ELI5: Explain Like I'm 5

Application-specific integrated circuit

Application-specific integrated circuits, or ASICs, are chips that are designed to do a specific job. Think of them like a tiny worker in a factory. They have been programmed by engineers to receive certain inputs, like electricity, and then to do certain actions, like computing numbers, to produce an output. ASICs are much faster and more powerful than regular computers because they are designed to do one job very well, instead of having to do many different tasks like a regular computer.