Google wave which was launched in mid 2009, as an invite-only, although users were exited about it, slowly the gloss faded out and the users stopped using it, as without friends to share this tool, this was nothing but a time-waster.
However, there are some features like live chat(char to char chat) and drag and drop that are quite useful, so Google has decided to release th code of these features along with other things as open source
Google is finding ways to let existing users export there data, before a complete shut down
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