Characteristics of a Microservice Architecture
We cannot say there is a formal definition of the microservices architectural style, but we can attempt to describe what we see as common characteristics for architectures that fit the label. As with any definition that outlines common characteristics, not all microservice architectures have all the characteristics, but we do expect that most microservice architectures exhibit most characteristics. While we authors have been active members of this rather loose community, our intention is to attempt a description of what we see in our own work and in similar efforts by teams we know of. In particular we are not laying down some definition to conform to.
Componentization via Services
For as long as we've been involved in the software industry, there's been a desire to build systems by plugging together components, much in the way we see things are made in the physical world. During the last couple of decades we've seen considerable progress with large compendiums of common libraries that are part of most language platforms.
When talking about components we run into the difficult definition of what makes a component. Our definition is that a component is a unit of software that is independently replaceable and upgradeable.
Microservice architectures will use libraries, but their primary way of componentizing their own software is by breaking down into services. We define libraries as components that are linked into a program and called using in-memory function calls, while services are out-of-process components who communicate with a mechanism such as a web service request, or remote procedure call. (This is a different concept to that of a service object in many OO programs .)
One main reason for using services as components (rather than libraries) is that services are independently deployable. If you have an application  that consists of a multiple libraries in a single process, a change to any single component results in having to redeploy the entire application. But if that application is decomposed into multiple services, you can expect many single service changes to only require that service to be redeployed. That's not an absolute, some changes will change service interfaces resulting in some coordination, but the aim of a good microservice architecture is to minimize these through cohesive service boundaries and evolution mechanisms in the service contracts.
Another consequence of using services as components is a more explicit component interface. Most languages do not have a good mechanism for defining an explicit Published Interface. Often it's only documentation and discipline that prevents clients breaking a component's encapsulation, leading to overly-tight coupling between components. Services make it easier to avoid this by using explicit remote call mechanisms.
Using services like this does have downsides. Remote calls are more expensive than in-process calls, and thus remote APIs need to be coarser-grained, which is often more awkward to use. If you need to change the allocation of responsibilities between components, such movements of behavior are harder to do when you're crossing process boundaries.
At a first approximation, we can observe that services map to runtime processes, but that is only a first approximation. A service may consist of multiple processes that will always be developed and deployed together, such as an application process and a database that's only used by that service.