Virtualization abstracts the hardware of a single computer allowing multiple "guest" virtual machines to run simultaneously on a single physical machine. A virtual machine manager (VMM) or hypervisor creates and manages these virtual machines, providing each with a virtual copy of the underlying hardware and isolating them from each other for security. There are four main types of hypervisors - Type 0 and 1 are tightly integrated with hardware while Type 2 runs on a conventional operating system. Paravirtualization modifies guest operating systems to optimize performance. Benefits of virtualization include increased hardware utilization, isolation of virtual machines for security, and live migration between physical servers.