The History of Term Theravāda

Theravada Buddhism 

Theravada Buddhism is one of the three major sects of Buddhism. It emerged out of a series of schisms that began in the 4th century B.C.E. in the Buddhist communities of India and became prominent in Sri Lanka and southeast Asia including Myanmar, Thailand, Cambodia, and Laos, which has led some to call it Southern Buddhism. Pejoratively labeled the "Hinayana" by Mahayana Buddhism, Theravada schools claim to adhere most accurately to the original practices and doctrines taught by Buddha. The Theravada claims to trace their lineage back to the original followers of the Buddha, to those who literally heard his sermons.

Canon

Theravada Buddhist Tripitaka Canon 

The Theravada canonical writings, a collection of the Buddha's teachings written in the Pali language, are divided into sutta pitaka, vinaya pitaka and abhidamma pitaka. Theravada doctrine is founded on the distinction between samsara and nirvana. The ultimate goal of the Theravada is to escape samsara and enter nirvana. This is accomplished by achieving the status of an arhat, a perfect saint who has been released from the cycle of samsara and will never be reborn again. The Theravada is typically understood to be a rigorous monastic tradition; however, laypeople actively participate in the religion by providing material support to the monks, meditating, and following the basic ethical principles of the Buddha's teachings.