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Actually Bioware is hosting the Vault itself. Characters form the Official Vault will be stored in a Bioware run Server.
No game will take place on this server, but characters will be saved to and signed out from this server (atleast official vaulted characters will).
Ofcourse there will be other ways to save your character depending on what type of server you play. Some will require you to use characters stored on their own servers, for example.
Also, Bioware will be hosting a matching service, similar to Battle.net.
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