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4) ROS does not provide any tools for working with shared memory. ROS uses TCP sockets, which are almost as fast as shared memory when used on the same computer, and scale to using multiple computers.
2) Using service calls won't scale well to multiple clients - you'll have to ensure that each client has a unique service name, and that the server is configured with the proper service names for all clients.
Personally, I would use a latched topic for this sort of frequent parameter update. (Using latching ensures that new subscribers will get a copy of the parameters as soon as they start up, instead of waiting for the next update).
Using the parameter server frequently puts more load on the ROS master, and because parameter queries and updates require the negotiation of a new TCP connection for each operation, it will have significantly higher latency than using a topic, which is based on a persistent TCP connection.