Big cash for grabs

Big cash for grabs has announced a $50,000 cash prize, along with a new Apple iMac, for any individual or group that can come up with the best codec for Quicktime MPEG-4 multimedia.

The finished codec, which must take the form of an Apple Quicktime plug-in, will be released to the general public under the open source GNU General Public License.

The organisers hope to be able to release new audio, video, still image and file compression source that will "blow away the current closed standards".

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