Etymology
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latency (n.)

1630s, "condition of being concealed, unobserved existence," from latent + abstract noun suffix -cy. Meaning "delay between stimulus and response" is from 1882 (perhaps via the notion of "dormancy"); computer sense (latency time) is from 1954.

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Definitions of latency

latency (n.)
(computer science) the time it takes for a specific block of data on a data track to rotate around to the read/write head;
Synonyms: rotational latency
latency (n.)
the time that elapses between a stimulus and the response to it;
Synonyms: reaction time / response time / latent period
latency (n.)
the state of being not yet evident or active;
From wordnet.princeton.edu