So, why would this not work better as a piece of software, rather than a full device that is likely going to cost over $300? This would be more accessible overall to everyone, and less risk of device malfunction/EOL/whatever = you’re fucked

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It's much more expensive that that my friend. Its hardware, software and a protocol. If the device fails, there are multiple backups kept that can easily restore it. It never connects to the internet.