In the words of Guillemin and Sternberg, the key idea in Gelfand theory can be summarized as
Maximal ideals are the underlying ‘points’ of a commutative normed ring.
Gelfand theory can be seen as the generalization of Fourier theory, in that for commutative group algebras the Gelfand transform coincides with the Fourier transform.
Characters
Similar to the character of a group, the character for an algebra $A$ is, roughly speaking, an approximation of representations of $A$, and the character space (also called spectrum) for $A$ the archetype of the unitary dual of a $C^\ast$-algebra.
These are also called multiplicative linear functionals. The set $\Omega(A)$ of all characters on $A$ and call it character space of $A$. An example for a character is $\operatorname{ev}_{x_0}\in \Phi_{C(\Omega)}$ where $\operatorname{ev}_{x_0} f = f(x_0)$ for $f\in A$.
For unital Banach algebras, the character space $\Omega(A)$ can be endowed with a weak $\ast$-topology, Gelfand topology, and be made into a compact topological space, also called the character space, or the spectrum of the algebra $A$, which is also denoted by $\Omega(A)$. This is possible by the following theorem
Gelfand transform/representation
Now for genereal unital Banach algebra $A$ the spectrum $\Omega(A)$ might be empty, but for commutative Banach algebras the Gelfand representation theorem holds, of which a corollary is that any semisimple commutative unital Banach algebra is a subalgebra of $C(\Omega(A)$.
For $a$ in $A$ a commutative Banach algebra, let $\hat{a}$ denote the Gelfand transform of $a$, defined on $\Omega(A)$ by $$ \hat{a}:\Omega(A) \to \mathbb{C}: \phi\mapsto\phi(a). $$ The topology on $\Omega(A)$ is the smallest one making all the $\hat{a}$ continuous. In fact $\hat{a}\in C_0(\Omega(A))$.
- The map $A\to C_0(\Omega(A)): a\to \hat{a}$ is a norm-decreasing homomorphism,
- $\sigma(a) = \hat{a}(\Omega(A))$,
- $r(a) = \|\hat{a}\|_\infty$ where $\|\cdot\|$ is the sup norm,
- $a$ is invertible iff $\hat{a}$ is invertible
- $\operatorname{rad}(A) = \mathcal{Q}(A) = \operatorname{Ker}(A\to C_0(\Omega(A))$ where $\mathcal{Q}(A)$ is the set of quasinilpotent elements (those with spectrum $\\{0\\}$).
- if $A$ is semisimple, $\operatorname{Ker}(A\to C_(\Omega(A)))$ is trivial, $A\to C_(\Omega(A))$ is injective, making $A$ into a subalgebra of $C_0(\Omega(A))$.
- $\hat{a}$ should really be seen as $\hat{a}: \Omega(A) \to \sigma(a)$.
$C^\ast$-algebras
The Gelfand transform embeds $A$ in $C_0(\Omega(A))$ for $A$ a commutative unital semisimple Banach algebra. This is a surjection for $C^\ast$-algebras.
This is a special case for the general Gelfand-Naimark theorem, which says that every $C^\ast$-algebra is isometrically $\ast$-isomorphic to a $C^\ast$-subalgebra of bounded operators on a Hilbert space.