I am looking for a cron replacement which could run subsecond schedule, is there have any "still alive" project which serve this purpose?
Currently running Ubuntu 14
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There don't seem to be any well-supported tools in existence for this. I'd say the right way to do this is to build a daemon. You can build a daemon in almost any language you're comfortable with. In Java, for example, you could use quartz to handle the scheduling aspect, and you can find many examples online of how to write a daemon in Java. Python or Perl would probably be a more appropriate tool to use in a *nix environment, however.