Google just announced [Google Wave](http://wave.google.com/) on the second day of its Google I/O Conference. A product that is potentially disruptive but is not open to all anytime soon, Google provides an invite to a early build only for the conference attendees.
So what is Google Wave?
* Google Wave is a collaboration, sharing and communication platform based on HTML 5 technologies.
* Google Wave combines elements of email, instant messaging and rich documents collaboration, live.
* A “wave” is a communication/chat/collaboration session. Analogous to a ‘chat’ session in instant messaging.
* Google Wave received standing ovation from the attendees after its presentation.
* Google Wave is from brothers Lars and Yen Rasmussen and Stephanie Hannon, the same Google team behind Google Maps.
* Lars Rasumussen: “Wave is what email would look like if it were invented today.”
* Beside being an end product, Google Wave also provides [API for developer to embed Wave](http://code.google.com/apis/wave/) functionality into their websites.
* On top of offering developer API, Google also publish the [Google Wave Federation Protocol](http://www.waveprotocol.org/). This is an open specification allowing third party to build and run their own Wave server and system. Similar to SMTP being the open protocol for you to run your own email server.
* Google Wave has a cool real-time translation feature.
* There will be Google Wave for Android and iPhone.
* Google Wave might be a competitor to Twitter, both are realtime and live communication platforms.
* Google Wave will be available later this year. You can [sign up for Google Wave Updates](https://services.google.com/fb/forms/wavesignup/).