This document summarizes the impact of Voice over IP (VoIP) technology on traditional telephone companies (telcos). It discusses how VoIP allows users to make calls without relying on telco networks and services. VoIP shifts intelligence from centralized networks to distributed edge devices. This disrupts telcos' vertically integrated business models. To survive, telcos must change to more horizontal layered models and provide broadband access, backbone routing, gateways to public switched telephone networks, ENUM services, and VoIP hosting. There are opportunities for telcos in these areas as well as intelligent packaging and participation in trust circles for billing. The document concludes that while VoIP poses challenges, telcos can adapt and there is still life beyond their