1. A SkipList is a data structure that maintains sorted keys across multiple levels, with each level being a sorted linked list. Keys in higher levels point to the same key in lower levels.
2. Searching, inserting, and deleting keys takes O(log n) time on average where n is the number of keys, by traversing the appropriate levels starting from the top level.
3. The number of levels a key is inserted into is determined randomly, with the expected number of levels being O(log n).