I'd like to know what advantages it offers over the popular instant messaging clients available, what possible dangers there are to using it, and basically a brief explanation of what it is and why it exists. I hope that isn't asking too much.
What it is: A chat protocol, most often for group talking, rather than one on one.
Why it exists: Because people like to talk to each other, duh. If you want to know where it comes from,
http://en.wikipedia.org/wiki/IRC is a nice place to find out exactly where.
Advantages: Very nice way to talk to a lot of people at once. Imagine talking in a room. Also, the protocol is very well known, and there are many clients (programs) to choose from. Also, it's pretty much text-only, which keeps clutter away.
Disadvantages: Can take some time to set it up, considering people who barely knows how to turn on a computer, and you have to know which server and channel to go to, unlike you making a list of people you know.
Dangers: Only if you use very old outdated clients. Good example is using old versions of mIRC purely to get around the nagging shareware screen. You have been warned, such programs get patches and upgrades for
very good reasons.