It's also called the God Particle -- in the Standard Model of particle physics, interactions of other particles with the Higgs boson is how those other particles get their masses. I don't know the real details myself, but I think that's the main idea.
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"It's discovery would further validate the Standard Model of particle physics as essentially correct, as it is the only elementary particle predicted by the Standard Model that has not yet been observed in particle physics experiments."
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Well, many people were going crazy saying that CERN would open micro black holes everywhere and en up hollowing the earth.
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It is pretty exciting news. From what I've read, they have evidence indicating that the Higgs boson is likely to exist, but they may not have enough to actually claim that they've detected it. What they see may be consistent with a Higgs boson, but not actually be one, so I think it depends on how strong of a signal they've obtained. If it's strong enough, they may be able to rule out other possibilities and say that they've actually seen the Higgs. It will be interesting to see the update.
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Tomorrow, we're likely going to find out if they've actually discovered the Higgs Boson :O What do you guys think?
Edit: The official press release for those uninformed
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