The WEP standard is called "wired equivalent privacy"?
Why does it include "wired"? Does have it have to do with ethernet codes or something else?
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Wired Equivalent Privacy (WEP) is a security protocol that is designed to provide a wireless local area network (WLAN) with a level of security and privacy comparable to what is usually expected of a wired LAN.
So as the name states, it's an equivalent of the wired network (LAN). It is supposed to provide the same level of security and privacy, but unfortunately it does not.
The security protocol is called Wired Equivalent Privacy (WEP) because it was initially designed to provide a wireless LAN with a level of security and privacy equivalent of a wired LAN.
However since it's inception it has not completely held up to the name which has resulted in WEP2, WEP+, WPA, WPA2, and other alternatives to be developed through it's lifetime.