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http://blog.chromium.org/2011/01/more-about-chrome-html-video-codec.html
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Codecs have a specification that has to stay static, so that you can trust your video files to still be readable five years from now. WebM is no different.
What CAN and SHOULD be improved are the implementations, particularly the encoding implementations to make them faster and more accurate at the same bitrate. That is what is happening to WebM, and the same is occurring on the h.264 side as well. The most highly-regarded h.264 encoder, x264, is open source!
h.264 is an open specification, but trespasses several patents so you have the consortium and licensing system. WebM is pretty much an open specification, but claims that the only patents it trespasses on are Google's.
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