'MySQL' stands as an open-source Relational Database Management System (RDBMS) hinged upon the bedrock of Structured Query Language (SQL). Esteemed for its unwavering reliability, scalability, and performance, MySQL has etched its name as one of the foremost database systems within the realm of web applications. This stalwart was conceived by MySQL AB, a Swedish enterprise, and graced the world with its presence in 1995.

Operational within a client-server paradigm, MySQL is celebrated for its approachable interface, rendering it a versatile option catering to both modest and expansive applications. It is often found in symbiotic harmony with PHP, constituting a vital constituent of the illustrious LAMP (Linux, Apache, MySQL, PHP/Perl/Python) stack, a mainstay in web development.

Among the hallmarks that adorn MySQL's portfolio, its robust data security protocols, space-efficient data storage mechanisms, and sterling performance when entrusted with voluminous databases deserve special mention. MySQL's flexibility extends to its support for multiple storage engines, thereby affording developers the prerogative to select the engine aligning seamlessly with their prerequisites. Furthermore, MySQL basks in acclaim for its potent query engine and its extensive platform compatibility.

MySQL extends its outreach through a formidable community iteration, festooned with the GNU General Public License, while Oracle Corporation proffers a constellation of proprietary editions. Its domain of application is broad, spanning web databases, data warehousing, and e-commerce applications.

To encapsulate, MySQL's triad of performance, reliability, and user-friendliness, coupled with the unwavering support of its extensive community, firmly cements its status as a bedrock in the universe of relational databases, particularly in the expansive realm of web development.