What are the key differences between monozygotic and dizygotic twins in terms of their genetic makeup and development?

Monozygotic twins, also known as identical twins, are formed from a single fertilized egg and share the same genetic makeup. Dizygotic twins, or fraternal twins, are formed from two separate eggs fertilized by two different sperm cells, resulting in different genetic makeup. Monozygotic twins are more similar in terms of genetic traits and development compared to dizygotic twins.