WebP image File
A new image format for photos which uses lossy compression which has been developed by Google, it claims to be able to create files that are over 30% smaller than normal jpeg images.
The file consists of the image data that has been encoded using the VP8 codec and a Riff container. The format uses predictive coding when encoding the image.
The format is supported by Google Chrome natively and by using plug-ins also by the Internet Explorer and Opera 11.
Files that use WebP have the .webp file extension and are known as WebP image Files.