Ye canna break the laws of physics
"One major goal is to create something that reduces the amount of bandwidth needed for streaming 4K video, which is still out of reach for most customers but will be a biggie for the likes of Netflix."
4K is a bit of a nebulous term but in the end if you want to put 4096 x 2160 at say 24 bit colour on a screen, you are going to have to shift rather a lot of data, say 202 Mb (4096 * 2160 * 24 / (1024 * 1024) ~= 202 ). So, your 4K thing is bollocks, cos the above is per frame and there are quite a few frames per second: say 25 (202 * 25 = 5Gbs-1!) So you use funky thingies to compress the stream: Fast Fourier transforms and other fancy mathematical tricks. You also mess with the speed of frames depending on the scene etc etc.
Anyway, let's say you are in the UK on a really decent connection, say a nominal 80/20Mbs-1 FTTC. That 80 is a maximum and is rather smaller than 5000. Let's go for the median - 40, so 5000/40 = 500/4 (it's worse than that 1000 != 1024) = 125. ie 125 times more data than you can stream on that connection.
The above is a bit of a joke (and probably gains or drops a zero or two) but when you look at the raw numbers of what is claimed to be offered. it rapidly falls apart.