Or am I wrong, and if so what did I miss?
Edit: Don't get me wrong, I'm dreaming to see the end of that fragmentation happening, and I don't want to discourage anyone to address that problem, I'm simply wondering if anything is fundamentally different from XMPP.
Edit2: found a few answers here : https://matrix.org/docs/guides/faq.html#what-is-the-differen...
Happy to follow up with additional questions, though!
The documents I know of that provide details about it are here:
* https://matrix.org/jira/browse/SPEC-162 (the tracking issue for the feature in Matrix's issue tracker)
* https://matrix.org/git/olm (C implementation of the protocol formerly known as axolotl v2 developed for use in Matrix)
* https://matrix.org/speculator/spec/drafts%2Fe2e/client_serve... (draft of the spec for E2E)
Matrix is lacking its E2E encryption but already has everything else. You can use Vector today to replace Hangouts or Skype completely.
There's no concept of finding "peers" in Matrix. It's more akin to xmpp : each user is attached to a Homeserver, which can chose to federate to one or multiple other HSes. Users may then create rooms on their own HS (or the HS they federate to) and other users may join those rooms, similar to IRC.
[0] http://matrix.org/speculator/spec/drafts%2Fe2e/client_server...
(Seriously, I know it seems minor, but I've always hated the name they picked; it's almost like they named it "filth".)
[1] https://github.com/ruma/ruma [2] https://github.com/ruma/ruma/blob/04e5af143136c026c1b7449921...