Fault tolerance is a big fat disconnect that will disconnect all connections to the server. You can reconnect in a few seconds to minutes as soon as the backup server starts and restores the databases from the shared disk (s). Any transaction in flight at the time of failure will be discarded.
In your application, the fail-safe event will be disconnected, you will lose all your connections, and any attempt to reconnect will fail until the recovery of the backup server is completed. If you use the correct transaction semantics, the data will be correct and a well-written application will resume without problems. If you do not use transactions properly, you will have all sorts of inconsistencies from logical half-records that are not properly protected by the transaction boundary.
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