The equation was formulated in 1961 by Frank Drake. Drake’s Equation is an attempt to estimate the chances of there being intelligent life somewhere out there in the universe, using mathematics and the known values of the universe to estimate the chance that there is intelligent life. Formulated at the first scientific meeting for the search of extraterrestrial intelligence (SETI), it was meant to spur debate, and not meant to be a serious attempt to estimate the amount of civilizations in the Milky Way.

Drake’s Equation is defined in Wikipedia as:
R∗ = the average rate of star formation in our Galaxy
fp = the fraction of those stars that have planets
ne = the average number of planets that can potentially support life per star that has planets
fl = the fraction of planets that could support life that actually develop life at some point
fi = the fraction of planets with life that actually go on to develop intelligent life (civilizations)
fc = the fraction of civilizations that develop a technology that releases detectable signs of their existence into space
L = the length of time for which such civilizations release detectable signals into space
In the end, Drake’s equation is more of a thought experiment. It is based on a lot of conjecture and highly speculative estimates of the known universe, it’s not like a scientific law or theory. It’s just an attempt to guess how likely life could be, based on some assumptions, and still a good intellectual exercise.
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