Localhost is the domain name of the internet address that you will use to access web pages delivered by your standalone server. In the world of computer networking, this name is the hostname which refers to the current device used for the purpose of accessing it.
Localhost is used for the purpose of accessing the network services that are running on the host , through what we call loopback network interface. Therefore, localhost actually describes the local computer address.
This term comes into play only when computer is connected to a network and is using it to run programs or test virtual connection between two different computer systems.
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