Google has come out with their VP8 video file format. The specification has a lot of C code in it. Some have complained that the spec is not precise enough. Google says the spec is in a final state.
A competing standard is H.264. VP8 borrows some pieces from H.264. And VP8 might be a bit slower and not as good.
The exciting news is that VP8 is being released under an open source license with no royalties required. Google got the technology when they acquired On2. This is the company that produced VP6, which was used in flash. Other formats like H.264 used in IE9 require a paid license to use.
Browsers like Firefox, Opera, and of course Chrome will support VP8. Also expect YouTube videos to be converted to VP8 format.
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