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. 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Cryptocurrencies?","featured_image_id":10342,"status":"published","chapter_id":7,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/where-to-trade-crypto","featured_image":{"id":10342,"uuid":"0bd8d78a-9423-48ee-9161-34dc1872b97c","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/where-to-trade-crypto-featured-image.jpg","path":"crypto/storage/optimized/where-to-trade-crypto-featured-image.jpg","original_path":"crypto/storage/original/where-to-trade-crypto-featured-image.jpg","name":"where-to-trade-crypto-featured-image.jpg","original_name":"where-to-trade-crypto-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"85.96KB"},"youtube_video":null},{"slug":"how-to-invest-in-crypto","title":"Investing in Crypto: What Investing Options Do You Have?","featured_image_id":10729,"status":"published","chapter_id":7,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-invest-in-crypto","featured_image":{"id":10729,"uuid":"3439a1db-9892-404a-b4b6-a1db5a34bca4","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/how-to-invest-in-crypto-featured-image.jpg","path":"crypto/storage/optimized/how-to-invest-in-crypto-featured-image.jpg","original_path":"crypto/storage/original/how-to-invest-in-crypto-featured-image.jpg","name":"how-to-invest-in-crypto-featured-image.jpg","original_name":"how-to-invest-in-crypto-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"75.22KB"},"youtube_video":null},{"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the 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Them?","featured_image_id":11359,"status":"published","chapter_id":7,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-an-airdrop","featured_image":{"id":11359,"uuid":"7b43c968-1275-4d3e-acb1-1707a43a4014","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","path":"crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","original_path":"crypto/storage/original/what-is-an-airdrop-featured-image.jpg","name":"what-is-an-airdrop-featured-image.jpg","original_name":"what-is-an-airdrop-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"66.05KB"},"youtube_video":null},{"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","featured_image_id":6542,"status":"published","chapter_id":7,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-get-free-crypto","featured_image":{"id":6542,"uuid":"4fceb9ab-391e-4ef9-b00d-c871a49878a3","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-get-free-crypto.o.jpg","path":"crypto/storage/media/how-to-get-free-crypto.o.jpg","original_path":"crypto/storage/media/how-to-get-free-crypto.jpg","name":"how-to-get-free-crypto.o.jpg","original_name":"how-to-get-free-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.93KB"},"youtube_video":null},{"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main 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Crypto?","featured_image_id":11394,"status":"published","chapter_id":7,"language":"en","order":7,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-fud","featured_image":{"id":11394,"uuid":"defd32c5-d3e1-4e66-9f58-e2ee316bad3a","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-fud-featured-image.jpg","path":"crypto/storage/optimized/what-is-fud-featured-image.jpg","original_path":"crypto/storage/original/what-is-fud-featured-image.jpg","name":"what-is-fud-featured-image.jpg","original_name":"what-is-fud-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"65.30KB"},"youtube_video":null},{"slug":"investing-in-cryptocurrency","title":"Investing in Cryptocurrency: How to Manage Your Risks?","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":8,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/investing-in-cryptocurrency","featured_image":null,"youtube_video":null},{"slug":"what-is-a-rug-pull-in-crypto","title":"What is a Rug Pull in Crypto?","featured_image_id":6532,"status":"published","chapter_id":7,"language":"en","order":9,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-a-rug-pull-in-crypto","featured_image":{"id":6532,"uuid":"be8043fb-078c-4487-9af9-d2d9c2b574ea","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","original_path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.jpg","name":"what-is-a-rug-pull-in-crypto.o.jpg","original_name":"what-is-a-rug-pull-in-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"92.28KB"},"youtube_video":null},{"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto Taxes","featured_image_id":6526,"status":"published","chapter_id":7,"language":"en","order":11,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-crypto-taxes","featured_image":{"id":6526,"uuid":"1e44162c-ef1d-4010-81b4-9e8d1809aedf","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","path":"crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","original_path":"crypto/storage/media/how-to-avoid-crypto-taxes.jpg","name":"how-to-avoid-crypto-taxes.o.jpg","original_name":"how-to-avoid-crypto-taxes.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"99.10KB"},"youtube_video":null}]},{"id":8,"title":"Crypto Analysis","slug":"crypto-analysis","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-analysis.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-analysis-101.jpg","rating":100,"sections":[{"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-bullish-and-bearish","featured_image":null,"youtube_video":null},{"slug":"best-technical-analysis-indicators-for-crypto","title":"5 Best Crypto Technical Analysis Indicators You Must Know 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":1017,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Race Attack?","slug":"what-is-race-attack","section":"R","keyword":"Race Attack","status":"published","definition":"a malicious activity when two transactions are created at the same time using the same funds to spend them twice.","content":"<p>The race attack is a particular kind of a <strong>double-spend attempt.</strong> It requires the recipient to accept payment for <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-zero-confirmation-unconfirmed-transaction/">unconfirmed transactions</a>.</strong></p>\n<p>The attacker sends the victim an unconfirmed transaction. Meanwhile, they broadcast to the network <strong>a conflicting transaction. </strong>Since the victim observed their own transaction first, they believe they will be paid. However, since the rest of the network saw the double-spend first, it&rsquo;s likely that the victim will not get the money.</p>\n<p>Such an attack is significantly easier to carry out when the attacker has a direct connection to the victim's <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">node and deposits the conflicting transaction directly to the <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-miner/">miners.

