More significantly, Google has updated the guts of the Chromecast to include support for modern Wi-Fi streaming standards (802.11ac, 5Ghz). There are three different antennas in the device for optimized Wi-Fi streaming, whereas the first Chromecast only had one. In fact, the Chromecast team says it worked with the Google OnHub team to design the Chromecast's new antenna structure.
There's also something called "Fast Play" being introduced with the new Chromecast. It's a way for the Chromecast to pre-fetch a video streaming app (like Netflix) and video content it thinks you'll want to watch before you hit play. Though the technical details are a little complicated (think coordination between your phone, the Chromecast's software, and the web service delivering the video), the results are meant to equal less time waiting before you get your Narcos fix....
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