Effective November 16, 2020, Microsoft announce that the Common Data Service (CDS) has been rebranded as Microsoft Dataverse. With Dataverse you can securely store and manage data that’s used by the Dynamics 365 products, for example.
At the same time, Microsoft Dataverse for Teams (formerly known as Project Oakdale) is also generally available. This is a subset of Dataverse capabilities included as a built-in data platform for Teams that, along with tools such as the new Power Apps app for Teams, enables customers to build low-code apps, automate processes, and deploy chatbots without leaving Teams.
For the announcement, please visit: https://powerapps.microsoft.com/en-us/blog/reshape-the-future-of-work-with-microsoft-dataverse-for-teams-now-generally-available/.
For an overview of new possibilities with Microsoft Dataverse for Teams, please visit: https://techcommunity.microsoft.com/t5/microsoft-teams-blog/low-code-apps-and-bots-in-microsoft-teams-with-power-apps-and/ba-p/1881938.