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Crypto Terms:  Letter R

What is Redundancy?

Meaning:
Redundancy - an unnecessary excess of information, features, or other aspects.
hard
3 minutes

Let's find out Redundancy meaning, definition in crypto, what is Redundancy, and all other detailed facts.

Redundancy refers to the unnecessary excess of an element. It’s a broad concept that encompasses numerous fields, including computing, communications, and crypto. Redundancy can describe additional information or features that may not be necessary beyond the potential possibility to take over if the initial feature malfunctions or fails.

Given the range of examples of redundancy, attempts to list all of them can themselves be redundant. Some of the common instances of redundancies experienced in the everyday life are:

  • Computing – unused extra storage space available on computers. In this case, the redundancy acts as a security measure to ensure that the system does not run out of storage in case of technical failure;
  • Networks – additional pathways connecting the nodes. The duplicates are established to ensure that the network traffic does not experience interferences even if the network encounters issues;
  • Communications – additional channels that are used to ensure data security as it travels via different paths;
  • Datacenter design – extra servers. Additional systems are established to keep running if the first one goes down.

As seen in the examples, redundancies are often relied upon as failsafe technologies. They ensure that the processes are steadily maintained even if the primary features encounter any problems that could disrupt the service.

Benefits of Redundancy

Redundancy can be a helpful feature to increase system productivity and consequently improve financial performance. Companies that rely on redundancy as a security measure often provide more reliable services and maintain a good reputation in the market. Therefore, using redundancy measures can help companies grow their clientele and increase revenue.

Redundant systems require more hardware resources like processors to improve the system capabilities and function more smoothly. This can decrease the possibility of lag for the users. A redundant system can overtake some of the network load in case the computer system is overloaded and help maintain a steady service without any delays.

As a failsafe tool, redundancy can help avoid system issues if the server crashes and the system data is corrupted or erased during a failure. Redundant systems can be used to synchronize backup and ensure that as much of the lost data can be recovered as possible.

Blockchain Redundancy and Fault Tolerance

Blockchain essentially functions as a distributed ledger. It is used to store transaction data that is considered immutable – it cannot be modified after verification. This data can then be accessed and viewed by all members of the blockchain networks.

To ensure that the data is accurate and its legitimacy is agreed upon by the network nodes, the blockchain uses a consensus mechanism as means of verification. The redundancy is created by providing each network member with a copy of the blockchain record, thus ensuring all data is valid throughout the system.

Thanks to the redundancy of data, blockchains are considered to be highly fault-tolerant. The downside of this trait is the massive requirement for storage space across the network. Creating transaction copies for all participants of the chain requires each node to use up more storage space and computational resources.

