The type of interaction that occurs when two atoms share electrons is known as a covalent bond. In this bond formation, atoms share pairs of electrons, often resulting in the creation of stable molecules. This electron sharing allows each atom to achieve a complete outer electron shell, fulfilling the octet rule. Covalent bonds can be single, double, or triple, depending on the number of shared electron pairs. These bonds are essential for forming a wide variety of organic compounds and are fundamental to the structure of biological molecules like proteins and nucleic acids.