TV is on a one-way whiz to Webville. And Skype, or at least its founders, are right at the cusp of this telly-internet convergence.

You may have heard talk of The Venice Project, the online TV distribution venture from Skype daddies Niklas Zennstrom and Janus Friis. This week, Niklas and Janus told The Register that they're now signing up new users for the peer to peer video streaming service, which promises to deliver high-quality, full-screen, copyright-hassle-free TV over the net.

Unfortunately you'll have to hold your horses for a bit before you can join in. The Venice Project is currently in internal beta, though some commentators predict that it'll be in public beta by Christmas.

So, what will you be able to watch? Janus mentions "discussions with major content providers", including TV companies. He also confirms that the service will be supported by advertising, which suggests that the service may be available very cheaply or even free to us punters.

"This is not a file sharing network," said Friis, emphasising its security credentials and adding that “we have a lot of experience with copyright”. Content providers will be able to “de-authorise” non-compliant content uploaded to the network, and any illicit material will be removed and the uploader tracked down.

The Register piece predicts that the service will include features such as professionally-produced video on demand, favourites lists, comments, forwarding to friends and so on. Users will create their own channels that could include programmes from big TV producers, independent documentaries, home movies and YouTube-like clips.

When the service goes to open Beta, the company is expected to spread the word using a Gmail-type viral invitation. Cross your fingers and stand by your inbox...