FireWire is a method of transferring information between digital devices, especially audio and video equipment. Also known as IEEE 1394, FireWire is fast -- the latest version achieves speeds up to 800 Mbps. At some time in the future, that number is expected to jump to an unbelievable 3.2 Gbps when manufacturers overhaul the current FireWire cables.
Source: http://computer.howstuffworks.com/firewire1.htm
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