token. Blockchain technology offers a method of automating local currencies while also allowing them to slowly lose value based on a set rate.&nbsp;<\/p>","definition":"can be defined as money that's used in a specific geographic area.","status":"published","meta_title":"What are Regional\/Local\/Community Currencies? Definition & Meaning | Crypto Wiki","meta_description":"Regional\/Local\/Community Currencies meaning: Regional\/Local\/Community Currencies - can be defined as money that's used in a specific geographic area.","meta_keywords":null}" :prev-section="{"id":672,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Cryptography","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-05T11:08:31.000000Z","slug":"what-is-recovery-seed","title":"What is Recovery Seed?","section":"R","keyword":"Recovery Seed","content":"<p>A recovery seed, or a seed phrase, is a <strong><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptography/">cryptographic security code that can be used to unlock or access a <\/strong><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">cryptocurrency wallet<\/strong><\/a> if its owner has lost or forgotten the passwords. The seed is comprised of <strong>12 to 14 random words<\/strong>. It is the final resort to recover the wallet and must therefore be stored securely to ensure it isn&rsquo;t lost at any point.<\/p>\n<p>If a person owns a cryptocurrency wallet but forgets or loses its password, or if the wallet is stolen, they can use the recovery seed to access the assets&nbsp;and, if needed, transfer them to a different device.<\/p>\n<p>Users are strongly recommended to keep their recovery seeds secure and not share them with anyone. Since <strong>the use of the recovery seed does not require you to have physical access to the wallet<\/strong>, malicious parties may leverage it to steal the assets if they know the recovery seed they have is legitimate.<\/p>\n<p>Cryptocurrency wallets are used to gain access to crypto assets. In some cases, they may contain crypto worth millions of dollars. Therefore, such devices require advanced security measures.<\/p>\n<p><strong>Users can add a password and the seed phrase to their account in case of recovery<\/strong>. While this reinforces the safety of their assets, if they lose the password and the seed, or if a malicious party manages to gain access to both, the vulnerability of their crypto assets increases significantly.<\/p>\n<p>There have been rare cases where a cryptocurrency wallet was accessed even after its owner had lost the recovery seed. In 2021, computer engineer Joe Grand was able to <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//news//engineer-cracks-crypto-wallet/">hack into a Trezor wallet<\/strong><\/a> to help its owners recover cryptocurrency worth over $2 million. However, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//trezor-model-t/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Trezor<\/strong><\/a> representatives have stated that this exploit has since been patched.<\/p>","definition":"a cryptographic security code used to recover the assets in a cryptocurrency wallet.","status":"published","meta_title":"What is Recovery Seed? Definition & Meaning | Crypto Wiki","meta_description":"Recovery Seed meaning: Recovery Seed - a cryptographic security code used to recover the assets in a cryptocurrency wallet.","meta_keywords":null}" :model="{"id":935,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Data_redundancy","level":"hard","author_id":1,"created_at":"2023-06-19T06:59:01.000000Z","updated_at":"2023-12-05T11:42:59.000000Z","slug":"what-is-redundancy","title":"What is Redundancy?","section":"R","keyword":"Redundancy","content":"<p>Redundancy refers to the <strong>unnecessary excess of an element<\/strong>. It&rsquo;s a broad concept that encompasses numerous fields, including computing, communications, and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptocurrency/">crypto. Redundancy can describe additional information or features that may not be necessary beyond the potential possibility to take over if the <strong>initial feature malfunctions or fails<\/strong>.<\/p>\n<p>Given the range of examples of redundancy, attempts to list all of them can themselves be redundant. Some of the common instances of redundancies experienced in the everyday life are:<\/p>\n<ul>\n<li>Computing &ndash; unused extra storage <strong>space<\/strong> available on computers. In this case, the redundancy acts as a security measure to ensure that the system does not run out of storage in case of technical failure;<\/li>\n<li>Networks &ndash; additional pathways connecting the nodes. The duplicates are established to ensure that the network traffic does not experience interferences even if the network encounters issues;<\/li>\n<li>Communications &ndash; additional channels that are used to <strong>ensure data security<\/strong> as it travels via different paths;<\/li>\n<li>Datacenter design &ndash; extra servers. Additional systems are established to keep running if the first one goes down.<\/li>\n<\/ul>\n<p>As seen in the examples, redundancies are often relied upon as failsafe technologies. They ensure that the processes are steadily maintained even if the primary features encounter any problems that could disrupt the service.<\/p>\n<h2>Benefits of Redundancy<\/h2>\n<p>Redundancy can be a helpful feature to <strong>increase system productivity<\/strong> and consequently improve financial performance. Companies that rely on redundancy as a security measure often provide more reliable services and maintain a good reputation in the market. Therefore, using redundancy measures can help companies grow <strong>their clientele<\/strong> and increase revenue.<\/p>\n<p>Redundant systems require more hardware resources like processors to improve the system capabilities and function more smoothly. This can decrease the possibility of lag for the users. A redundant system can overtake some of the network load in case the computer system is <strong>overloaded<\/strong> and help maintain a steady service without any delays.<\/p>\n<p>As a failsafe tool, redundancy can help avoid system issues if the server crashes and&nbsp;the system data is corrupted or erased during a failure. Redundant systems can be used to <strong>synchronize backup<\/strong> and ensure that as much of the lost data can be recovered as possible.<\/p>\n<h2>Blockchain Redundancy and Fault Tolerance<\/h2>\n<p>Blockchain essentially functions as a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-distributed-ledger/">distributed ledger<\/strong><\/a>. It is used to store transaction data that is considered <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-immutable/">immutable &ndash; it <strong>cannot be modified<\/strong> after verification. This data can then be accessed and viewed by all members of the blockchain networks.