Google has announced that the source code for Chrome OS is fully open. Yesterday Google hosted an event about Chrome OS including demonstrations of Chrome OS. The presentations ran on machines running Chrome OS. According to Google, Chrome OS is about a year away from being released.
According to Google, every Chrome OS application will be a Web application, so you won't have to download and install applications. Chrome-based netbooks will be instant on. Turn on the power switch and the machine is on-line. Google is eliminating the boot loader and modifying the Linux kernel to minimize loading of services at startup. They also intend to use a verified boot process that detects whether web applications are legitimate.
Google will specify the hardware components for Chrome OS-optimized netbooks. For example, Chrome-OS optimized netbooks will have to use solid state drives. Chrome OS will run on both ARM and x86 processors. You won't be able to download Chrome OS onto an existing netbook.
For offline use, it looks like Google will implement something like Google Gears.
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