localhost - http://localhost
In computer networking, http://localhost is a hostname that means this computer. It is used to access the network services that are running on the host via the loopback network interface. Using the loopback interface bypasses any local network interface hardware. Wikipedia
If you are running a Web browser on your computer, your computer is considered to be the "localhost." While this does not need to be specified when using a single computer. TechTerms
http://localhost is often used for testing and development. When a developer installs WAMP, LAMP, or MAMP software stack on their personal computer, then they will typically type “localhost” into their browser in order to pull up their web site. Local server environments can speed up the development time. It is also great for learning purposes. wpbeginner