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In mobile development, persisting small pieces of data like user preferences, tokens, and app settings is vital. AsyncStorage provides a simple, reliable way to store that kind of data locally. This library is a community-maintained solution that replaces the old AsyncStorage module from React Native core. It uses a key-value pair system, making it easy to use and ideal for lightweight storage needs. 

React Native, a popular framework for building mobile applications using JavaScript and React, follows a component-based architecture. When working with React Native, understanding the component lifecycle is crucial because it defines how components are created, updated, and destroyed during the app's execution.