is an ASCII character with code 0, null terminator, null character, NUL. In C language it serves as a reserved character used to signify the end of a string. Many standard functions such as strcpy, strlen, strcmp among others rely on this. Otherwise, if there was no NUL, another way to signal end of string must have been used:
this code snippet comes from file basic_string.h which on my machine is located in usr/include/c++/4.4/bits/basic_string.h
So as you can see, the difference is significant.