Today goog announced the release of a research technology called Native Code which is just another step in making the browser the real operating system. Native Code enables web developers (if you can keep calling them this way after this release at all) to develop code that will run native on the user's pc as if it was an installed application where all the computer resources are available.
Microsoft, who lost the browser battle (just recently Steve Ballmer announced that they will consider the open source webkit as a rendering engine for IE, hence death for the proprietary IE), will find out pretty soon that the browser can provide developers no less development platform then Microsoft Windows. With this native code and Google Chrome process architecture basically you can develop everything. You just don't need to install it and even more then that, you don't need to buy MS Windows in order to enjoy it since it is cross platform by nature.
The future where browsers will be actually the only software to be installed on the device you own looks very interesting: Delivery of all software will be changed profoundly were not only the web applications we know today will be easilly accessible but actually every functionality you desire will be there. It sounds to be similar to the way app stores/marketplaces work today with one big boost!
I saw also last week a post on Techmeme saying that Google might have a secret OS and I personally don't think they do it secretly, they actually do it very open and with pride, they just do it step by step without coming out with big declarations.
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