WebAssembly is a format suitable for compilation to the web.

It is like .exe (or whatever your device runs) that can run in browser. It is portable and runs in a sandbox, so it is secure. WebAssembly code runs in the same context as other JavaScript code, in the same thread. In fact it's possible to seamlessly call functions in WebAssembly from JavaScript and the other way around. WebAssembly is not a programming language. It's a binary format produced by a compiler. At the moment there exists a very good C++ compiler called Emscripten. There are also some game engines that support targeting WebAssembly, namely Unity engine and Unreal engine. This means we are about to see some very high quality games running in browsers.

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