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This is all based on "Cloud computing". Which is essentially you are accessing everything remotely with almost nothing stored locally. That way the chrome book loads up much much faster since it will only needs to run the browser which is the chrome book's replacement to the GUI you normally find on other OS'. Also you don't need to download any updates because everything is done automatically. Finally in case anything happens to your chrome book all you have to do is log on another chrome book and everything is still exactly the same.
