DVCS
Distributed Version Control System
Code is stored in several repositories (often geographically dispersed). Can be modeled to be similar to the centralized model.
Advantages:
Built-in disaster recovery / redundancy
Works 'offline'
Fast: interaction with the repository is done locally.
Handles branching and merging well.
Supports 'ad-hoc' collaboration; as each developer can pull / push / etc. directly from each other's repositories (if network permits).
Flexible: can be used in a wide variety of code release work-flows.
Disadvantages:
Can become confusing...too flexible?
Examples:
git
Mercurial
For more information see the following: http://blogs.atlassian.com/2012/02/version-control-centralized-dvcs/
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