On Wednesday we reported on a story that suggested Verizon may be planning to challenge Netflix by launching its own video streaming service. Now, it appears the communications giant is secretly working with RedBox, the popular $1.00 video rental kiosk company, on a streaming service that could launch next year. According to TechCrunch, the plan is currently called “Project Zoetrope” and it will allow users to subscribe, download and stream movies and television shows across a variety of platforms including Roku, web browsers, Xbox, Google TV, Android and iOS. Like competing services such as Vudu, both HD and SD resolutions will be available for rental. TechCrunch said pricing will be based on a monthly credit allotment. A user, for example, might buy 10 credits for $9.95 per month, which would allow him or her to stream a certain number of shows or movies. Apple, Amazon, Google, Netflix, Vudu and others are already members of the crowded digital movie rental space, so Verizon and RedBox will certainly face stiff competition if they’re looking to enter this market.