In the simplest definition possible, OpenStack can be described as an open source cloud operating platform that can be used to control large pools of compute, storage, and networking resources throughout a data center. It is all managed through a single interface controlled by either an API, CLI, and/or web graphical user interface (GUI) dashboard. The power that OpenStack offers the administrators is the ability to control all these resources, while still empowering the cloud consumers to provision the same resources through other self-service models. OpenStack was built in a modular fashion; the platform is made up of numerous components. Some of the components are considered as core services and are required in order to have a functional cloud, while the other services are optional and are only required unless they fit into your personal use case.
Back in early 2010 Rackspace, at that time was just a technology hosting company focused on providing service and support thru an offering called "Fanatical Support", decided to create an open source cloud platform. After two years of managing the OpenStack project with its 25 initial partners, it was decided to transfer the intellectual property and governance of OpenStack to a non-profit member run foundation that is known as the OpenStack Foundation.
The OpenStack Foundation is made up of voluntary members governed by an appointed board of directors and project based tech committees. The collaboration occurs around a six-month, time-based major code release cycle. The release names are run in alphabetical order and refer to the region encompassing the location where the OpenStack design summit will be held. Each release incorporates something called OpenStack Design Summit, which is meant to build collaboration among OpenStack operators/consumers; thus, allowing the project developers to have live working sessions and also agree on release items.
As an OpenStack Foundation member, you can take an active role in helping develop any of the OpenStack projects. There is no other cloud platform that allows such participation.
To learn more about the OpenStack Foundation, you can go to the www.openstack.org website.