Edit distance

Focus on explaining the concept of edit distance, which measures the minimum number of operations (insertions, deletions, substitutions) required to transform one string into another. Be prepared to discuss various algorithms for calculating edit distance, such as the Levenshtein distance, and their time and space complexities. Illustrate your understanding with a clear example, demonstrating how to implement the algorithm step-by-step. Additionally, consider edge cases and optimizations, such as using dynamic programming or memoization, to improve efficiency.