The Google+ Project
It's official. Google has publicly announced on their Official Google Blog they are working on their own social network, being called "Google+". The project is currently in Beta, and open to users by Google invitation only.
Google+ project will aim to compete primarily with Facebook and secondarily with MySpace, which is still in the social network game after being recently sold to Specific Media Inc. for $35 Million. Google+ differentiates itself from the pack by offering offering video chat and 'hangouts' which are multi-person video chats, along with a way to create and interact with silos of friends (called circles).
Facebook has noticed. Facebook founder and CEO Mark Zuckerberg has checked out the Google+ Beta, and just this week announced an inked deal with Skype to offer video chatting via the Facebook platform.
The social network competition is on!