networks: Interoperability between different blockchains will become easier and cheaper, opening up new opportunities for asset usage.

Conclusion

Mitosis technology is a powerful tool for solving blockchain scalability problems, making cryptocurrencies more accessible and user-friendly. It allows users to save on fees, make transactions faster, and easily participate in DeFi applications and NFT auctions.

With the advent of Mitosis, the world of cryptocurrency is becoming simpler and more convenient for everyone - from active traders to ordinary users who just want to send funds quickly and cheaply or participate in the digital economy.