Li-Fi and Gi-Fi are wireless optical networking technologies that use visible light (Li-Fi) and infrared light (Gi-Fi) to transmit data at high speeds of up to 224 Gbps and 10 Gbps respectively. They have several advantages over traditional Wi-Fi, including higher speeds, lower latency, less interference and more security. Potential applications include home/office networks, smart homes/cities, vehicles and augmented/virtual reality. While limitations include needing line-of-sight and specialized hardware, the future of Li-Fi and Gi-Fi is promising as the technologies mature and become more widely available and reliable.