How does a usb hub work? Multiplexer or Serial Communications?

How do you have a four-port usb hub consolidate to one usb port and the computer knows which usb is talking to it at any given time?

I think of like a keyboard (multiplexer?) but a friend says "Serial Communications", I accept to be wrong but why all the articles don't seem to actually explain how... just mentions things like speed, power limitations...
 
Top