DNF aka Dandified YUM is a next generation Package Manager for RPM based Distribution. It was first introduced in Fedora 18 and it has replaced YUM utility in recent release of Fedora 22.
DNF aims at improving the bottlenecks of YUM viz., Performance, Memory Usages, Dependency Resolution, Speed and lots of other factors. DNF does Package Management using RPM, libsolv and hawkey library. Though it does not come per-installed in CentOS and RHEL 7 you can yum, dnf and use it alongside the yum.

