I've tried googling paxos algorithm a bit, but don't understand what it does and why it is useful. Could someone please explain it to me like I'm five?
It's used in distributed datastores like Zookeeper and Exhibitor, which are used in situations where you need both consistently and as close to zero downtime as possible. It also influenced Raft, a similar but simpler algorithm to accomplish the same goals. Raft is used by etcd, which is the database that powers Kubernetes.
Raft has a great website with deeper explanations at https://raft.github.io/
In distributed systems, each node needs to agree on facts (which could be value of a key, ordering of operations on an object etc...), and Paxos helps you with that.
[1] https://www.the-paper-trail.org/tags/consensus/ [2] https://lamport.azurewebsites.net/pubs/paxos-simple.pdf