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Google Working On New "Fuchsia" Operating System, Powered By Magenta / LK Kernel
This new OS is called Fuchsia and powered by what they call the Magenta and LK kernel options. Google hasn't formally announced this new OS while the Git repository cites it as "Pink + Purple == Fuchsia (a new Operating System)." This Git repository is the main source of Fuschia/Magneta information right now.
LK is their kernel for small systems / embedded applications while Magenta is designed for "modern phones and modern personal computers with fast processors." Some more details via this documentation.
It will be interesting to see what Fuschia is all about once Google reveals more details and if it's more than just an interesting research project or perhaps the future for Android / Chrome OS.