The type of network topology characterized by a single central point connecting multiple devices is known as a star topology. In this configuration, all network devices are connected to a central hub or switch, which facilitates communication between them. Star topology is popular due to its simplicity and ease of troubleshooting; if one device fails, it does not affect the rest of the network. However, if the central hub goes down, the entire network becomes inoperable. Overall, star topology balances performance and reliability, making it a commonly used design in LANs (Local Area Networks).