Peer-to-peer technology pioneers Niklas Zennström and Janus Friis have rebranded their in-development online TV service.

The video stream service, code-named The Venice Project, is now officially called Joost, the company's CEO Fredrik de Wahl said.

The service, which is currently being tested by a select group of users, will allow users to watch TV on their computers, in addition to offering functions such as webchat and the ability to search and pull up shows on demand.

Joost also plans to give more people an opportunity to test its software when the company launches the 0.8 version shortly, de Wahl said. A broad public release is planned for the first half of this year.

The Joost application, however, is a bandwidth blockbuster, which could pose a problem for internet users with a strict monthly limit on broadband usage. The service consumes an average 320MB of downloaded and 105MB of uploaded traffic for an hour's worth of TV viewing.

The 105MB per hour upload rate is almost equivalent to 256Kbps (bits per second), double the upload speed currently offered by many DSL (Digital Subscriber Line) services in Europe.

In documentation provided to beta testers, Joost warns that the service "will exhaust a 1GB cap in ten hours" and explains how they can exit the application to ensure it doesn't continue running once they've stopped watching.

In addition to its new Joost online video service, Zennström and Friis founded the Kazaa peer-to-peer music exchange and the Skype VoIP (voice over Internet Protocol) service.