Verizon was the recent winner in the FCC’s auction of the 700 megahertz spectrum. (See: Bids in.) The company plans to use the spectrum to build a faster wireless broadband network to deliver high-speed services. Verizon will hold a webcast later today to discuss the plans for the spectrum’s use.

AT&T, the second big auction winner, has already said it will use the spectrum to create the next generation of wireless services. Unfortunately for consumers, the fourth-generation of networks will take at least three years to build.

The 700 megahertz spectrum was a much sought after bid. The wave length is able to penetrate walls and barriers more easily than most, providing increased service for application used inside buildings and other enclosures.