DNG
DNG (Digital Negative) is Adobe's open RAW format, meant to replace the many proprietary RAW formats with one standard. It holds the same rich image data as a regular RAW, but in a format that's more future-proof and compact. You edit it exactly like any other RAW.
When importing into Lightroom you can have your RAW files converted to DNG: it often saves space and edit settings are stored in the file itself, with no separate XMP file. Advantage and drawback at once: a DNG is handy and standard, but you do discard your original camera RAW if you don't keep both. Many photographers therefore keep their original RAW and work with DNG, or simply stick to their camera RAW. For sharing presets, a DNG with settings is sometimes used.
Read also the in-depth explanation: DNG explained.
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The presets on this site set these adjustments up for you as a starting point, which you then fine-tune to taste.