OpenStack is an open source cloud computing platform that consists of several components including Keystone for identity, Glance for images, Nova for compute, Cinder for block storage, and Quantum for networking. The document provides an overview of each component, describing their main functions and how they interact through messaging queues like RabbitMQ. It also describes the original "Nova networking" approach and how Quantum improved on this by decoupling logical and physical networking and providing plugins to support technologies like Open vSwitch.