How works <script type="text/x-magento-init"> code?

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1

What is a meaning of the below code.
can you explain code to understand the js implementing logic.

<script type="text/x-magento-init">
{
    "*": {
        "Magento_Ui/js/core/app": {
            "components": {
                "qty_change": {
                    "component": "Inchoo_QtyIncrementors/js/view/product/view/qty_change",
                    "defaultQty": <?php echo $block->getProductDefaultQty() * 1 ?>
                }
             }
        }
    }
}
2

See the x-magento-init-tagged articles.