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From WikiChip
IP Core
IP cores (intellectual property core) are reusable, predesigned, and preverified complex functional logic blocks designed by a third party and licensed to other parties to be integrated into their designs. IP cores can be soft, firm, and hard and may come in the form of synthesizable code or other technology dependent forms (e.g., netlists) and may target anywhere from FPGAs to ASIC to full custom designs.
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