.NET Core is a new open source, cross-platform version of .NET that is optimized for cloud scenarios. It consists of a new runtime called CoreCLR and a new base class library called CoreFX that are modular and package-based. .NET Core is a subset of the .NET Framework and aims to provide independent release cycles for the runtime, base class libraries, and applications. It uses NuGet packages and reference assemblies to provide compatibility while allowing platform-specific implementations.