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I concur with your determination to virtualize your bare metallic box with OpenVZ – given OpenVZ’s low overhead, it’s a great option if you have a bare metallic server and are looking to virtualize a handful of VM’s. OpenVZ containers share the same kernel since the host; removing the overhead of each VM operating an independent kernel.
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Sad to say, openvz hasn’t experienced a fresh launch for a few years. It looks like an deserted solution.