Load Balancing is the process of re-distributing network traffic across multiple server.
There is a variety of load balancing methods, which use different algorithms best suited for a particular situation.
Layer 4 operates on Transport layer which involves TCP , UDP.
It does not inspect the message contents
Layer 7 operates on application layer basically combines 5,6,7 - http,https,ssl,etc
It has application awareness and can use this additional application information to make more complex and informed load balancing decisions.
It has great feature “Cookie Persistance”
The Domain Name System (DNS) is the phonebook of the Internet. Humans access information online through domain names, like nytimes.com or espn.com. Web browsers interact through Internet Protocol (IP) addresses. DNS translates domain names to IP addresses so browsers can load Internet resources. The process of DNS resolution involves converting a hostname (such as www.example.com) into a computer-friendly IP address (such as 192.168.1.1)