From the Chromium Blog:

Chromium uses a different multi-process architecture than other WebKit-based browsers, and supporting multiple architectures over the years has led to increasing complexity for both the WebKit and Chromium projects. This has slowed down the collective pace of innovation - so today, we are introducing Blink, a new open source rendering engine based on WebKit.

Google is forking WebKit to create their own project called Blink. They are claiming initial work will focus on internal architectural improvements and a simplification of the codebase:

We anticipate that we’ll be able to remove 7 build systems and delete more than 7,000 files—comprising more than 4.5 million lines—right off the bat. Over the long term a healthier codebase leads to more stability and fewer bugs.

We recently lost Opera’s Presto rendering engine and just a few months later, we have a new one. Opera will be moving to the new Blink engine as well.

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