Our modern understanding of the blackhole begins in 1915 when Albert Einstein published his theory of gravity and general relativity and Karl Schwarzschild used the equations in said document to develop the first recognizable concepts of the black hole. He developed the first concept of the event horizon the ring of light that appears on the edge (as can be seen on the image to the left). However the first real insight that we gained was with the birth of X-ray astronomy which allowed us to see into the stars with unprecedented clarity and gather all new types of data. This data was used to locate the first blackholes, this was possible because blackholes give out large amounts of x-ray radiation allowing scientists to pinpoint the locations. [1] Most Milkyway like galaxy's have a super massive black hole at their center and millions of smaller ones scattered everywhere some estimates put the number at over 100 million.
Blackholes are most commonly formed when stars approximately 10 times that of our sun die when their hydrogen fuel run out and they collapse into black holes. The second known way that blackholes form is when collections of gas weighing 1000 of times more than out sun collapse together and form a incredibly dense object that becomes a blackhole. [3]