Unity transform.position question

Looking at example code for mesh deformation in unity

And i see theyve used

 public Transform Target1;
public Transform Target2;

void CalculateWaves ()
{
waves[0].Direction = Target1.position - transform.position;
waves[1].Direction = Target2.position - transform.position;


And i dont understand the difference between Target1.position and transform.position without any reference to an instance.

Arent they the same thing. And how does transform.position function without a reference.

• Note that Transform, the class, is spelled with an uppercase T. When you see a lowercase t transform it's not referring to the class itself, but to a variable or property (generally one that's populated with an instance of the Transform class - see jhocking's answer) – DMGregory Oct 2 '18 at 18:36