What is electrode potential in a galvanic cell? Explain in detail.

(N/A) Definition: $A$ potential difference that develops between the electrode and the electrolyte is called electrode potential.
$(b)$ Standard electrode potential: When the concentrations of all the species involved in a half-cell are unity $(1 \ M)$,the electrode potential is known as standard electrode potential. According to $IUPAC$ convention,standard reduction potentials are now called standard electrode potentials.
$(c)$ Anode and cathode in electrode potential:
$(i)$ In a galvanic cell,the half-cell in which oxidation takes place is called the anode,and it has a negative potential with respect to the solution.
$(ii)$ The other half-cell in which reduction takes place is called the cathode,and it has a positive potential with respect to the solution.