Editorial interchange format and API
OpenTimelineIO is an interchange format and API for editorial cut information. OTIO is not a container format for media, rather it contains information about the order and length of cuts and references to external media.
OTIO includes both a file format and an API for manipulating that format. It also includes a plugin architecture for writing adapters to convert from/to existing editorial timeline formats. It also implements a dependency- less library for dealing strictly with time, opentime.
You can provide adapters for your video editing tool or pipeline as needed. Each adapter allows for import/export between that proprietary tool and the OpenTimelineIO format.