The chap in question is Feross Aboukhadijeh from Standford University—a computer science student with a swift coding skills and some spot-on imagination, it seems. The idea is essentially the same as Google Instant: As you type into the custom search query box on Feross' website, the code tries to swiftly match your incomplete sentences to YouTube's archive, and then the lone YouTube window embedded right below updates with the video that matches the phrase most closely.
Try it out. Typing "Fast Company" takes you through a clip from "Fast and Furious 4," through a "fast car," a "fast computer" before ending on Quadrant Films' 1978 classic "Fast Company" racing flick. My name evolves along a journey through a video of Katy Perry, a Kiss performance, Kittens clips, a Kit car build, Kitt from Knight Rider (how original!) in Spanish, and several more before ending on a weird little clip of scale model vehicles navigating Eaton Canyon in Altadena, CA. Seriously. I'd never have seen that clip before.
Where Google Instant is supposed to save you time, but may accidentally end up costing you more—as well as lining Google's pockets more (thanks to your extended visits, and increased ad impressions), YouTube instant is unashamed fun. And it'll definitely cost you your lunch hour. Oh—and there's not a single advert to be seen.
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