V8 is Google's open source JavaScript and WebAssembly engine that is used in Chrome and other browsers. It compiles JavaScript code to machine code for fast execution. V8 consists of components like the Ignition interpreter and TurboFan optimizing compiler. It supports modern web standards and has diverse applications in web and mobile development due to its high performance, memory optimization techniques, and cross-platform compatibility. Upcoming updates aim to further improve V8's performance, compliance with evolving standards, and security.