MPEG-4 aims at providing standardized core technologies allowing efficient storage, transmission, and manipulation of video data in multimedia environments. In order to achieve this broad goal, rather than a solution for a narrow set of applications, functionalities common to clusters of applications are under consideration. The encoded representation, along with the set of tools and algorithms provided by MPEG-4 will enable these functionalities. The current focus of the MPEG-4 video group is on the development of a video verification model (VM). A VM is a precise definition of encoding and decoding algorithms which may be thought of as tools addressing specific functionalities. Typically, members of the MPEG-4 video group propose several tools addressing different functionalities. The VM serves as a common platform for testing and comparing the proposed tools. The tools are compared by means of so-called core experiments. As the result of each core experiment becomes available, the VM is updated, so that the tool determined to be the best in a given core experiment replaces the current corresponding tool present in the VM. This paper gives an overview of version 8.0 of the video VM in MPEG-4. In doing so, issues, algorithms, and major tools used in the development of this future video standard are discussed.