","level":"easy","meta_title":"What is Race Attack? Definition & Meaning | Crypto Wiki","meta_description":"Race Attack meaning: Race Attack - a malicious activity when two transactions are created at the same time using the same funds to spend them twice.","meta_keywords":null,"language":"en","created_at":"2022-05-24T08:03:11.000000Z","updated_at":"2022-06-07T11:49:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-race-attack"},"prevSection":{"id":691,"original_id":null,"author_id":43,"translator_id":null,"title":"What are Ring Miners?","slug":"what-are-ring-miners","section":"R","keyword":"Ring Miners","status":"published","definition":"manage order rings and confirm that each exchange is completed within Ethereum’s Loopring program.","content":"<p><strong>Ring Miners</strong> work within <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum&rsquo;s Loopring program where they are in charge of ensuring that each exchange is successfully completed.&nbsp;</p>\n<p>Before we dive into the term, let&rsquo;s define what Loopring entails. In essence, Loopring is an exchange and payment layer based on a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-consensus-mechanism/">consensus mechanism</strong></a> that runs on Ethereum. However, Loopring does not involve traditional order books or the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-automated-market-maker-amm/">automated market maker (AMM)</strong></a> mechanisms that generally control liquidity pools. Furthermore, Loopring is different from other <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-exchange-dex/">decentralized exchanges (DEXs)</strong></strong></a> because it offers ring orders.</p>\n<p>In order for Loopring to function properly, participants that ensure orders are completed successfully are essential.&nbsp;</p>\n<p>This is where ring miners come in. They fill orders before they&rsquo;re canceled or completed. Loopring recruits ring miners from the network participant pool. Generally, they receive compensation (service fee) in Loopring&rsquo;s native tokens (LRC).&nbsp;</p>\n<p>Why do ring miners do this? Ring miners carry out this role and fill orders to receive specific rewards. They can choose between two different reward types:</p>\n<ul>\n<li>Service fee in the form of Loopring (LRC) native tokens. The maximum number of these tokens that a ring miner can receive depends on the user who makes an order and is then able to specify the exact number of native tokens to be received;</li>\n<li><strong>Split margins</strong>. Similarly, the user who has made an order can specify how much of the margin can be claimed for it.</li>\n</ul>\n<p>These rewards act as an incentive for the service the ring miners provide. This way ring miners themselves search for the most advantageous rate deals to get the best rewards. Moreover, this incentive system makes sure that its users also receive the best value for their exchanged digital assets. Therefore, it&rsquo;s quite favorable for Loopring.</p>\n<p>When a ring miner completes a ring order, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a> execute it. In cases where a smart contract is able to fill the order on both sides of the transaction, it will send a direct transfer straight to the user&rsquo;s wallet.&nbsp;</p>\n<p>Ring-matching can be implemented with the use of ring orders. Ring-matching links multiple orders together thus securing multiple trades through multiple users.</p>\n<p>Have a look at an example to see ring miners in action. Let&rsquo;s say that there are three users who want to make an order on Loopring: Lucas, Simone, and Kit. Lucas wants to trade 4 HNT for 12 ADA, Simone wants 30 VET for 3 OMG while Kit wants a deal of 30 ADA for 60 VET. This is where ring miners come into play. They use a ring-matching system to merge all of these orders into one order ring. In this situation, the only order that is actually filled belongs to Lucas. What remains is handled by Loopring&rsquo;s order sharing. This means that the remainings are filtered into a different order ring until every incomplete order is joined with the complete order.</p>\n<p>Once the program&rsquo;s smart contracts confirm the ring order, every participant of said order will get whatever virtual asset they initially came for.</p>","level":"medium","meta_title":"What are Ring Miners? Definition & Meaning | Crypto Wiki","meta_description":"Ring Miners meaning: Ring Miners - manage order rings and confirm that each exchange is completed within Ethereum’s Loopring program.","meta_keywords":null,"language":"en","created_at":"2022-03-29T09:10:58.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-are-ring-miners"},"currentChapter":"R","currentSection":"what-is-redundancy","chapterTitle":"R","readingLevel":"hard"},"url":"/crypto/learn/crypto-terms/what-is-redundancy","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Crypto Terms: Letter R

What is Redundancy?

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.