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   function hashOperation(
    address target,
    uint256 value,
    bytes calldata data,
    bytes32 predecessor,
    bytes32 salt
) public pure virtual returns (bytes32 hash) {
    return keccak256(abi.encode(target, value, data, predecessor, salt));
}

I am unable to understand address target is written for what purpose?

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I found this information in the doc of OpenZeppelin for v.4.x here

First, what is an operation? it is a transaction (or a set of transactions) that is the subject of the timelock. It has to be scheduled by a proposer and executed by an executor here

the hashOperation function: Returns the identifier of an operation containing a single transaction here.

An Operation contains here:

Target: the address of the smart contract that the timelock should operate on.

Value: in wei, that should be sent with the transaction. Most of the time this will be 0. Ether can be deposited before-end or passed along when executing the transaction.

Data: containing the encoded function selector and parameters of the call. This can be produced using a number of tools. For example, a maintenance operation granting role ROLE to ACCOUNT can be encode using web3js as follows:

const data = timelock.contract.methods.grantRole(ROLE, ACCOUNT).encodeABI()

Predecessor: that specifies a dependency between operations. This dependency is optional. Use bytes32(0) if the operation does not have any dependency.

Salt: used to disambiguate two otherwise identical operations. This can be any random value.

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