The first contains a secure read / write storage location that can be used through the entire HTTP request. You can use it, for example, to store some object in the Begin_Request method, and it will be available until the page is displayed. It looks like a session, but it only lives on for a single HTTP request. You can access it everywhere during this request, and it depends only on the context of the current request.
The second is read storage for the query string, POSTed form parameters, server variables, and cookies.
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