OStatus lets people on different social networks follow each other. It's transparent to your friends, colleagues and family which software or service you use. They can get your status updates on their own sites and reply, like, or re-post your updates.
OStatus isn't a new protocol; it applies some great protocols in a natural and reasonable way to make distributed social networking possible.
Ok so what exactly Google Wave is can be confusing, because there are three parts: the protocol, the server, and the client. A lot of people are really going to miss the boat here if they don't keep the distinction between the three in mind, because I see a lot of people focusing on the wrong parts.
About XMPP The Extensible Messaging and Presence Protocol (XMPP) is an open technology for real-time communication, which powers a wide range of applications including instant messaging, presence, multi-party chat, voice and video calls, collaboration, lightweight middleware, content syndication, and generalized rou