What are the advantages and challenges of serverless computing compared to traditional server-based architectures?

Serverless computing abstracts server management and infrastructure provisioning, allowing developers to focus on writing code without worrying about server maintenance, scaling, or capacity planning. Serverless architectures offer advantages such as cost savings, scalability, and operational simplicity. However, they also pose challenges such as vendor lock-in, cold start latency, and limitations on execution environment, resource allocation, and runtime duration.