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Schottky rectifier is a type of diode formed by a metal-semiconductor junction, not a traditional semiconductor-to-semiconductor junction. It functions as a rectifier by allowing current to flow easily in one direction while blocking the opposite direction, similar to a regular diode. Key advantages over conventional diodes include a significantly lower forward voltage drop, which reduces power loss and heat generation, and extremely fast switching speeds due to its minimal reverse recovery time. These characteristics make Schottky rectifiers ideal for high-frequency applications, power supplies, and high-power systems