
Valve's current implementation of their Steam Link hardware and software combination allows users to stream games from their PCs to a phone or Steam Link somewhere else on the network.
Want to play some Assassin's Creed in bed on your phone? No problem. Want Call of Duty on your home theater setup but don't want to move your giant PC case? Valve has a solution.
But the next step past local network streaming is cloud streaming, which we've seen several other companies, including Google, begin to dabble in. Valve is coming in with a pretty clever solution to streaming that's going to turn some heads while still giving you access to your game library wherever you are.

The new service is called Steam Link Anywhere, and it will use your PC as a cloud host machine. So long as you have a decent upload speed on your home network and an internet connection on your phone or other device, you can stream your games, rendered on your host PC, directly to your phone. No relying on a cloud server somewhere, or a monthly subscription service. As long as you have the hardware and network, you're set.
These features are going up in beta form, so if you're okay with some weirdness, you can test everything out before they're officially available to everyone.
source: SlashGear