Microservices are a new approach to software development where applications are built as a set of independent services that communicate with each other via APIs. This contrasts with a traditional monolithic architecture, where all application components are bundled together into a single program. Some benefits of microservices include increased modularity, scalability, and agility. However, monolithic architectures still have advantages like easier development and better performance. Ultimately, whether a monolithic or microservices approach is best depends on the specific needs and goals of the application.