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Ethereum Wallet and Mist
Mist is a electron application, means its a desktop hybrid application with a web interface. This allows faster development and changes of the Mist interface and helps with the browser part of Mist.
Ethereum Wallet is just a Mist implementation enabled to access a single dapp – the wallet dapp, this is due to missing features in Mist itself and so that we are able to release earlier. So the wallet is Mist, in wallet mode.