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Today, the consensus among scientists, astronomers and cosmologists is that the Universe as we know it was created in a massive explosion that not only created the majority of matter, but the physical laws that govern our ever-expanding cosmos. This is known as The Big Bang Theory.
There is evidence to indicate the Big Bang may have resulted from another, earlier universe collapsing in on itself, rather than from expanding from a point on infinitely hot and dense material. Instead, the universe appears to be going through constant phases of expansion (as it is at present) and contraction in a never-ending cycle. This theory of universe formation, known as the Big Bounce, was first proposed almost a century ago.