What is binomial nomenclature? Explain it with a suitable example. Gives its advantages.

Hint: Scientific names are the standard names that are given to organisms to identify them and each scientific name is specific only to one organism. Scientific names are given on the basis that from where the organism originates and also according to the characteristics features of organisms.

Complete answer:
All biologists are currently using internationally agreed and accepted codes of rules or principles while assigning scientific names to known or newly discovered organisms. Binomial nomenclature for scientific naming of organisms was developed by Carolus Linnaeus. Each name is composed of two parts, i.e., the first part comprises its generic name, while the second part is the specific epithet.
Rules of Binomial Nomenclature: Some universal rules of Nomenclature framed under codes of ICZN. ICBN, etc. are as follows:
Biological names are mostly taken from Latin language without considering their origin. New names are now taken either from Latin language or Latinised.
Each and every organism is provided only one name consisting of two words. The first word in a biological name gives description about its genus while the second component denotes the specific epithet.
The scientific name is usually printed in italics and in case of handwritten underlined separately to indicate their Latin origin
The first word denoting and indicating genus starts with a capital letter, while the specific epithet starts with a small letter.
The name of the author is given place after specific epithet in abbreviated form. For example, Mangifera indica Linn. It indicates that this species was first described by Linnaeus.
All the three words (generic name, species epithet and author citation) collectively form a binomial epithet.
Advantages of binomial nomenclature:
> This system provides different and proper scientific names to a variety of organisms.
> This naming system which makes use of two-word format is universally accepted and used, as it is more convenient and easier to understand and follow.
> In a binomial nomenclature, every living organism has a distinct and a unique scientific name.
This helps in their easy identification and classification.

Note: Principle of priority is the most important of all the rules of ICBN. If the first name given to the organism is valid in terms of rules), that will be considered at the first preference. Any other valid name given after that will be considered as a synonym. No names are recognised prior to those used by Linnaeus in 1758 in the 10th edition of Systema Naturae for animals and 1753 for plants.