.NET Standard is a specification that defines a set of APIs that all .NET platforms must implement. It represents a common language infrastructure that allows code to be shared across platforms. Unlike Portable Class Libraries (PCL) which targeted specific platform combinations, .NET Standard provides a versioned set of APIs that can be targeted by any project or library and ensures compatibility with platforms that implement that version or higher. Higher versions of the .NET Standard incorporate all APIs from previous versions, allowing projects and libraries targeting a given version to be used on any platform implementing an equal or higher version.