Verse is a network protocol, for three-dimensional, client/server graphic applications, designed to let anyone build and distribute a 3D “world” on the Internet (or any other TCP/IP network, of course).
Verse itself has been under development silently for 20 months. It has two full time developers who are funded by a Swedish Company. The project itself is not very vaporous. They do have alot of code, but are waiting for a community. To see Verse in action (aka screenshots), check out the screenshot page at http://verse.sourceforge.net/shots/screenshots.html.