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Re:How OpenBSD Leverages Malloc to Find Bugs by surki on Monday November 28, 2011 @02:18PM (#3287166)
What you describe is implemented in these libraries: libduma (http://duma.sourceforge.net/) and efence (http://linux.die.net/man/3/efence)

They also have buffer underflow protection (either overflow or underflow at a time).

But in 32 bit systems, for applications that heavily use memory, you may run out of address space

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