What is V3 on Uniswap?

Could you please explain what V3 refers to in the context of Uniswap? As a cryptocurrency and finance professional, I understand that Uniswap is a popular decentralized exchange, but I'm curious about the significance and functionality of V3 specifically. What improvements or changes does it bring to the platform compared to previous versions? How does it impact users and traders, and what are the key features that set it apart?