The goal of Wave was clear, that if communication and messaging were invented in the current day world, how would it look like?. Adoption of wave was initially good (like a child exploring a new toy in the market), but with the simplicity of the current day mailing system supported by gmail, yahoo and a few others was simply more lucrative and easy. Though email had its own limitations, it was ubiquitous. Wave (according to me) was established to replace email through its creation of Google Wave Federation Protocol (an open protocol to establish Wave on multiple domains and across organizations).
Adoption of Google Wave failed, in my opinion, due to the following reasons:
1) It was not a simple protocol, had a messy start with a few features not working.
2) Taking over a well established email system needed good integration with existing systems. Buzz would have suffered a similar fate had it been kept as a separate social buzz site. Buzz was intelligently added to gmail, the most popular emailing ecosystem, where users generally login once a day and leave it to update, which essentially means that gmail was well adopted and linking of Buzz with an adopted system was a boon.
3) By the time, the Google Wave was released to the public, everyone had an account and knew how Wave would look like and its initial messiness as well. That did not invite them back after Wave was officially released. It was simply not in people's mind.
4) It was ahead of its time. (However good it can turn out to be, this one takes them all down)
I'd wave to Google Wave on Google Wave before it is closed down. Sob.. candles...
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