To make sure that 5G testing has some common standards, Verizon is co-founding the 5G Open Trial Specification Alliance. Keep in mind that the actual standards for 5G will still have to be developed by the 3GPP. And the testing isn't as simple as whipping out a 5G phone and making/receiving phone calls.
Verizon and Samsung have special equipment they are employing to test the next-generation wireless network. Using Verizon’s FiOS wired network and Samsung’s 5G Hybrid Adaptive Array antenna radio technology, the pair was able to stream live 360 degree virtual reality content in 4K UHD. This consisted of 17 independent video feeds sent to Samsung Galaxy phones, with Samsung Gear VR.
As you might imagine, getting to 5G first in the U.S. is all about publicity and promotion. Verizon has the early lead, with AT&T expected to conduct its own 5G field trials later this year. The testing will reportedly take place in Austin, Texas.
While official standards for 5G have yet to be announced, we should see speed increase by 100-times over 4G speeds. In an often used example, a full-length feature movie will take a matter of seconds to be downloaded over 5G.
source: Samsung, Verizon via CNET