The goal of the Dash effort is ultimately to replace JavaScript as the lingua franca of web development on the open web platform. We will proactively evangelize Dash with web developers and all other browser vendors and actively push for its standardization and adoption across the board. This will be a difficult effort requiring finesse and determination, but we are committed to doing everything possible to help it succeed.
While Dash is catching on with other browsers, we will promote it as the language for serious web development on the web platform; the compiler allows such developers to target other browsers before those browsers implement Dash.
The Dash language effort will be driven by Lars Bak and his team in the Aarhus office.
Google also develops a cloud IDE called Brightly that will probably the first app written in Dash. The Dash VM and Dash Cross Compiler could be available later this year, according to the document.
"Our approach is to make an absolutely fantastic VM/Language and development environment and build great apps that fully leverage it in order to help other browsers see the wisdom in following. Once Dash has had a chance to prove its stability and feasibility, we are committed to making Dash an open standard with involvement from the broader web community," explains Google.
Update (October 10): The language is called Dart.
{ via Reddit }