Voice Over Internet Protocol (VOIP) seems promising

That is the technical term for Internet Phone Service. The internet has been largely unregulated by the government, and, as expected, innovation is sparkling on it. Sending phone calls over the internet is one of many emerging technologies moving quicker than regulators can react.

VOIP providers gives their customers an adapter to turn a high-speed internet line (either cable or DSL) into an internet phone and you can take the adapter everywhere in the world and pay the same low rates. Your phone number no longer has any direct relationship to where in the world you are located. This may be the end of long distance rates!

Companies like Vonage Holdings (private), Voiceglo and 8 x 8 Inc are on the crest of this wave.

If one believes the VOIP trend, the only public companies I found are 8x8 Inc (Nasdaq: EGHT), Net2Phone (Nasdaq: NTOP) and TheGlobe (OTC: TGLO.OB). But beware of the established phone companies like AT&T, Sprint, MCI, Bellsouth, SBC, etc. Verizon and Qwest are already about to launch their own internet phone services. They don't want to be left behind.

8 x 8 has two subsidiaries - Netergy Microelectronics and Centile, Inc. - that are VOIP providers and seems more promising to me.

EGHT $7.52 on 11/29/2003

NTOP $6.22 on 11/29/2003

TGLO.OB $1.59 on 11/29/2003