What is the fundamental purpose of Byte-Pair Encoding (BPE) in the context of tokenization?

The fundamental purpose of Byte-Pair Encoding (BPE) in tokenization is to create a vocabulary that balances the need to represent common words efficiently while also being able to handle rare or unseen words (out-of-vocabulary words). Tokenization is the process of breaking down text into smaller units, called tokens, that can be processed by a mo....