A monorepo is a centralized version control strategy that consolidates all application and microservice code into a single repository, in contrast to the polyrepo approach where each microservice has its own repository. This setup enhances code visibility, collaboration, standardization, and code sharing, while facilitating easier refactoring and release management through a unified build pipeline. However, it presents challenges such as potential source conflicts and the need for scalable source control management. Misconceptions around monorepos include assumptions about its limitations with programming languages and tools, tight code coupling, and independent service updates, which can be mitigated through best practices and advanced deployment strategies like containerization and CI/CD pipelines. The decision to adopt a monorepo should consider team culture and discipline, as it encourages collaborative development while requiring careful management to avoid dependency issues among microservices.