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Officially titled Ethereum, creators are calling it "Cryptocurrency 2.0″. It's a decentralized mining network and software development platform rolled into one, and it will allow people to create their own altcoins, among other things. The project, which will be unveiled at the North American Bitcoin Conference, is the brainchild of Vitalik Buterin, co-founder of Bitcoin Magazine, who has also been working on competing browser-based wallets Dark Wallet and KryptoKit. He wants new altcoins to be written for, and run on, Ethereum:

Apart from money, considers contracts. By the way Buterin - an evil mind behind the platform might be interesting to get hold of. He is Russian, spent most of his life in Canada though.