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NFV: What exactly can be virtualized?

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Carrier networks are crammed with function-specific appliances – session border controllers, gateways, network address translators, firewalls, deep packet inspection probes—that in theory could be run as software on commodity hardware, as defined by ETSI’s Network Functions Virtualization group. Where is virtualization most logically deployed first, and are there things in the network that either can’t or shouldn’t be virtualized?

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