As expected, Google I/O keynote was thrilling. Google made some major announcements regarding the future of the web. The event began at 9 a.m. PDT, that is around 7 p.m. here in Greece. The keynote started with VP of Engineering Vic Gundotra taking the stage followed by VP of Product Management Sundar Pichai. It was all about HTML5 and open standards.

First and foremost, the VP8 codec. Last summer Google acquired On2 for its video compression technology. Today, Google announced VP8 codec as part of a new project named WebM. By the way, VP8 is now open-source.

The WebM project is dedicated to developing a high-quality, open video format for the web that is freely available to everyone.

One of the most important things about this is that the WebM launch is supported by Mozilla, Opera, Google and more than forty other publishers, software and hardware vendors! Read more here.

…including Microsoft!

In its HTML5 support, IE9 will support playback of H.264 video as well as VP8 video when the user has installed a VP8 codec on Windows.

What’s Great About WebM

• Very high quality video
• Great video playback performance, even on older computers
• 100% free and open to everyone
• Supported on popular video sites like YouTube

Later on, Adobe shared some HTML5 love on the stage.

The keynote continued with the Chrome Web Store. The Chrome Web Store opens later this year.

Users will be able to discover a broad range of amazing web apps while developers will be able to reach millions of new users.

Next was Wave. Google Wave has been opened up to everyone as of today (also part of Google Apps as of today).

The keynote ended with an extensive reference to App Engine, GWT and some great things coming from Google + VMWare.

VMWare has been working with Google to bring an open-source layer for the cloud

You can watch the Google I/O 2010 Keynote online here.

I am guessing Day 2 will be all about Android. Woo hoo!

P.S. By the time I am writing this Google Buzz APIs come into play. Take a look here.