Grace Ol’Halloran lays out the basics of serverless computing in cloud platforms:
The term serverless computing can be misleading; how can you compute things without a server? Well, the answer is that you don’t. The term “serverless” comes from the idea that the server is abstracted from the developer, and is totally maintained by the cloud provider. In other words, the developer doesn’t really care what environment their code is run in; they just need it hosted somewhere where it can be executed. This removes the responsibility of infrastructure configuration and maintenance from the developer, but naturally gives them less flexibility and control over the environment.
It took me watching several presentations before I really understood the value behind serverless compute.