Black Hole Condensation and the Unification of String Vacua

It is argued that black hole condensation can occur at conifold singularities in the moduli space of type II Calabi--Yau string vacua. The condensate signals a smooth transition to a new Calabi--Yau space with different Euler characteristic and Hodge numbers. In this manner string theory unifies the moduli spaces of many or possibly all Calabi--Yau vacua. Elementary string states and black holes are smoothly interchanged under the transitions, and therefore cannot be invariantly distinguished. Furthermore, the transitions establish the existence of mirror symmetry for many or possibly all Calabi--Yau manifolds.