There are all sorts of image formats available on web that provide different features. Some of them are lossy while others provide transparency. According to the latest news, it seems that Google has developed a new image file format called WebP.

WebP is pronounced "weppy" and according to Google, WebP should reduce the file size by 40% compared to the JPEG and by making images smaller Google should make websites load faster than before.

We should mention that WebP also uses lossy compression which means pictures will lose their quality as the size of image file reduces, but that's nothing new since JPEG format works in the same way. WebP is derived from VP8, the video codec that has been purchased by Google earlier this year, and so far, Google is looking support from other browser developers for this new standard. Of course, Google will add WebP support to its Google Chrome browser in few weeks and we'll be able to see how it works in action.

With better compression, WebP has a lot of potential, but will it become the JPEG killer or will they just co-exist?

[via Ubergizmo]