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Beta testers have been receiving invites for an interesting service simply known as The Venice Project. The project, parented and created by Skype, is guaranteed to make incredible use of your broadband internet connections.

We are in the process of launching a secure P2P streaming technology that allows content owners to bring TV-quality video and ease of use to a TV-sized audience mixed with all the wonders of the Internet. All content on The Venice platform is provided by content owners directly, and it’s all protected with the highest standard of encryption using the most recent, up to date, federally approved Advanced Encryption Standard (AES) (FIPS 197) and we are working within the Digital Millennium Copyright Act (DMCA) framework to ensure that it complies with appropriate content protection and ownership regulations.

Paul breaks the project introduction down while Adam gives the inside scoop with beta access. Think of the service as an on-demand video delivery medium for delivering quality content from broadcasters like CNN or FOX. Excited? It might be time to check and consider upping your internet connection.

“In one hour of viewing, approximately 320Mb data will be downloaded and 105Mb uploaded, which means that it will exhaust a 1Gb cap in 10 hours.” So if you have an upper limit on your monthly internet usage, or you pay for internet usage as you go (i.e. you pay per megabyte you download, instead of a flat fee), you could run into problems.

Maybe it’s time to get in on some of that fiber optic connectivity that’s been turning heads. Verizon FiOS anyone?