Wi-fi is a wireless networking technology that uses radio signals to transmit and receive data over short distances without wires. It uses the 802.11 standard developed by IEEE and allows devices to connect to a local area network (LAN) without cables. Key advantages include lower costs than wired networks and the ability to setup networks in places where cables cannot reach. However, wi-fi performance can degrade due to interference from other devices and it has limited range compared to wired connections. Security is also a concern, though encryption methods provide some protection.