A new service unveiled this week that allows streaming of video games over the web will shake the video game industry! OnLive Inc., a startup from Palo Alto, revealed its service at the Game Developers Conference in San Francisco in March of this year and it launched the beta program yesterday.

You will be able to use a simple device that sits atop a television or connects to a computer to stream video games without the need of either a gaming console or hard disk space for the game itself. This device would accept up to 4 wireless controllers and bluetooth headsets. Besides, il will include two USB ports, ethernet, HDMI, and optical audio out.

The service will be launched later in the in the United States. OnLive does not have a business model yet. However, it would likely be either subscription-based or possibly subsidized through the purchase of the OnLive  micro-console. So are you ready to throw your video game console away?