PageRank is a method of organizing pages on the web for importance. It was developed by the founders of Google Inc. (Larry Page and Sergey Brin) in 1998 when they were still active at Stanford University. Stanford University has a patent on PageRank whereas the name is a trademark of Google. A page gets a higher PageRank if there are more links from other pages, with the number of links on those other pages and the PageRank of those other pages also of interest.
Source: Wikipedia
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