Cookies and sessions
HTTP is stateless and almost uniderectionl. Web application, on the other hand, need to keep a state.
Cookies is a client side information storage, a reliable mechanism to keep stateful information.
Cookies are used for session creation:

The cookie will also be used for session identification.
Issues with cookies and sessions
Concurrency: what if two clients access the site simulaneously?
Session termintation: when and how to terminate sessions?
Data storage on the server side
The token must be unpredictable