Slow Image Loading? Google Has a Faster JPEG Alternative
This new format means faster file transfers, lower network burdens and faster web page loading once the WebP format is adopted by developers. Similar to JPEG, WebP provides a trade off of image quality for image size. Although the image isn't identical to the original, but the goal is to be as true to the original as possible when viewed on a web page.
One difference from the JPEG format is that WebP is not built into typical cameras, web browsers, image editing software, or mainstream operating systems. Google isn't fazed though--the goal isn't to replace all JPEGs with the new format, but adoption in the industry will have benefits for developers and end-users alike.