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Last month Twitter acquired social media analytics company BackType. Much of BackType's technology (such as ElephantDB and Cascalog) are already open source, and this week Twitter announced that BackType's Storm will be open-sourced at the Strange Loop conference in September.
Storm is a Hadoop-like system, but instead of running MapReduce "jobs" that eventually end, Storm runs never ending "topologies." It can be used for continuous computing, processing streams of data, etc.