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Internet Relay Chat (IRC) is a form of real-time Internet chat or synchronous conferencing. It is mainly designed for group communication in discussion forums called channels, but also allows one-to-one communication via private message, as well as chat and data transfers via Direct Client-to-Client.
There are a multitude of free IRC clients available on the web: For a full listing of clients and a comparison of their features, visit the IRC client comparison page on Wikipedia.