What color space is iPhone's 7 "Wide color display (P3)"

Newest iPhone 7 claims to have "Wide color display (P3)". What exactly is this, a color space? Could this be Adobe RGB, or just a different space created by apple?

How does it compare to sRBG and Adobe RBG?

Ok I've found it. It's DCI-P3 standard:

http://appleinsider.com/articles/16/09/09/apples-wide-color-screen-on-the-iphone-7-will-lead-to-more-faithful-color-reproduction

Most modern android smartphones are already able to display the circle inside the red square, but probably are converting Adobe RGB or DCI-P3 color space to sRBG instead of displaying correctly the original one.

Comparison sRGB vs Adobe RGB vs DCI-P3:

Your answer is a good approximation, but there's one detail I'm mentioning here for completeness:

Apple devices use a color space called Display P3, which is very similar to DCI-P3, but uses a different gamma of 2.2 rather than the 2.6 that DCI-P3 uses. Software that processes photos or videos needs to account for this difference; otherwise colors will come out wrong.

However, Display P3 has the same gamut as DCI-P3, so at a high level, you can think of them as the same thing.