A Common Prefix Tree, also known as a Trie, is a specialized tree data structure used to store a dynamic set of strings. Each node in the tree represents a single character of a string, and paths from the root to the leaves represent the strings stored in the tree. This structure allows for efficient retrieval, insertion, and deletion of strings, making it useful for applications like autocomplete and spell checking. In a Common Prefix Tree, common prefixes of strings are shared among nodes, which reduces redundancy and saves space. For example, the words cat, car, and cart would share the prefix ca in the tree. This organization enables quick searches and can also facilitate operations like finding all strings with a given prefix.