Functioning of decode-"utf-8"

what is the meaning and use of decode=utf-8
are there any other kind of decoding we should be aware of

hi Gautam
Decode decodes the string using the codec registered for encoding
the conversion of an encoded format back into the original sequence of characters is called decoding. Encoding and decoding are used in data communications, networking, and storage.
The code used by most computers for text files is known as ASCII ,UNICODE etc.