Better Portable Graphics or BPG is a novel image format developed by French programmer Fabrice Bellard. This format offers undeniable quality advantages over the popular JPG format, particularly when images are heavily compressed. When similarly compressed BPG and JPEG files are compared, the BPG looks better hands down.
Unlike JPEG files, BPG files are capable of handling transparency. However, it's worth mentioning that GIF and PNG files are already capable of handling transparency and unlike the BPG, these formats don't require a special decoder to be embedded into websites.
In an environment where patent law and commercial considerations are often guilty of hampering innovation and discouraging people to try new and disruptive things, it's refreshing to see Bellard's belief in his BPG format, which could well become popular in the future.