WebRTC is an open-source project that enables real-time communication in browsers and mobile applications via simple APIs, supported by major browsers like Google, Mozilla, and Opera. It uses protocols such as STUN and TURN for NAT traversal, with the RTC Peer Connection at its core to manage the connection process, including signaling between caller and callee. The architecture can handle various network conditions and offer optimal communication paths through ICE (Interactive Connectivity Establishment).