Reactive Extensions (Rx) was first introduced by Microsoft in 2009 and has since been ported to most platforms and languages. It provides a way to model asynchronous data streams and events using Observables in a way that makes it easier to compose asynchronous and event-based programs. Some key advantages include simplifying asynchronous operations, surfacing errors sooner, and reducing bugs from state variables. However, the API is large so there is a steep learning curve. RxJava is an implementation of Rx for the JVM that allows pushing data instead of pulling it without worrying about threads. Common operators like map, filter, and flatMap allow transforming and combining Observable streams.