<\/p>\n<p>To ensure that the data is accurate and its legitimacy is agreed upon by the network nodes, the blockchain uses a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-consensus/">consensus mechanism<\/strong><\/strong><\/a> as means of verification. The redundancy is created by providing each network member with a copy of the blockchain record, thus ensuring all data is valid throughout the system.<\/p>\n<p>Thanks to the redundancy of data, blockchains are considered to be highly fault-tolerant. The downside of this trait is the massive requirement for storage space across the network. Creating transaction copies for all participants of the chain requires each <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-node/">node to use up more storage space and computational resources.<\/p>","definition":"an unnecessary excess of information, features, or other aspects.","status":"published","meta_title":"What is Redundancy? Definition & Meaning | Crypto Wiki","meta_description":"Redundancy meaning: Redundancy - an unnecessary excess of information, features, or other aspects.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master&rsquo;s degree on Economics, Politics &amp; Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US&rsquo; Western and Japan&rsquo;s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He&rsquo;s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain &amp; Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? The Pros & Cons","status":"published","modified_content":null},{"chapter_id":2,"order":4,"slug":"coin-vs-token","title":"Coin VS Token: How Do They Differ?","status":"published","modified_content":null},{"chapter_id":2,"order":5,"slug":"what-are-stablecoins","title":"What are Stablecoins, Altcoins & Wrapped Coins?","status":"published","modified_content":null},{"chapter_id":2,"order":6,"slug":"what-is-a-bitcoin","title":"Bitcoin: the Pioneer of the Crypto World","status":"published","modified_content":null},{"chapter_id":2,"order":7,"slug":"what-is-ethereum","title":"The Ultimate Blockchain for dApp Creation: Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":8,"slug":"what-is-cardano-in-crypto","title":"What is Cardano and What is It Used For?","status":"published","modified_content":null},{"chapter_id":2,"order":9,"slug":"what-is-shiba-inu-coin","title":"Shiba Inu: the Dogecoin 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Crypto","status":"published","modified_content":null}]},{"id":3,"title":"Crypto Exchanges","slug":"crypto-exchanges","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-exchanges.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-exchanges-101.jpg","rating":80,"sections":[{"chapter_id":3,"order":1,"slug":"how-do-cryptocurrency-exchanges-work","title":"How do Cryptocurrency Exchanges Work?","status":"published","modified_content":null},{"chapter_id":3,"order":2,"slug":"dex-vs-cex","title":"DEX VS CEX: Two Sides of the Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":3,"order":3,"slug":"crypto-day-trading","title":"Crypto Day Trading: The Difference Between Buying, Trading, and Swapping","status":"published","modified_content":null},{"chapter_id":3,"order":4,"slug":"kyc-crypto","title":"KYC & AML: The Key to Complying With Legal Industry Standards","status":"published","modified_content":null},{"chapter_id":3,"order":5,"slug":"how-to-buy-crypto","title":"From Fiat to Crypto: How to Buy Crypto for the First Time","status":"published","modified_content":null},{"chapter_id":3,"order":6,"slug":"fiat-to-crypto","title":"Taking Profits: Turning Crypto Into Fiat","status":"published","modified_content":null},{"chapter_id":3,"order":7,"slug":"how-to-use-crypto","title":"You\u2019ve Got Crypto: What Can You Do With It?","status":"published","modified_content":null}]},{"id":4,"title":"Crypto Wallets","slug":"crypto-wallets","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-wallets.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-wallets-101.jpg","rating":80,"sections":[{"chapter_id":4,"order":1,"slug":"what-is-a-crypto-wallet","title":"What is a Crypto Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens (NFTs)?","status":"published","modified_content":null},{"chapter_id":6,"order":1,"slug":"what-is-defi","title":"What is Decentralized Finance (DeFi)?","status":"published","modified_content":null},{"chapter_id":6,"order":2,"slug":"what-is-defi-2-0","title":"DeFi 2.0: The New Version of Decentralized Finance","status":"published","modified_content":null},{"chapter_id":6,"order":3,"slug":"what-are-dapps-in-crypto","title":"What Are dApps and How Do They Work?","status":"published","modified_content":null},{"chapter_id":6,"order":4,"slug":"defi-dapps","title":"Picking the Right dApps: Dos and Don'ts","status":"published","modified_content":null},{"chapter_id":6,"order":5,"slug":"what-is-web-3-0","title":"Web 3.0: The Future of the Internet","status":"published","modified_content":null},{"chapter_id":6,"order":6,"slug":"what-are-smart-contracts","title":"What is the Core Purpose of Smart 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Cryptocurrencies?","status":"published","modified_content":null},{"chapter_id":7,"order":2,"slug":"how-to-invest-in-crypto","title":"Investing in Crypto: What Investing Options Do You Have?","status":"published","modified_content":null},{"chapter_id":7,"order":3,"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the One?","status":"published","modified_content":null},{"chapter_id":7,"order":4,"slug":"what-is-an-airdrop","title":"What are Crypto Airdrops and How to Get Them?","status":"published","modified_content":null},{"chapter_id":7,"order":5,"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","status":"published","modified_content":null},{"chapter_id":7,"order":6,"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","status":"published","modified_content":null},{"chapter_id":7,"order":7,"slug":"what-is-a-perpetual-contract","title":"Perpetual Contracts: Futures Contracts Without an Expiration Date","status":"published","modified_content":null},{"chapter_id":7,"order":8,"slug":"what-is-fud","title":"What is FUD: How to Use It to Your Advantage While Investing in Crypto?","status":"published","modified_content":null},{"chapter_id":7,"order":9,"slug":"investing-in-cryptocurrency","title":"Investing in Cryptocurrency: How to Manage Your Risks?","status":"published","modified_content":null},{"chapter_id":7,"order":10,"slug":"what-is-a-rug-pull-in-crypto","title":"What is a Rug Pull in Crypto?","status":"published","modified_content":null},{"chapter_id":7,"order":11,"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","status":"published","modified_content":null},{"chapter_id":7,"order":12,"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto Taxes","status":"published","modified_content":null}]},{"id":8,"title":"Crypto 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