JPEG is a commonly used method of lossy compression for digital images, particularly for those images produced by digital photography.
Technical Specifications
Uses DCT (Discrete Cosine Transform). 24-bit color depth (16.7 million colors). Lossy compression adjustable from 0-100%.
Advantages
Small file size, compatible with almost every device and browser, good for photographs.
Disadvantages
Lossy compression degrades quality, no transparency support, artifacts visible at high compression.