ELI5 Baking Soda - What gives it magical properties?

What is so magical about baking soda? It's used in in cooking, cleaning, deodorizing and many more applications. What gives it such amazing properties for everything?

... We explain like i'm five!

Thank you to the r/explainlikeimfive community, and specifically the following reddit users whose questions and responses formed the basis of this conversation: captainawesomevcu, onewordscience & re_assembly

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