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In this video tutorial, Nick Jonathaqus covers creating a GPG key pair and various management related commands such as editing key, changing passphrase, setting up a revoked certificate, exporting public key, and backing up and restoring keys. GPG stands for GNU Privacy Guard and is an implementation of PGP encryption standard. It works with asymmetric keys, similar to SSH keys. GPG allows you to encrypt files, offering enhanced privacy and security.