Domain Name System (DNS) is the naming protocol for website addresses. DNS matches a domain name to a specific IP address (or other address space information). This specifications allows for a domain name (e.g. www.yourdomain.com) to be associated with a web server's specific IP address. It is through this mechanism that websites are able to be displayed when you enter a domain in your browser.
DNS consists of several types of "records", all of which control different components to a domain. DNS includes "A" records (for IP Address), "MX" records (for email servers), "NS" or "Name Servers" (for hosting addresses), and "CNAME" records (for domain name aliases).
Anatomy of DNS Records
Below is a sample list of DNS records (as seen through Bluehost):
As the above image indicates, each site may have a number of DNS records. "A" records tend to point to a specific IP address; "CNAME" records tend to point to a specific domain name; and "MX" records tend to point to a specific mail server.
DNS & Solodev
In regards to Solodev, the most important record is your domain's main "@" A record. This record should point to the dedicated IP address, which you will receive in an email after you initially sign up with Solodev.