Gutenberg is the project name for the next generation WordPress editor that is currently in development. The goal of the new editor is:

One thing that sets WordPress apart from other systems is that it allows you to create as rich a post layout as you can imagine. But only if you know HTML & CSS and build your own custom theme. By thinking of the editor as a tool to let you write rich posts, and in a few clicks create beautiful layouts, hopefully, we can make people start to love WordPress, as opposed to pick it because it’s what everyone else uses to blog.

The screenshots show it as an inline editor like Medium or Alloy. What will set this apart is WordPress supports many features that the other editors do not, items like shortcodes, proofreading, and other custom buttons. These will all need to continue working with this new editor and yet still be user-friendly.

Here are a few of the Sketch mockups on some early goals:

If you are interested in contributing, they have an outline on building the editor and instructions for designers that would like to lend a hand.

What I like about this, compared to Medium, is the end-result will be open source and a hugely beneficial project for the entire developer community even those outside WordPress.