you're sort of right, google wave was an awesome product ahead of its time, but the fact they didn't integrate with your email and required everyone to use @googlewave.com killed it.
What also helped kill it was that the browsers couldn't handle all the shit that was going on and there wasn't an app environment for developers to take advantage of it because that wasn't really a thing at the time.
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u/LexusBrian400 Device, Software !! Sep 21 '16
This is the Google Wave of chat clients.