Video Codec based on wavelets

Dirac is an open source video codec.

It uses a traditional hybrid video codec architecture, but with the
wavelet transform instead of the usual block transforms. Motion
compensation uses overlapped blocks to reduce block artefacts that
would upset the transform coding stage.

Dirac can code just about any size of video, from streaming up to HD
and beyond, although certain presets are defined for different
applications and standards. These cover the parameters that need to
be set for the encoder to work, such as block sizes and temporal
prediction structures, which must otherwise be set by hand.