Exponential decay is a process where a quantity decreases at a rate proportional to its current value, resulting in a rapid reduction over time. This phenomenon is often observed in radioactive decay, where unstable nuclei lose energy by emitting radiation. The rate of decay can be mathematically expressed with the equation $$N(t) = N_0 e^{-kt}$$, where $$N(t)$$ is the remaining quantity at time $$t$$, $$N_0$$ is the initial quantity, and $$k$$ is the decay constant.