Basically, it supports a global variable with a name $wp_filterfor storing relevant data. Plugins can use type functions add_filter()for registration.
At different points (hook points), Wordpress checks $wp_filterto see if there are any filters to run.
The easiest way to understand this is to look at wp-includes/plugin.phpand study the code there (or connect a debugger and go through it or configure firePHPand periodically upload data)
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