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Building real-time collaboration applications: OT vs CRDT

If you dig below the surface of any real-time collaboration solution you're likely to start hearing about the terms OT (Operational Transformation) and CRDT (Conflict-free Replicated Data Type). For a team trying to build a real-time collaboration solution, the first question to ask is "which of these two acronym mouthfuls should I use"? Followed quickly by "what on earth do these acronym mouthfuls mean"?