Google is always trying to help speed up the web and the load time of sites, even suggesting that faster loading sites will rank higher than slower ones, which has got to be a good thing.
Google that using a new image Format WebP a size reduction of 39% can be achieved and Google is already planning an update for WebKit that allows users to view this format.
WebP is a method of lossy compression that can be used on photographic images. The degree of compression is adjustable so a user can choose the trade-off between file size and image quality.
How does WebP Work
WebP uses predictive coding to encode an image, the same methodology used by the VP8 video codec to compress keyframes in videos. Predictive coding uses the values in neighboring blocks of pixels to predict the values in a block, and then encodes only the difference (residual) between the actual values and the prediction.
The residuals typically contain many zero values, which can be compressed much more effectively. The residuals are then transformed, quantized and entropy-coded as usual. WebP also uses variable block sizes.
A year ago Google also proposed a new HTTP alternative that could speed-up the Internet considerably. As HTTP was not particularly designed for latency and web pages transmitted today are significantly different from web pages 10 years ago, you can read Googles whitepaper here.
Via Techie Buzz