RSS is an acronym for Really Simple Syndication. Briefly, RSS is a standard format for delivering website content to a subscriber. Using a program called a feed aggregator you may subscribe to the content of a website and as new content is added to the site it will be delivered to your aggregator. If you regularly visit a large number of websites and aggregator will allow you to read the latest content from each of these sites in one place.
The following video provides a simple overview of RSS and its benefits.
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