Generated columns where introduced in MySQL 5.7. In the latest post on her blog Gabriela D'Ávila explains the feature.
There are two types of Generated Columns: Virtual and Stored. ... Consider using virtual columns for data where changes happens in a significant number of times. The cost of a Virtual Column comes from reading a table constantly and the server has to compute every time what that column value will be. ... You should consider using Stored Columns for when the data doesn’t change significantly or at all after creation,
If you like the post, be sure to check out Gabriela's excellent talk at Laracon EU as well: