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P-t-P means point-to-point in this context, not peer-to-peer
Virtual network device (<code>venet</code>) is the default network device for a [[container]]. This network device looks like a peerpoint-to-peer point connection between [[container]] and the [[CT0|host system]]. It does packet switching based on IP header. This is a default network device for container (an alternative is [[veth]] device).
Venet device is created automatically on [[container]] start. Vzctl scripts set up an appropriate IP address and other settings on venet inside a container.
