There is increasing observational evidence that short and long Gamma-ray bursts (GRBs) originate in different subclasses, each one with specific energy release, spectra, duration, etc, and all of them with binary progenitors. The binary components involve carbon-oxygen cores (CO core ), neutron stars (NSs), black holes (BHs), and white dwarfs (WDs). We review here the salient features of the specific class of binary-driven hypernovae (BdHNe) within the induced gravitational collapse (IGC) scenario for the explanation of the long GRBs. The progenitor is a CO core -NS binary. The supernova (SN) explosion of the CO core , producing at its center a new NS (νNS), triggers onto the NS companion a hypercritical, i.e., highly super-Eddington accretion process, accompanied by a copious emission of neutrinos. By accretion the NS can become either a more massive NS or reach the critical mass for gravitational collapse with consequent formation of a BH. We summarize the results on this topic from the first analytic estimates in 2012 all the way up to the most recent three-dimensional (3D) smoothed-particle-hydrodynamics (SPH) numerical simulations in 2018. Thanks to these results it is by now clear that long GRBs are richer and more complex systems than thought before. The SN explosion and its hypercritical accretion onto the NS explain the X-ray precursor. The feedback of the NS accretion, the NS collapse and the BH formation produce asymmetries in the SN ejecta, implying the necessity of a 3D analysis for GRBs. The newborn BH, the surrounding matter and the magnetic field inherited from the NS, comprises the inner engine from which the GRB electron-positron (e + e − ) plasma and the high-energy emission are initiated. The impact of the e + e − on the asymmetric ejecta transforms the SN into a hypernova (HN). The dynamics of the plasma in the asymmetric ejecta leads to signatures depending on the viewing angle. This explains the ultrarelativistic prompt emission in the MeV domain and the mildly-relativistic flares in the early afterglow in the X-ray domain. The feedback of the νNS pulsar-like emission on the HN explains the X-ray late afterglow and its power-law regime. All of the above is in contrast with a simple GRB model attempting to explain the entire GRB with the kinetic energy of an ultrarelativistic jet extending through all of the above GRB phases, as traditionally proposed in the "collapsar-fireball" model. In addition, BdHNe in their different flavors lead to νNS-NS or νNS-BH binaries. The gravitational wave emission drives these binaries to merge producing short GRBs. It is thus established a previously unthought interconnection between long and short GRBs and their occurrence rates. This needs to be accounted for in the cosmological evolution of binaries within population synthesis models for the formation of compact-object binaries.