USB (Universal Serial Bus) is a specification that allows for communication between devices and a host controller, usually a personal computer. It was designed to replace many serial and parallel ports and can connect devices like mice, keyboards, cameras, printers, and external storage. The USB specifications have evolved over time, with USB 1.0 introduced in 1996 at 1.5 Mbps, USB 2.0 in 2000 at 12 Mbps, and USB 3.0 in 2008 at 480 Mbps. USB allows for branching connections between devices using a tiered-star topology.