The exact relation between redshift and distance remains presently unknown , although surely higher redshifts do mean greater distance. The above quasar is likely billions of light-years away and so is seen when the universe was younger than one billion years old, less than a tenth of its present age. Like all quasars , this object is probably a large black hole in the center of a distant galaxy. Don't close the record book yet, though. The redshifts to several other SDSS-discovered quasars are currently being measured, some of which might have redshifts greater than six.
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