OQGraph 3 is a graph computation engine for MariaDB that allows for representing graphs and hierarchies using plain SQL. It stores graph data in tables but operates differently than typical storage engines by focusing on graph computations rather than data storage and retrieval. Key features include improved performance over previous versions using Judy arrays and ability to handle larger graphs by only holding the bitmap array in memory. It represents graph data using nodes and edges stored in tables and allows querying to find paths and perform other graph algorithms.