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From Unicode.org:
Character encoding standards define not only the identity of each character and its numeric value, or code point, but also how this value is represented in bits.
The Unicode Standard defines three encoding forms that allow the same data to be transmitted in a byte, word or double word oriented format (i.e. in 8, 16 or 32-bits per code unit)
All can represent the same character repertoire and can be transformed into one another without loss of data.