In quantum mechanics, black holes behave like black bodies and they emit thermal radiation which is called Hawking radiation. Black hole evaporation leads to the 'information paradox'. In general relativity these properties follow from the fact that a black hole has a horizon. We explain this deep mystery in terms of the quantum statistical mechanics of an underlying microscopic theory. The microscopic degrees of freedom, for the class of black holes we discuss, are given by the collective excitations of a configuration of D-branes which occur in string theory. This article introduces the issues involved and presents a summary of what has been achieved and what more needs to be done.
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