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I was studying Sidekiq's page on rate limiters. The first type of rate limiting mentioned is the concurrent limiter: only n tasks are allowed to run at any point in time. Note that this is independent of time units (e.g. per second), or how long they take to run. The only limitation is the number of concurrent tasks/requests.
After this, I took a look at the semaphore class in the popular library, concurrent-ruby to see how they implement it, and I learnt about something new: condition variables. And Ruby comes with this included!