OTP is an open source platform, and it is a large set of libraries for Erlang to do all from compiling ASN.1 to providing a WWW server.
OTP stands for Open Telecom Platform, although it's not that much about telecom anymore (it's more about software that has the property of telecom applications, but yeah.) If half of Erlang's greatness comes from its concurrency and distribution and the other half comes from its error handling capabilities, then the OTP framework is the third half of it.
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