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Definition: Mahayana Buddhism developed out of the Theravada School, but adherents regard Theravada to actually be a part of Hinayana Buddhism. Mahayana means "Greater Vehicle" and they follow additional scriptures not accepted by Hinayana Buddhists.
Mahayana is not a sect or a denomination as it is a vision of what Buddhism is all about. For those who are part of the Mahayana tradition, the goal of Buddhism is to develop perfect compassion, perfect wisdom and enlightenment - in short, to attain Buddhahood. More importantly, this isn't simply a personal quest - the ultimate goal is for all humans to reach the same status.
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