What are the differences between using TYPE and ENGINE in MySQL database tables?

When creating a MySQL database table, the TYPE keyword is used to specify the storage engine for the table. The ENGINE keyword was introduced in MySQL 5.5 as a synonym for TYPE, and it is recommended to use ENGINE for specifying the storage engine. Both TYPE and ENGINE can be used interchangeably, but ENGINE is the preferred keyword for specifying the storage engine in modern MySQL versions.

CREATE TABLE example_table (
    id INT AUTO_INCREMENT PRIMARY KEY,
    name VARCHAR(50)
) ENGINE=InnoDB;