Favicons, short for favorites icon, is a small icon file that is displayed in a browser's address bar next to a url of website. Additionally they're also displayed next to the name of website in a tab bar or bookmark bar of browser.
Here are some favicons of popular websites:
Favicons help user to recognize your website from other websites. Favicons usually is a small version of website logo that consistent with branding of a company. It should be easily identifiable in the browser tab.
For example, youtube uses its logo as its favicon to stay consistent with the company's brand.
Basicly, their size typically is 32x32 and 16x16 pixel. For less commonly used web browsers the sizing varies. You can use our favicon converter to create favicon package if you need to create additional sizes.