In three as in two dimensions, Peierl's argument shows that there is a phase transition. This phase transition is rigorously known to be continuous (in the sense that correlation length diverges and the magnetization goes to zero), and is called the critical point. It is believed that the critical point can be described by a renormalization group fixed point of the Wilson-Kadanoff renormalization group transformation. It is also believed that the phase transition can be described by a three-dimensional unitary conformal field theory, as evidenced by Monte Carlo simulations, exact diagonalization results in quantum models, and quantum field theoretical arguments. Although it is an open problem to establish rigorously the renormalization group picture or the conformal field theory picture, theoretical physicists have used these two methods to compute the critical exponents of the phase transition, which agree with the experiments and with the Monte Carlo simulations.