Serverless computing is a cloud-native model that allows developers to create, build, and run applications without managing servers. It offers advantages such as reduced costs, greater scalability, reduced maintenance overhead, and quick deployments. Serverless also decreases latency since the code can be run closer to the end user. The model is popular for its pay-per-use pricing, function-as-a-service paradigm, managed services, service integrations, high scalability, and reduced latency. However, it also has challenges such as building stateful applications, cold starts, short-running tasks, lack of control, provider lock-in, and testing complexities. Serverless is mainly used to manage workloads with fluctuating request traffic, and its use cases include event triggers, asynchronous processing, continuous integration/continuous deployment, polyglot applications, and autoscaling applications. Overall, serverless can simplify workflows, reduce costs, and increase scalability, but it requires careful consideration of its potential disadvantages.