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FreeBSD is one of the most stable, robust operating systems out there deployed worldwide on many servers. Optimized for the cheap x86 architecture, FreeBSD is a derivative of BSD, the UNIX version developed at the University of California, Berkeley. (http://www.freebsd.org). FreeBSD also runs on amd64 compatible, Alpha, IA-64 and UltraSparc architectures.
FreeBSD makes a powerful Internet or Intranet server providing resilient network services, using memory efficiently even under extreme loads capable of running thousands of simultaneous user processes.
It is developed and maintained by a core team of developers called committers who are constantly enhancing the system for security, reliability and stability. Developed keeping use as a server in mind, features such as kernel support for stateful IP firewalling, IP proxy gateways, access control lists, cryptographically protected storage are part of the system. It also includes support for encryption software, secure shells, Kerberos authentication, virtual servers created using jails, chrooting services and secure RPC facilities amongst others.
FreeBSD itself has derivatives now in NetBSD, OpenBSD and Dragonfly.
NetBSD (http://www.netbsd.org) is a free, secure and highly table Unix-like Open Source operating system and it's key objective it to make BSD work for as many platforms as possible from 64 bit Opteron machines to handheld and embedded devices and everything in between. It's focus is on a clean design and well architected solutions. It has the least number of bugs as reported in any public forum.
OpenBSD (http://www.openBSD.org) is a free multi platform 4.4BSD based UNIX like operating system. The emphasis is on portability, standardization, correctness, security and integrated cryptography. It is touted as the most secure operating system by default. In addition it support binary emulation or most programs from Solaris to FreeBSD, Linux and HP-UX.
Dragonfly (http://www.dragonflybsd.org) is a new fork of the FreeBSD-4.x OS series. IT currently targets the x86 line of processors and work is going on to support the 64 bit processors from AMD.
Whatever the distribution, BSD variants have some great inherent features that are hard to beat by other operating systems capable of running on similar hardware.