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OpenAVS is the open source implementaion of AVS (Advanced Coding of Audio and Video ). AVS is competing with MPEG-4 and H.264 to replace the current worldwide compression standard, MPEG-2.
Forked version of abandoned project MPEG4IP ( http://mpeg4ip.sf.net )
The MPEG4IP project provides an MPEG and IETF standards-based system for encoding, streaming, and playing audio and video.