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This is an audio codec. The name to use at the command line is opus.
VLC can encode using this codec.
This codec can be used inside the ogg containers.

Opus is a general-purpose high-quality low-latency lossy audio codec created by the Xiph.org Foundation. The Opus developers claim it makes other lossy audio codecs obsolete (including Vorbis and MP3) and recommend it over Speex as a speech codec.

Source code