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The types of the C# language are divided into two main categories: value types and reference types. Both value types and reference types may be generic types, which take one or more type parameters. Type parameters can designate both value types and reference types.
type: value-type reference-type type-parameter
A third category of types, pointers, is available only in unsafe code. This issue is discussed further in §18.2.
Value types differ from reference types in that variables of the value types directly contain their data, whereas variables of the reference types store references to their data, the latter being known as objects. With reference types, it is possible for two variables to reference the same object, and thus possible for operations on one variable to affect the object referenced by the other variable. With value types, the variables each have their own copy of the data, so it is not possible for operations on one to affect the other.
C#’s type system is unified such that a value of any type can be treated as an object. Every type in C# directly or indirectly derives from the object class type, and object is the ultimate base class of all types. Values of reference types are treated as objects simply by viewing the values as type object. Values of value types are treated as objects by performing boxing and unboxing operations (§4.3).
Eric Lippert
We normally do not think of interface types or the types associated with type parameters as having a “base class” per se. What this discussion is getting at is that every concrete object—no matter how you are treating it at compile time—may be treated as an instance of object at runtime.