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WEBP file format
WEBP image format was developed by Google in 2010. According to their claim, this format can save files up to 34% smaller comparing to the JPEG or PNG files. It allows to save images in both lossy and lossless compression. Yet, it is not supported by all image viewers.
Lossy compression in this format is obtained by prediction. In this compression, an image is divided into some blocks, and predictions are made depending on the pixels of surrounding blocks. Here the difference between the main image and the prediction is recorded by encryption. The prediction is good enough to ensure no difference according to the actual image. It reduces the file size. Lossless compression is gained by the pieces of the image that previously been examined to Build the rest of the image.