
Karl Schwarzschild in 1916 found an exact solution to Einstein's equations for a point mass and obtained a radius at which the metric becomes unphysical. Later, in 1974, Stephen Hawking showed that the horizon emits faint radiation due to quantum effects.
A massive object bends spacetime, like a ball on a rubber sheet. At a certain distance, the slope becomes so steep that even light cannot get out. That's the horizon. For a distant observer, the time of a falling object slows down and stops right at the boundary.
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