groupoids and localization in categories

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I've been learning homology (and hence Category Theory) and have been interested in groupoids for some time. I've gotten to localization in categories, and that has sparked the following question: Is the localization of a category a groupoid? So going further, isn't localization a functor from Cat (the category of categories) to groupoids (which can be seen as a sub-category of Cat)?

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Let C be a category, and W a class of maps of C which satisfies the 2-3 property. This means that if two of the maps $f:X\to Y, g:Y\to Z, g\circ f$ is in W so is the third. Then other some circumstances, there is a notion of localization of W.

This is the purpose of the theory of closed models of Quillen: you need a class of cofibrations cof(C) and a class of fibrations fib(C) such that $(cof(C)\cap W,fib(C))$ and $(cof(C),fib(C)\cap W)$ are weak factorization systems. There exists a homotopy category which is a localization of W.

In general there are set theoretical problems which prevent to localize any class of maps in a given category.

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No. When you localize you're inverting some of the morphisms, not all of the morphisms. There is a special localization where you try to invert all of the morphisms; this is (up to size issues) the left adjoint to the inclusion from groupoids into categories.