Technical Implementation Details
Although internal implementations may vary, delegate instances can be thought of as a tuple of an object and a method pointer and a reference (possibly null) to another delegate. Hence a reference to one delegate is possibly a reference to multiple delegates. When the first delegate has finished, if its chain reference is not null, the next will be invoked, and so on until the list is complete. This pattern allows an event to have overhead scaling easily from that of a single reference up to dispatch to a list of delegates, and is widely used in the CLI.
Read more about this topic: Delegate (.NET)
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