Also referred to as 802.11 High Rate or Wi-Fi, it is an extension to 802.11 specification developed by the IEEE for wireless LAN (WLAN) technology that applies to wireless LANS and provides 11 Mbps transmission (with a fallback to 5.5, 2 and 1 Mbps) in the 2.4 GHz band. 802.11b uses only DSSS. 802.11b was a 1999 ratification to the original 802.11 standard, allowing wireless functionality comparable to Ethernet.
Recommended Reading: See 802.11 for a complete overview of the 802.11x family of specifications.
Also see Webopedia’s Wireless LAN Standards chart and How Wireless Networks Work.