OSPFv3 is an adaptation of OSPF for IPv6 networks. Key differences from OSPFv4 include running OSPFv3 per link instead of per subnet, removing authentication since IPv6 uses IPSec, and adding new LSA types and message options to support IPv6 addressing and routing. The document provides details on the OSPFv3 initialization process including the exchange of Hello packets and Database Description packets to synchronize routing databases between neighbors.