Wikipedia
The Internet Video Codec (NETVC) is a standardization project for a royalty free video codec hosted by the IETF. It is intended to provide a royalty-free alternative to de facto standards such as MPEG-4 and HEVC that require licensing payments for many uses. The group has put together a list of criteria to be met by the new video standard. The VP9-based format AOMedia Video 1 (AV1) from the Alliance for Open Media is the primary contender for standardisation by the NetVC working group.
The October 2015 basic draft requirements for NETVC are support for a bit depth of 8-bits to 10-bits per sample, 4:2:0 chroma subsampling, 4:4:4 YUV, low coding delay capability, feasible real time decoder/encoder software implementations, temporal scalability, and error resilience tools. The October 2015 optional draft requirements for NETVC is support for a bit depth of up to 16-bits per sample, 4:2:2 chroma subsampling, RGB video, auxiliary channel planes, high dynamic range, and parallel processing tools.
On March 24, 2015, Xiph.org's Daala codec was presented to the IETF as a candidate for NETVC. Daala coding techniques have been proposed to the IETF for inclusion into NETVC.
On July 22, 2015, Cisco Systems' Thor video codec was presented to the IETF as a candidate for their NETVC video standard. Thor is being developed by Cisco Systems and uses some Cisco elements that are also used by HEVC. The Constrained Low-Pass Filter (CLPF) and motion compensation that are used in Thor were tested with Daala.
At the IETF there are now also other partners involved in the development of NETVC.