What is USB Type-C™ ?

USB Type-C™ is the new USB plug and port connection developed by the USB Implementers’ Forum (USB-IF) which is the governing body for USB technology. It seeks to replace the USB Type-A and USB Type-B found on most computing devices with a versatile, smaller, and reversible connection.
The underlying technology of this new connection is designed to support faster data transfer rates (up to 20Gbps), more charging power (up to 100W), and video / audio capability through alternate mode. USB Type-C can support alternate display protocols such as DisplayPort™, Thunderbolt™ 3, and MHL™.
Devices that will support USB Type-C range from notebooks and smartphones to external Hard Drives and audio equipment. The shift in technology is in part motivated by the preference for devices to be more compact yet more capable then they have previously been, a capability not easily achieved with a technology that is over 16 years old.