How the Postmaster@domain address works

I’m very new to Exchange (in fact, an apprentice and studying it at the moment) and am wondering how the Postmaster@domain.com address works. An example:

A smarthost configured with one mailbox, Postmaster@serverfault.com, with an *@serverfault.com alias so, my understanding, all mail sent to *@serverfault.com is SMTP forwarded onto the postmaster@serverfault.com address.

But what happens now? Does Exchange have a master mailbox Postmaster, that receives all this mail and just dishes it out to the correct mailbox? Or is what I just wrote a pile of garbage!

So I’m a little confused. On the Smart Host – there is SMTP forwarding to forward all SMTP to IP Address x.x.x.x which is active for a mailbox on the smarthost called Postmaster@domain.co.uk with an alias of *@domain.co.uk? How is this working exactly?

Thanks!

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