FaaS is a cloud computing framework that allows developers to rapidly create an application by writing short-lived functions and mapping them to triggers. FaaS saves developers a great deal of time from having to build out a overly complex infrastructure for the application. Secondly, it also saves a great deal of money because you only pay for the resources that you actually use, as opposed to paying for idle resources as well.
This video talks about 3 major use cases enabled by Platform9's open source FaaS framework: Fission.
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