Microsoft has been a big supporter of Miracast, a technology that makes it easy to share content between two devices wirelessly. To help complete Microsoft's streaming ecosystem, it appears that they are working on a dongle that will easily allow you to share content using Miracast.
While not exactly the same, Google has a product called the Chromecast that is very similar, according to what we know, to what Microsoft is building. In short, it's a small dongle that is used to connect to TVs and other devices to allow them to be used as a media streaming device.
Seeing that Windows phone 8.1 now has a feature called 'Project My Screen', it becomes quite clear how this setup will work. Using your Windows device, you will be able to easily pair it to this new dongle and share your screen on a television. While this may not be an essential product for home users, if executed correctly, this could be a huge hit in the enterprise so you no longer have to fuddle with a projector and VGA cables to share your laptop or phone screen.
Pricing will be important too as this product will need to be cheap so that it has a chance of being purchased by a large number of consumers. Why is that important? Well, if Miracast can get a strong foothold in the market and be widely used, it will make sharing content much easier down the road as more devices will adopt support for this technology.
We will keep an eye on this to see if we can dig up any more but knowing it has already cleared the FCC, it can't be too far off from release.
Source: Windows Phone Daily