Freeware Whiteboard online

I want to use a freeware whiteboard online through which me and my friends could interact to share knowledge. I googled it but most of the reliable boards are not free.

An online whiteboard is, as the name indicates, a computer-generated simulation of a physical whiteboard, often used in collaborative online meetings. It's a whiteboard that everyone logged in can write on and everyone logged in can see.

Please suggest some good product.

Use Google Docs.

http://www.scriblink.com/

I am not finding such board from google with similiar functions.

http://docs.google.com

Create a new drawing or a document (if your collaboration is mostly textual then use a document, if you're going to be drawing more visual images use drawing). You can add text, insert drawings, equations, use colors for text or highlighting and so on. Everything is viewable and editable by the people with whom the document is shared. It won't be completely real-time, but every time a user edits and saves, all other users get their documents updated with the changes. I've used Google Docs fairly extensively for school team projects and I'm sure it would serve your purpose.

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Use Google Docs.
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it’s the best & simple for group assignments, or anything like that.

or use Microsoft OneNote in Office WebApps.

I want real time thing which could be shared with others. And where others could also write and erase.

^ Guy have you tried using Google Docs? Its as good as real time. Give it a shot before you dismiss it.

And you CAN share it with others, and those people CAN edit it.