WebP is a modern image format developed by Google that provides superior lossless and lossy compression for images on the web. It is designed to be a replacement for older image formats like JPEG, PNG, and GIF, offering smaller file sizes without sacrificing image quality. WebP supports both lossless and lossy compression, as well as animation and alpha transparency. Lossless WebP images are typically 26% smaller than PNGs, while lossy WebP images are 25-34% smaller than comparable JPEG images at equivalent SSIM quality index. This makes WebP an ideal choice for web developers looking to optimize website performance by reducing image file sizes, leading to faster page load times and improved user experience. WebP also supports features like animation (similar to GIFs) and alpha transparency (like PNGs), making it a versatile format for a wide range of image types. The format is widely supported by modern web browsers and image editing software, making it a practical choice for web-based images.