What is Unicode?

UNICODE 

Unicode is a standard whose goal is to assign a number (also know as a character code) to every symbol in every human language. For example, the letter “a” is 97, the letter “ñ” is 241, and the symbol “π” is 960. Math symbols, emojis, and characters in hundreds of languages (Hebrew, Chinese, Urdu, etc.) all have characters codes assigned to them in the Unicode spec. In total, there are over 130,000 different Unicode symbols, with more being added every year.

Importance of Unicode

• As it is a universal standard therefore, it allows writing a single application for various platforms. This means that we can develop an application once and run it on various platforms in different languages. Hence we don’t have to write the code for the same application again and again. And therefore the development cost reduces.
• Moreover, data corruption is not possible in it.
• It is a common encoding standard for many different languages and characters.
• We can use it to convert from one coding scheme to another. Since Unicode is the superset for all encoding schemes. Hence, we can convert a code into Unicode and then convert it into another coding standard.
• It is preferred by many coding languages. For example, XML tools and applications use this standard only.

Advantages of Unicode

• It is a global standard for encoding.
• It has support for the mixed-script computer environment.
• The encoding has space efficiency and hence, saves memory.
• A common scheme for web development.
• Increases the data interoperability of code on cross platforms.
• Saves time and development cost of applications.

References: 
https://yaytext.com/faq/#what-is-unicode
https://www.toppr.com/guides/computer-science/computer-fundamentals/internal-storage-encoding-of-characters/unicode/