The Copenhagen Interpretation and the Many-Worlds Theory
The two major interpretations of quantum theory's implications for the nature of reality are the Copenhagen interpretation and the many-worlds theory. Niels Bohr proposed the Copenhagen interpretation of quantum theory, which asserts that a particle is whatever it is measured to be (for example, a wave or a particle), but that it cannot be assumed to have specific properties, or even to exist, until it is measured. In short, Bohr was saying that objective reality does not exist. This translates to a principle called superposition that claims that while we do not know what the state of any object is, it is actually in all possible states simultaneously, as long as we don't look to check.
To illustrate this theory, we can use the famous and somewhat cruel analogy of Schrodinger's Cat. First, we have a living cat and place it in a thick lead box. At this stage, there is no question that the cat is alive. We then throw in a vial of cyanide and seal the box. We do not know if the cat is alive or if it has broken the cyanide capsule and died. Since we do not know, the cat is both dead and alive, according to quantum law - in a superposition of states. It is only when we break open the box and see what condition the cat is that the superposition is lost, and the cat must be either alive or dead.
The second interpretation of quantum theory is the many-worlds (or multiverse theory. It holds that as soon as a potential exists for any object to be in any state, the universe of that object transmutes into a series of parallel universes equal to the number of possible states in which that the object can exist, with each universe containing a unique single possible state of that object. Furthermore, there is a mechanism for interaction between these universes that somehow permits all states to be accessible in some way and for all possible states to be affected in some manner. Stephen Hawking and the late Richard Feynman are among the scientists who have expressed a preference for the many-worlds theory.