Microscopic origin of non-extremal black hole entropy
A black hole has an entropy equal to a quarter of its horizon area in Planck units, which means it has an enormous number of hidden internal states. String theory counts these states exactly for special charged, zero-temperature black holes, but not for ordinary ones.
Why it matters
Counting the states of an ordinary black hole would identify the microscopic degrees of freedom of quantum gravity.
Review
A. Strominger, C. Vafa, Microscopic origin of the Bekenstein-Hawking entropy, Phys. Lett. B 379, 99, 1996. https://arxiv.org/abs/hep-th/9601029 reference checked
See also
Proof
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