noConflict() end the hold of Jqeury on $ and we use jquery instead of $ and other framwork can use $. With noConflict() we can easily create our own shortcut.For example
var jq = $.noConflict();
jq("p").text("jQuery is still working!");
If you have a block of jquery code with $ shortcut and we donot want to change it. Then we pass $ as a parameter to the ready Method. This Will allow you to use $ inside the function and Outside we use jquery.
$("p").text("jQuery is still working!");
Difference between Jquery and $