When it comes to designing a mass-multiplayer game the paramount design goal is built around:
transfer as little data as you absolutely have to.This is closely followed by:
maximize the efficiency of the data you have to send.To this end most true MMO games with greater than 64 concurrent players are designed around proprietary engines.
Most Unreal engine backed
MMO games are only quasi-MMO, such as Global-Agenda. They rely on extensive instancing of any given map with relatively few players actually loaded into any single served map. It's been a few years, but I'm pretty sure Lineage II simply doubled the maximum number of players available on any given map to 128 over the 64 UE 2.5 was supposed to top out at.
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As to the best current engine for building an MMO?
Depends on what you want to do / how much money you have.
If you are on a limited budget, start with either ID Tech3 or ID Tech 4:
http://ioquake3.org/ http://www.iodoom3.org/ With full access to the source code for either engine, and with the massive updates made to the Tech3 engine under IOQ3, either engine is capable of handling the requirements for building an action-oriented MMO.
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If you have some money to play with:
Valve Source:
http://source.valvesoftware.com/We already knew from late last year that Valve was pretty confident they could get CoH up and running on Source, so no question as to whether or not the engine is capable of running a proper MMO. The downside here is that for a lot of the community oriented features, such as chat and player identities, Source pretty much requires the usage of Steam. Not really a big deal to most players, but there are quite a few anti-Steam zealots out there.
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Unigine:
http://unigine.com/Not the easiest engine to work with, but Unigine has some interesting terrain rendering capabilities.
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Forgelight:
https://www.soe.comProbably the best MMO engine available... good luck getting your hands on it though. Forgelight is Sony's internal MMO for
Planetside 2 and the next
Everquest. Reportedly the ForgeLight engine is being made available along with the Playstation 4 software development kit, so if you are gunning for a modern MMO, now might be a good time to start talking to Sony.