Final answer:
The service mentioned in the question is AWS Lambda, which is Amazon Web Services' serverless computing platform that allows the running of code without managing servers. It's event-driven and scales automatically, with billing based only on compute time used.
Step-by-step explanation:
The service being referred to in the question is AWS Lambda, which is a part of Amazon Web Services (AWS). AWS Lambda is a serverless computing platform that allows developers to run code in response to events without provisioning or managing servers.
You can simply upload your code, and AWS Lambda takes care of everything required to run and scale your code with high availability. It automatically manages the compute fleet that offers a balance of memory, CPU, network, and other resources.
This is an example of event-driven computing where the cloud service runs the code in reaction to HTTP requests via Amazon API Gateway, or to modifications in data within AWS services like Amazon S3. Developers pay only for the compute time consumed - there is no charge when your code is not running.