A look at Yahoo!'s brief history shows that the company has made some costly blunders that caused it to lose its long-time status as the most trafficked website on the Internet. Yahoo!, launched in 1994 as 'Jerry's Guide to the World Wide Web,' began as a hierarchical directory, in which a search is done on its directory rather the web itself. Yahoo! teamed up with other companies such as Alta Vista to launch algorithmic search. In June 2000, Google entered into an agreement to supply the search results on Yahoo! and in August 2000, Google unveiled the keyword-based ad program that would propel its ensuing growth. Yahoo!'s biggest mistake was failing to realize the revenue potential of search. Yahoo! was intent on creating a comprehensive Internet portal that resulted in too much clutter. Internet users started bypassing Yahoo! for their search needs and went instead to Google's minimalist homepage. It was only in 2004 when Google was about to go public that Yahoo! unveiled its own search engine, which was developed from a series of acquisitions, including Inktomi and Overture. Overture was basically the creator of the search advertising model that Google was then attempting to make seamless. But even after its purchase of Overture in 2003, Yahoo! was unable to capitalize on its search marketing technology. In the fourth quarter 2006, Yahoo! finally unveiled its Panama project, a system similar to Google's AdWords in which website owners try to obtain top placements in search results in an auction-based marketplace.