This document discusses Google Wave and its potential for building real-time web applications. Some key points:
- Waves use XML and operational transformation to enable collaborative editing in real-time.
- The Wave protocol is open source and decentralized, allowing users to run their own Wave servers.
- Extensions called "robots" can be built to add functionality like games, polls and more.
- Challenges include establishing etiquette for managing long conversations and avoiding spam. But the technology provides opportunities for building new types of collaborative apps and reasoning over real-time data on the entire web.