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WebP is an image format developed by Google. It is a contender in becoming the new open standard for lossy and lossless images on the web. It can achieve smaller sizes than the current standards in both cases at 25-34% and 28% respectively.
Several web browsers including Chrome and Opera offer native support whilst others may require JavaScript libraries to display WebP images. When it comes to graphics software, a number of products offer native support including IrfanView and Picasa (amongst others) whilst Photoshop and Windows require a plugin to display WebP images.