Li-Fi is a wireless communication technology that uses light from LED bulbs to transmit data. It provides bidirectional communication at very high speeds of up to 224 Gbps. Li-Fi was coined by Harald Haas and builds upon prior visible light communication research. It works by switching LED bulbs on and off very fast to transmit digital signals and can provide localized connectivity in areas where radio frequencies are regulated. While Li-Fi has advantages like extremely high speeds and no interference, it also has limitations such as an inability to pass through objects and the need for line of sight communication. Potential applications include enhanced cellular connectivity, use in hazardous environments, and smart lighting systems.