syslog-ng as the name shows is a syslogd replacement, but with new functionality for the new generation. The original syslogd allows messages only to be sorted based on priority/facility pair, syslog-ng adds the possibility to filter based on message contents using regular expressions. The new configuration scheme is intuitive and powerful. It supports transporting messages over TCP, stores digital fingerprints of each message, so that unauthorized modification can be detected, and other nice thingies.
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